The Mortgage Free in Three - Take 3 challenge (MFiT-T3)

Southernman

I missed the first one for march and when i did my update may have clicked chart 1 instead of chart 2!

Not sure if it was recognised due to my error but i'm currently on 79,560 thanks to a lump sum overpayment!

tattycath

Southernman wrote: »

I missed the first one for march and when i did my update may have clicked chart 1 instead of chart 2!

Not sure if it was recognised due to my error but i'm currently on 79,560 thanks to a lump sum overpayment!

It is chart 1:)

black_taxi_2

for some bizzare reason credit check agencies didnt have me down as property owner

i went to registers house for historic deeds

some interesting info/prices

terraced flat stone building 1875

common tenants till 1967

1967 --£450
1985--£12500
1987--£15000
1988--£22000
1993--£29000
1995--£29000(me)
2012--£100000

so between 1988 an 2007 properties rocketed

RosieTiger

So, in work today but after a hectic morning finally just got round to checking my bank balance.
Usual pay day would have been over the weekend so with the bank Holiday, my pay hit the account today.

I was expecting a quarterly bonus which has indeed been paid and so....

We now have a savings pot that;s bigger than our mortgage - so effectively we have made it!!!!!:rotfl::rotfl:

Having seen numerous people on the forum ask whether it's better to pay off or retain as savings ( we have emergency funds too) I realise this just comes down to personal preference.

We have always had the idea of paying it off, however, at least for the moment I think we will retain it in savings as we can make slightly better rates than we are paying on the mortgage.

Seems a very strange feeling at the moment, but hesitating to do a :money: given that colleagues will wonder what i am doing!!!!

ajmoney

Rosie Tiger, That is brilliant news :T

trix-a-belle

Woo hoo well done Rosie! As you say personal preference for keeping the money or clearing the mortgage, its sooo nice to see it sat there I had a sizeable bonus at my last job & boy did I wince at how much tax I had paid on it!

Kwaker_Knacker

Great news Rosie Tiger.

K_K

TheWebDev

Well done Rosie Tiger. That's brilliant news.

Unfortunately my situation is a little bit worse. I've managed to commit to approximately £12,000 in home improvement debt since January. This is mostly due to double glazing and kitchen appliances.

While I could dip into my ISA, I don't want to unless really necessary. Therefore I'll need to temporarily stop my mortgage overpayments, which means I'll probably be about £12,000 short of my target.

On a more positive note, I've calculated that even if I don't make any further overpayments I'll:

• achieve 35% of my target
• save £155 interest during the challenge

These figures are subject to change as they assume that I don't switch to another deal, and the Nationwide SMR remains at 3.99%.

samtoby

We are insulating our loft this weekend - I do hope that investing in the insulation will mean a lower electricty bill!x

uzubairu

RosieTiger wrote: »

We now have a savings pot that;s bigger than our mortgage - so effectively we have made it!!!!!:rotfl::rotfl:

Well done Rosie! :beer:
We've a bit longer to wait before we experience what you are feeling right now.
Although it may feel strange, it must also be very satisfying.