The £100,000+ Mortgage Club

Tony_R

Twiddy wrote: »

Maybe with Tony running this little thread, he should do the Maths!! It'd be a good figure to track tbh....

Cheers
T

I've been meaning to collate all the balances but hadn't got around to it. I've just checked and it stands at £6.1 million.

Tony_R

and here is the breakdown. Some will be out of date as they've not all been updated by everyone. When and if you make an overpayment update this and re-post. If you are new add yourself.

Name Amount
somethingcorporate £350,000.00
Tilly MFW in 6 Years £309,000.00
shalo_moo £255,159.67
tleefox £238,500.00
JuicyGirl £229,995.72
mel19632 £224,969.00
AvidSaver £215,000.00
mouche £192,869.28
Tony_R £191,906.58
museumworker £177,146.56
Island77 £177,000.00
dark^knight £157,398.37
Beth111 £155,945.00
its_neos_matrix £151,873.00
Clearing_ou_my_pockets £151,868.63
Peonie £151,820.73
Two9A £151,669.57
newgirly £148,958.00
Welshlovebiscuit £147,000.00
EatingDaisies £143,500.00
Annieddiva £140,267.10
Daryl S £137,750.00
Hurdler £133,263.26
Kimbo26 £132,617.97
Muscle750 £132,000.00
Charlie H £130,250.44
lobbyludd £126,970.00
happycamel £126,000.00
catslovelycats £122,635.07
TheYoungOne £119,718.00
Twiddy £119,368
Phelpsie001 £116,605.00
JumpinBeans £113,241.00
CathT £111,243.27
LilacPixie £111,000.00
fletch049 £110,000.00
michelle2904 £104,911.00
fishfins £101,724.88
Doshwaster £95,200.00
unkle £70,000.00

Twiddy

Add me Tony please, info in signature below.

Cheers
T

shala_moo

Tony_R wrote: »

I've been meaning to collate all the balances but hadn't got around to it. I've just checked and it stands at £6.1 million.

Jeez when you put it like that :eek:

Twiddy

Tony_R wrote: »

I've been meaning to collate all the balances but hadn't got around to it. I've just checked and it stands at £6.1 million.

Wow, that is one serioud debt. Just think of all the interest that is due on that and how the banks will profit from it!! :mad:

Tilly_MFW_in_6_YRS

Hi all, I echo everyone's comments - how great to think we are doing all we can to reduce the banks
profit - marvellous

Best wishes to all

Tilly

Tony_R

Indeed, its a hell of a lot. But it's inspired me even more, I created myself a little spreadsheet with various different forcasts.

a) With no overpayment our mortgage will be paid off in August 2035 (25 years).
b) If we continue with the current overpayment method £500 per month (with two months a year off). it will be paid by June 2025 (14 years and 10 months), saving £113,000 in interest.
c) If we upped it to £600 per month (with two months a year off), it will be paid by July 2024 saving £120,000 in interest.

That's based on the interest rate staying the same throughout (currently fixed till Aug 2015 at 4.99%).

I have an idea for an offset in 2015, which could reduce it to February 2022. But thats probably pushing it too far.

botchjob

Blimey, I stumbled across this thread and am slightly alarmed to see that I'm near the top of the hefty mortgage tree. We have another £280k to go, having managed to pay off £10k last year. Only another 23 years to go! Mind you, we're in the eye of the storm with childcare costs and when they go down in a couple of years, we should be able to overpay a bit more than we do now. At least that's the hope. No doubt that will coincide exactly with when interest rates start their eventual rise.

I doubt there will be many (any?) members of the £100k plus club who lose any sleep over these fortunate interest rates. Signs are they're going nowhere for quite a while. When we took out our whopping mortgage i stress tested the loan against what rates might do in the near future. The 'just about doable' scenario was for a base rate of 3.5% by the end of 2011. The 'that would be nice' scenario was 2%. Never did i imagine they'd still be at 0.5%. Woohoo.

Tilly_MFW_in_6_YRS

I can't wait to be moving down that list a few places - night all, Tilly

dark^knight

Hmmm....so this is the table no one wants to be at the top of! :rotfl: