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

skysky69

Do you have any words of wisdom as to what kind of a business can earn such impressive sums of money - I think I am in the wrong job!!!! :rotfl:

In all seriousness, I wish you well in your challenge and will be reading with interest your progress :beer:

Dithering_Dad

skysky69 wrote: »

Do you have any words of wisdom as to what kind of a business can earn such impressive sums of money - I think I am in the wrong job!!!! :rotfl:

No words of wisdom I'm afraid. If you want a mind-numbingly boring job then follow this link and you'll see what I'll be doing/earning for the next 3 years:

http://www.itjobswatch.co.uk/contracts/uk/sap%20payroll.do

Once the mortgage has gone I'm hoping to have a change of career to something a little more interesting!

boxedagency

yes....the best of luck !

Lotta_Littlies

I'm following this with interest and wishing you every success with both the business and paying off the mortgages.

Lotta

straddie

Dithering_Dad wrote: »

oops, I've been told off for my Signature being too large! I have been using it to record my mortgage quest progress but will now just paste it into a message on here whenever I have any progress to report:

Mortgage figures on day I started "POYM in 3 Yrs Quest" (23-03-2007):
First House Mortgage: £36,924.12(Interest Only)
Second House Mortgage: £64331.11 (Repayment)
Additional Lending for Home Improvements: £48486.07 (Repayment)
Offset Account: £0.00
Total Mortgage Debt (Incl. Offset) : £149723.30

Current Mortgage figures (26-03-2007):
First House Mortgage: £36,924.12 (Interest Only)
Second House Mortgage: £64331.11 (Repayment)
Additional Lending for Home Improvements: £48486.07 (Repayment)
Offset Account: £2000.00
Total Mortgage Debt (Incl. Offset) : £147723.30

Time Remaining in Quest: 36 Months

Hmnn, they do have a point - it is a bit bulky

Sounds an interesting challenge, look forward to seeing how you get on.

Just a thought regarding your sig, if you want to use it for keeping track of progress, why not simply combine the two sections together? eg something like:

Mortgage figures for "POYM in 3 Yrs Quest" (23-03-2007 / 26-03-2007):
First Mortgage (Interest Only): £36,924.12 / £36,924.12
Second Mortgage (Repayment): £64331.11 / £64331.11
Additional Lending (Repayment): £48486.07 / £48486.07
Offset Account: £0.00 / £2000.00
Total Mortgage Debt (Incl. Offset) : £149723.30 / £147723.30

Little_Miss_Magic

Hello, I have just been reading your thread with interest. Seems like you have your plan all drawn out and well thought out. But i was wondering do you think that you will be able to Net nearly £6.5k every month for the next 3 years?
That is a hell of a lot of money to achieve?, saying that i do wish you all the best, and I am sure that however much you manage to overpay in the next 3 years, has got to be better than paying nothing off at all.

Good Luck with your mission, i will be bookmarking this thread.

Miss_Penny_Pincher_2

Little_Miss_Magic wrote: »

i was wondering do you think that you will be able to Net nearly £6.5k every month for the next 3 years?
That is a hell of a lot of money to achieve?

I wondered that myself but Dithering Dad he has a career that pays an average daily pay of £500 so with hard working it does seem achievable!

I'm finding this thread very inspiring! My aims are more modest in comparison - my aim is to try to pay £86,700 mortgage (which has 24 years still left to run) in just 4 years! My ambition is to achieve it but am having my doubts as to whether I will manage.

I'm following your progress with lots of interest.

doitmyself

I thnk our friend here, - hi DD, is gonna struggle I really do. Nothing wrong with the maths but I haven't understood what the motive, beyond being debt-free for it's own sake is?
To voluntarily consign oneself to 3 years misery for no perceptible result is clearly pointless. On the other hand the mind-numbing but highly paid job may be compensated by the low paid but stimulating p/t stuff DD is doing, which has a certain irony to it...
I wouldn't do it, it's why we have credit (debt), so we don't have to! Sorry DD I'm sure you've spelled it out here somewhere but why exactly are you doing this?

Catlin

Will hopefully have a more interesting update once I decypher the complexities of Flat Rate VAT & Corporation Tax and when my endowment cash finally arrives!

Hi
And don't forget NI and Income Tax. I hope you have arranged a good accountant, you may need advice on what expenses you can claim for.
Good Luck.

Little_Miss_Magic

But i was wondering do you think that you will be able to Net nearly £6.5k every month for the next 3 years?

Sorry i didn't word this properly, what i meant was that will the salary be consistent, or will there be spells of un-employment?

Thats all I was implying..