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

gallygirl

SusanneCape wrote: »

Well done RosieTiger and black taxi. Brilliant results!

Did anyone see the headline in the City A.M. this morning? "Britons pay off mortgage debts" stating that more than half of the mortgage debt accumulated during the credit bubble has been paid back (51.2%). Me thinks they are onto us !!!

Well done us on getting a front page headline :T (not quite as catchy as The Sun's 'Don't Cry For Me.... Argie Cleaner' about Tevez though :rotfl:.)

beachie

Well I am quite pleased with myself. Will be green for the next update and only have another £1923.06 to reach the September target which will be possible in the timeframe.

After that it is going to get tough!

I do feel quite down though. I have just had a look at the flats on my estate and they are now going for some 15k less than I purchased mine for so at best I am bordering negative equity. It is so depressing that in 2007 I was told that buying was a must with house prices rising and now here I am 6 years later with nothing to show for it really. :-(

In fact looking at the deals around now I would be better now having never bought! No one wants these flats anymore and so they are not selling when they can get such a good new build deal.

Trying_to_be_good

Beachie - I know it's tough when you see prices falling or static, I've dealt with it by thinking of this as my home and enjoying it no matter what it's worth at the time. It's only real negative equity if you need to sell, or maybe re-mortgage, but you're doing so much good by overpaying - and your sig shows loads of other brilliant progress, too.

black_taxi_2

beachie--we can all look back

i missed out bidding on a dream property by 2k ---right area/size,

the property im in cost me an extra 10k to fix because of a dodgy builder--who showed me false documents he was gas safe registered,couldnt go to court because he was declared bankrupt

so if i had bid £100 more i would of saved 10k and had dream property

black_taxi_2

£2.1k more

Shineyhappy

Good afternoon,

I sent off my letter to Halifax asking them to confirm the maximum we can OP at the beginning of May which is the anniversary of our last 10% OP. In another months time I will be able to post a nice message about our next repayment. Although we have decreased the term to get around the fines it does feel like I have switched off from making all my little transfers.

DH won't pay fines as we have about 15 months to go before we are out of the lock in and can pay off a lovely big sum. We are being frugal and not too many uneccassay spends but I am not getting my fixes of making lots of OPs even if it was £3 or £10 or whatever. Seeing the saving account go up is not so interesting or exciting!

Sorry for the whinge.

beachie

Trying_to_be_good wrote: »

Beachie - I know it's tough when you see prices falling or static, I've dealt with it by thinking of this as my home and enjoying it no matter what it's worth at the time. It's only real negative equity if you need to sell, or maybe re-mortgage, but you're doing so much good by overpaying - and your sig shows loads of other brilliant progress, too.

Thank you! I do feel quite happy. I have paid off £1000 as an overpayment off my mortgage in 2 months which is 1/3 of my pay!

Making good progress I think.

TallGirl

Very quiet on here guessing people are outside in the lovely weather.

Things have settled down here jobwise I have had my redundancy pay and I am one week into my new job.

Lots to learn and its not been the smoothest of starts I have ruffled some feathers but I have also been made to take the role of bad cop really. Should hopefully sort itself out as they are such lovely people I just need to adapt and so do they.

Financially things on paper look great savingswise but I have gone from a £36K salary with free car and phone to £22.5K and had to buy a car and pay my own phone. Still quality of life and work life balance should be right now.

• Savingswise this it what it looks like:ISA 11/12 £5,446.23 4% Fixed rate ends in Oct
• ISA 12/13 £5,652.71 3.3% Fixed until next May
• ISA 13/14 £5,760.00 Santander Major ISA 3% 2 year fix
• S & S ISA 12/13 £500 Fidelity to get the £100 cashback & try out
• ZOPA £1,548.89 pays less than 5.5% now so not adding to it at the moment.

The rest of my redundancy money is in a regular savings acc paying 3.2% until Mid May then I might upgrade to the Santander 123 current account to get the 3%.

Also set up a £50 a month payment to a 13/14 S&S ISA with Fidelity.

Filled up DH's ISA 12/13 and hope to top his up for 13/14 soon he is due his inheritance shortly.

So if all is well I will not spend the redundancy money but the drop in income might be tough to live with. Hopefully will be able to complete the challenge on here but might start a new diary to keep me on track Sorry for the long natter on here.

SusanneCape

Hallo,

Thought I would pop in and say "hi" :D:D!

Hope you are all well and continuing to pay down your mortgages.

All the best to all of you and see you on our next DDay :mad:,

black_taxi_2

tall girl---wage/working hours/quality of life is a hard decision or a decision where you have no choice.

many self employed find 70+ hours isnt unusual

the 9-5 job 40 hour week lower wage--but you always hav your nights and weekend free

im self employed an prob inbetween these hours--once mortgage is paid off---im going to find more quality of life