FlashBarry's £97k in 3 years MFW mission!

FlashBarry

January update and £36,900 to go!

Life is good. Baby is as cute as anything! Nothing beats that big beaming smile every morning when she wakes up.

Keeping my head down and getting on with it! :money:

FlashBarry

Quick update

I'm going to change my overall "Mortgage Free in 3" target.

With the arrival of our little bundle and our drop down to one wage, it will not be possible to achieve my original target.

I think I will be able to offset £500 per month on just my wage, so I have updated my spreadsheet projection and I think we can reduce the mortgage down to £15,000 by December 2015 (End date for MFi3)

If we have any extra cash in my account after bills, then I will top up the £500 where we can.

Life is still good anyways

FlashBarry

Hi all,

I haven't updated for a few months, so I thought I would add a quick post in April to keep the diary going.

The balance in April is now £35,000!

Progress has slowed from our initial plan and offset payments over the last few months have been particularly low, mainly because;

A) I cleared my overdraft which had grown since making the huge mortgage payments at the start of each month - the fees were high!!! About £10 a month for £800 overdraft?!?!?!

We have finally booked (and paid for) a family holiday which is our first treat for almost 2 years.

We still don't know if my OH will be going back to work or not when the maternity pay comes to an end in the next couple of months, so my projections are all over the place!

With time whizzing by and my little Daughter growing up fast, my focus will be on family for the next year or so. I will keep paying into the offset when I can, but my original challenge may be drifting a bit as I don't want to miss the important things in life!

I'll pop in every now and again to update!

FB.

FlashBarry

I may have some important news...

slowlyfading

FlashBarry wrote: »

I may have some important news...

Are you mortgage free? :j :j

FlashBarry

slowlyfading wrote: »

Are you mortgage free? :j :j

Might be

slowlyfading

FlashBarry wrote: »

Might be

CONGRATULATIONS! :beer: :beer: :j :j_party__party_

Details please

FlashBarry

Real mixed emotions to be honest.

One of my much loved relatives sadly passed last year. Through a massive act of generosity, most of the inheritance money has been passed on to me and my siblings as we all have young families. The amount I received, along with the progress I have made over the last few months, means I can now completely fill my offset account.

While I feel happy that I have now accomplished my mortgage objective, I wouldn't hesitate to return the cash in order to get my relative back again. I think about this particular person that I have lost every single day.

My mission will continue in a different form though. We definitely need a bigger house nearer to a better school. For now, I will need to set up a deposit saving target for the next place.

slowlyfading

I'm sorry to hear of your sad news it's a bittersweet thing then.

FlashBarry

We JUST managed to get the money across before the end of July 2014, so we officially cleared our £97,000 Mortgage in exactly 2 years!

Our journey isn't over though. We need a bigger house in a better catchment area so we are busy saving for our deposit for the next pad.

To think, it all started with a play around on the MSE Overpayment Calculator!!! :beer: