Mortgage Free in Three Yrs

LJD1_2

This sounds like the eurovision song contest, lol, well i'm number 61 from the UK and my votes are as follows. Sorry!

Original mortgage £110000
Mortgage on 31/07/07 £105899
Paid off £4101

What made me realise this challenge is totally worth it was my interest payment has come down £5.00 even though the rate went up last month and my interest payment should actually have gone up. Really pleased as it's another £5 overpayment a month.

The sun is out and I am happy!!!!

CaroB_2

No. 64 checking in...

Have just PM'd TallGirl my totals
At start: 83955
Aug 1st: 82746

Not doing so well just now as DH is unemployed and has been since April so, although he has savings so is contributing to the household costs (including half the monthly mortgage payment), these won't last forever and in the meantime I'm paying for all extras such as food, weddings (we've had 4 so far this year, including our own in May!), going out (and living in Edinburgh it's very easy to spend quite a lot on this in August! Although I was organised and booked some Fringe tickets the day the box office opened for previews and free showings so we're not doing too badly so far), etc. We received a bit of money from relatives as wedding presents but are keen to keep this for 'extras' (although admittedly replacing our loft insulation is probably going to come out of some of it, so it's not entirely frivolous extras we're aiming for). In the meantime most of it is offset against the mortgage

Weirdly, my interest payment stayed the same between July & August despite my monthly payment rising by £9 so, as LJD1 said, that's an extra £9 overpayment a month with very little effort! :rolleyes:

So, here's hoping DH gets a job soon so we can really start battering down this mortgage! :j

Caro

firesidemaid

hello all!

isn't everyone doing well!:D

just pm'd tallgirl and though i'd share it with you all - balance has gone from £105,674 to £101,965.

i've paid off £3709 in just over 4 months!:j

my monthly interest has come down already by about £8. i've also totted up the amount of overpayments i have made which is £1650 during that time.

love sazzacat / no.75

Desperate_Housewife_2-2

Just checked in to see how everyone is doing and its very impressive, well done.
I've just got back from my hols and underspent on the hol budget so the little mortgage piggy will be fed to the tune of over £100

So nice to see you all doing well, keep up the good work. It will be great to see the chart too.

TallGirl

Afternoon all
I am sure most of you are out enjoying the Summer Sun. Thanks again for all the PM's I can't wait to show you the results but I think it is only fair that I wait until next week as I did give people a deadline of the 5th August.

It is fantastic that people are doing so well. I don't just mean the people who have paid lots off anything to reduce the balance is brilliant. It is so nice to see the interest going down every months even if it is only by £8.

Anyway celebrating my birthday this afternoon the in-laws are coming for a BBQ. It was on the 1st but we were away but got 4 cards and a present today in the post so that almost makes it feel better to be a year older.

sturgeon62

Just pm'd Tallgirl, very frustrated as I only get a statement annually, so rang mortgage company last week for update and they could only give me an approx figure of just under £102,000 and said they would confirm actual figure in writing, but it hasn't arrived, so I have given my update as £101,999 which means I've paid off £741. Still at least next times update will be better as I've really erred on caution.
Still very motivated to feed that pig. Managed to overpay £421 which is phenomenal for me as it is all from budgeting hard.
Good luck everyone , keep focused

Karmacat

:beer: Happy Birthday to you-ou-ou-ou!!!:beer:

:bdaycake:

taka

:beer:Happy birthday TallGirl!! :beer: _party_

LJD1_2

Happy birthday to you
Happy birthday to you
Happy birthday dear tall girl
Happy birthday to you xx

minimoocow

Just PM'd Tall Girl so I thought I'd fill the rest of you in on my progress for the last month!

We managed to pay off £437 last month which is well below the £1000 target due to tenants not paying us any rent :mad: :mad: :mad: . Don't they realise I have a mortgage to pay off!!! I've been really stressing all month because I'm not going to be able to make the target but decided to take a chill pill - after all both mortgages will get paid even if it does impact on this challenge a little bit.

Anyways despite this being a right pain in the bum the BTL is currently on a repayment mortgage so we are paying off a mortgage - just the wrong one! And I'm not including the figures here but if we remortgage that later on I will pay the money of our mortgage.

I like reading everyone's updates so keep them coming - anything paid off early is interest saved and victory to the MFiT gang! There's no stopping us now!!!

Targets for next month:

1. Get rent out of tenants!!!!
2. Pay £1000 off mortgage
3. Cut shopping bill to £45 a week (Managed to get to £50 relatively easily so thought I'd see how much further I could go!)

Good Luck for next month everyone.

MMC