Quest To Pay Off My 150K Mortgage in 3 Yrs!

Dithering_Dad

Hi Galster,

The challenge moved to a new thread "Mortgage Free in Three" and is held as a sticky at the top of the MFW board. If you post details on what your mortgage was on 1st April 2007 and what you hope it will be on the 1st April 2010 into the new thread then We'll add you to the list!

It sounds like you're well on the way to mortgage freedom. I need to start making my lunches - it's such a huge saving, plus they'll probably be healthier too. Right, new resolution - I start making lunches from tomorrow onwards!

Kaz2904

You should be making your lunch, not reading this!

Dithering_Dad

Kaz2904 wrote: »

You should be making your lunch, not reading this!

Already done! Cheese and branston pickle on 2 oven bottom muffins! yum.

jobbingmusician

oh heavens - I have been trying to PM Tallgirl all morning. If you read this, TG, apologies, but the system is just not working.

The BS have at last got back to me (the lying hounds spontaneously offered to ring me back by noon, but then failed to do so). My outstanding balance is now £27,065 :j. As I had estimated that it would be £27.5k, this is like finding another £500 under the pillow.

Onwards and downwards!!!!!!!!!

Daranov

Wow

What an inspirational thread. I am going to accept this challenge and will do some numbers later this afternoon.

As a starting point I have just managed to switch mortgages and have cut my CMP by £507.47 FIXED for three years, good start me thinks.

Regards

Dithering_Dad

Hey There!!

I've decided to resurrect this thread, because I love reading them on both the MFW and DFW boards and hopefully mine will be just as interesting . It also means that I can ramble on and on, without clogging up the MFi3 thread .

Having re-read the start of the thread, I'm going to give an update on my financials because things changed a bit since those heady first days...

The first change was that my wife gave up her job to devote more time to our daughter who we were initially told had Dyspraxia, but after more tests the diagnosis is a chromosomal problem similar to Down's Syndrome, though nowhere near as bad. While it took quite a bit of money out of our household, it's really helping our little one, so we're really pleased that we took the decision.

This did have a financial impact though and probably means that we won't be able to meet the 3 year mortgage free challenge. The first financial impact is that we have less money coming in, so all of my income is now used for household bills and overpayments.

We also set up a Stakeholder pension for my wife to replace the pension payments she used to receive from her employer. The overpayments, endowment premiums and utility bill savings I made in the early days of the challenge freed up £300 per month, which instead of being re-invested back into our mortgage overpayments are now paid into the stakeholder instead.

I have reduced our outgoings by a further £80odd and this is now going back onto our mortgage as overpayments. Not much, but it'll increase as our mortgage balance decreases.

Other things that have impacted the challenge is having to pay my tax bill bah! - Having our garden landscaped (this was a priority because our back garden resembled a building site due to the extension and was a bit unsafe for our daughter. We now have a lovely safe area for her to play in, once the rain stops :rolleyes:) - Me buying a motorbike (bit of an indulgence, but it means that we can get by with just the one car, saving a load of money in tax, insurance, fuel, etc.).

I'm now coming to the end of my current contract and looking forward to the next one. This also has an impact because I hold on like mad to my money until I sort out my contract - hence I have not been overpaying any large sums for a while.

Finally.. It's almost 1 year since I started my challenge, so here is an update on where I started:

● Interest Only Mortgage: £36,924.12
● Main Repayment Mortgage: £64,331.11
● Home Extension Mortgage: £48,468.07
Total Mort. Debt: £149,723.30

and where I am now:

Interest Only Mortgage: £9,057.42 - Paid off: £27,866.70
Main Repayment Mortgage: £62,391.25 - Paid off: £1939.86
Home Extension Mortgage: £47,447.34 - Paid off: £1020.73
Total Mort. Debt: £118,896.01 - Paid off: £30,827.29

Not bad, but not enough to get the mortgage paid off in three years, methinks!

Ibex

Hi DD

I'm glad you have resurrected your thread, I have enjoyed reading your posts very much, don't understand the problems you have refferred to about trolls etc, but I hope they don't win and chase you away.

best wishes

ibex

FabDee

Hi

Was attempting to post there but lost it. Don't post very often but felt I would like to offer my support.

Well just wanted to say, hello and good luck with it all. Keep up the threads as I am still in debt on CC's but hope to start on the mortgage in 2 1/2 years if possible. You all deserve a pat on the back for all your hard work.

Good luck
F

Dithering_Dad

Thanks ibex and FebDee for your supportive comments, I'll try and keep the diary updated as I move into years 2 & 3 of my challenge. It was interesting reading the diary at the start and seeing how things have turned out so far. While financial things have changed quite dramatically due to my wife giving up work, we have adjusted to it and seem to have taken it all into our stride.

While we might not be rid of the whole mortgage once the three years are up, I don't want to change the title of the thread - you never know, I might win the lottery!

MUSTBEFUNNY_2

Dithering_Dad wrote: »

Yes, you're not seeing things - this really is MUSTBEFUNNY wishing me well.

This just shows that I'm not a troll like you've always said and that I'm just one of the numerous people you have offended and had a go at since you joined MSE, which is why you have a trail of "enemies" (your word not mine).


TT FN