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

ShALLaX

Well, the money has left my account as of this morning and my bank accounts are looking rather bare... I'm going to resist the urge to call my lender to check whether it has been received for a couple of days (well, I say that now - let's see if I snap later.)

ShALLaX

Called up first thing this morning, money not received. Called up just now, money received! However, I can't party yet as they've told me it'll take up to 14 days to "close off" the mortgage account! If only lenders gave borrowers "up to 14 days" to bother paying their bills, eh?

ShelleyC_2

I think you're safe to start partying & we'll all join in :beer:

RosieTiger

Lomcevak wrote: »

I've just started the ball rolling with an agreement in principle on a remortgage away from my current 4.99% fixed to a new 2.64% 5-year fixed. Not only does it drop my monthly payment by £70 but at a stroke of a pen it wipes out three years of the term as i've remortgaged at 15 years rather than the 18 our current one had to go

AND it allows unlimited overpayments

It messes up my accounting for the MFiT-T3 challenge though as my mortgage balance will go up at first and we're not ahead in absolute terms for a couple of years. All comes good in the end though, I reckon we save about £4k in total as well as moving freedom earlier.

Great when you can do something like that, certainly wouldn't worry about the short term backwards step, the logic is very sensible.

RosieTiger

ShALLaX wrote: »

Called up first thing this morning, money not received. Called up just now, money received! However, I can't party yet as they've told me it'll take up to 14 days to "close off" the mortgage account! If only lenders gave borrowers "up to 14 days" to bother paying their bills, eh?

You are definitely free to party, just go for it!

gc_bus

Damn ended up getting a "25% off all food" at Bella Italia and used it yesterday. The bill still came to £36.50 for the two of us!!! Only went into town to get my freely repaired glasses... was going to do a home roast for less than a tenner!! Remind myself not to do this again....

gc_bus

Meanwhile, I've cut my house/contents down from £23 per month to £11 (same cover!) by moving from Halifax to AA Insurance so that's another tenner or so per month to bung into the mortgage. Also, going to try some shopping at Aldi to see how they compare with Morrisons/Tesco as I'm getting fed up with all of the vouchers/buy more than £35 and get vouchers in a few weeks time sort of approach. I'd rather just have honest value food.

RosieTiger

Nothing wrong with Aldi - just ty a few things out, vegetables are vegetable at the end of the day.

Kwaker_Knacker

Five grand cheque paid off the mortgage today courtesy of a gift from the wife's aunty. Nice one

Should put me in the green for the next update.

K_K

I_want_a_baby

Hi FB,

I am challenger no93.

I have just used the update form to change my target from £84000 to £69999.

Therefore my new objective is to reduce my mortgage balance from £97500 to £69999. This is really going to stretch us but the other target just wasn't stretching us enough.

Please could you check that the update I did worked ok?

Many thanks

Stacey