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

Dithering_Dad

catshark88 wrote: »

DD I owe you a pint of virtual beer. Once our most recent payment clears, our mortgage will be sub £200k. Shed loads to go still, but it will be fab to see a 1 at the front. We would never have got into this overpayment milarkey without the inspiration from the Funky Gibbons and yourself so many thanks!
:beer:

That's brill catshark88. I always get motivated when I read the MFi3 thread and the MFW blogs. It's sometimes hard work overpaying the mortgage, but when you know other people are going through it and when you know that a little hard work now will pay dividends in the future, it makes it so much easier!

Dithering_Dad

Just a quick update from me. First the good news - MUSTBEFUNNY, the MFW resident troll that has been stalking me for a few months now has been banned from MSE (if you look at his/her profile, you'll see the initials "PPR" under his/her name (Posting Priviledges Revoked). This proves that it's always worth complaining about any abuse you receive. I don't mind a heated debate and opposing views, but following people about and making odd comments and bizaare accusations just to cause annoyance just isn't cricket, old boy!!

The bad news is that although I have started my new contract (yay!) I have had to sort myself out with accomodation in London - so huge deposits and expenses. However, we have to speculate to accumulate, so eventually it'll be well worth it. Unfortuntely it means that I have drained my company and emergency funds somewhat so won't be making any overpayments in the short-term.

I have filled my offset account back up, so that's something to smile about. Once my company coffers are re-filled I'll start overpaying again. Plus once I finish this contract I'll get my accomodation deposit back - guess where that's all going!!

Little_Mama

Good luck with the contract, it's amazing how quick the 3 (or 6 months) whizzes by.

Don't know if you saaw my post on the MFi3 board but a webcam really helped us when OH was contracting away from home, meant he could check in with the kiddies before bedtime and hear about their day.

Best wishes
LM

Dithering_Dad

Little_Mama wrote: »

Good luck with the contract, it's amazing how quick the 3 (or 6 months) whizzes by.

Don't know if you saaw my post on the MFi3 board but a webcam really helped us when OH was contracting away from home, meant he could check in with the kiddies before bedtime and hear about their day.

Best wishes
LM

Hi LM, I did see your post thanks, and it was something we used to do when I was working away in Norway. I don't have broadband in my apartment but I do have a business mobile phone contract that allows 'free' calls between company phones (me and my missus - aka company secretary) so I can chat to all of my family without worrying about the huge mobile bill.

I'm currently on a 6 month contract, but hoping that it'll extend to 9 or 12 months. There certainly seems to be enough work to keep me going.

Little_Mama

Yes, co sec phones are very handy. I think I know every B&B in the Oxford area that does wifi, OH didn't care what his room was like as long as I booked him into somewhere with wifi, luckily he got a lovely place too.

Dithering_Dad

Quick update... I've just paid 3k off the Interest Only part of my mortgage, reducing it down to £6056. It was originally supposed to be cleared by my endowment in 13 year's time, so I'm hoping to clear that 13 years early. This overpayment lark certainly beats sitting around worrying about whether my endowment will cover the mortgage !

Just two more payments of 3k and I'll be free of the whole debacle! Never again will I invest to pay off a mortgage. The surest and least stressful way is to make direct payments straight off the mortgage capital.

setmefree2

Well Done DD :T:T:T:T

If you say £6k quickly, it doesn't sound like much:eek::rotfl:

Dithering_Dad

Yay! My pension has finally gone back into profit!

Last year I transferred two frozen company pensions into my new L&G stakeholder. Almost as soon as the money hit the stakeholder, the stockmarket crashed wiping 8k off my transferred fund. As you can imagine, I was a tad upset.

Slowly though, my funds have recovered and when I checked this morning I found that my stakeholder contributions (including transfers) are £84900 and my stakeholder fund is £85000! It may only be £100 but I'm really chuffed to claw back that £8k.

As long as we don't see another crash, I reckon I'm back on track to reach my side-challenge target of having a £100k pension pot by the time my MFi3 challenge ends. Dithering Mum should have £10,500 in her stakeholder which is a lot better than the 2k she originally had prior to us paying £300 per month into it.

Dithering_Dad

Gah! I've just had to pay almost 16k in tax. I did a bank transfer to the IR sort code/bank account just now and had a seriously difficult time clicking on the "Make Payment" button.

I've now depleted nearly all of my savings and I'm out of my financial comfort zone. Luckily I still have a few months left on my current contract so I will be spending the next couple of months salting money away again. I doubt I'll be able to overpay much on the mortgage for a while .

I have to put away about 18k for my next tax payment in January :eek: so I'll be hoping that my current contract will get at least a 3 month extension to get me into the New Year. Luckily, my client seems to be mooting additional work, so fingers crossed!

Trying_to_be_good

Good luck for the contract extension - I'm temporarily in London with work until Christmas, but fortunately work pay for my accomodation and travel (a benefit of being PAYE, although I have to pay my tax each month and can't offset it against the mortgage!).

Having watched you for the past year, I'm sure you'll be back within you financial comfort zone before too long.