Now 4 Months to go.

BFM

hot-ice wrote: »

It's difficult to resist sometimes, as stated in an earlier post, work mates told me to live for now, get the new car etc, with two months to go though one friend who owed roughly the same as me five years ago still has seven years left on his mortgage and say's that he wished he'd done the same as me.

folks just say that to make themselves feel better for spending stuff on the never-never.

what really p1sses me off is when people say you are lucky to be mortgage free or with negligible mortgage.

there's precious little luck in getting there, typically lots of sacrifices in the short term.

hot-ice

BFM wrote: »

what really p1sses me off is when people say you are lucky to be mortgage free or with negligible mortgage.

there's precious little luck in getting there, typically lots of sacrifices in the short term.

Agreed, as can be seen in my original post we are not on a great wage, when the mortgage is paid, for us it will be like my partners wage (net) being doubled, this will have a huge impact on our life style.

hot-ice

AHH, nice warm feeling today. just looked at my mortgage online and it states I have ONE remaining payment, I'm rather happy about that and all our hard work and being skint at times has almost paid off.

My trusty 4x4 although it was still running would have made it too uneconomical to put through the MOT so it's gone after 12 years of ownership, I'm now looking for a replacement (small and cheaper to run)which by the time I decide the mortgage would have been paid.

We set ourselves little goals with the mortgage and being able to access our statement online helped when times were tough,

Goal #1 When we renewed our mortgage in 2007 our interest was £7.77 per day, we aimed to get it to £7.50 then £7.00 per day and so on,

Goal #2 was to reduce the amount owing by our overpayments, obvious really but again from £47.000 we aim for £45,000 and so on.

Goal #3 was the reducing the term, we aim for 20 years (2007) then 19 years and so on, our lenders send out a letter two days after our overpayment showing a reduction in the term, it now reduces 4 months for every monthly payment we make.

We put some additional funds in an ISA as our aim was to be rid of the mortgage in 5 years from 2007 and our over payments of more than £500 would have caused us to pay a redemption charge.

These little things all helped keep us on track and hopefully will help others, so.......

1 more payment left as of today :j:j:j

34 days remaning :j:j:j:j

£642 to pay :j:j:j

streethack

Wow what an amazing feeling that must be. One day I will be there to. Must feel like you beat the system when everyone around thinks it a silly idea. Its just not in peoples mindsets at all. Well done to you and all your hard work.

BFM

bet you can't wait for the next 30 days to tick by

ScarlettOHara_2

Wow well done - that is amazing.

hot-ice

BFM wrote: »

bet you can't wait for the next 30 days to tick by

I'll be a happy bunny when the final payment goes through and yes they'll tick by but not fly by.

hot-ice

So tomorrow my final overpayment gets transferred from my bank account to my building society mortgage account, it usually takes a day or two to clear so guessing by Monday/ Tuesday next week I'll wake up without a mortgage. :j:beer::D

Double_Trouble

hot-ice wrote: »

So tomorrow my final overpayment gets transferred from my bank account to my building society mortgage account, it usually takes a day or two to clear so guessing by Monday/ Tuesday next week I'll wake up without a mortgage. :j:beer::D

Congratulations I am sure that you will miss paying off the mortgage in which case if you want to start on mine feel free :rotfl::rotfl::rotfl::rotfl::rotfl:

Seriously you have done a wonderful thing just wish we had done the same at your age :T:T:T:T

DTxx

gallygirl

How exciting for you :T:T:T:T:T, well done