Mortgage Free in Three Yrs

Desperate_Housewife_2-2

AnW'sMum wrote: »

Right I think I am over the jetlag and have updated my spreadsheets from TG's latest chart

Based on the info DD and TG have in their charts and by my reckoning the total of mortgages plus pension pots other savings of the 71 active participants is £6,885,858.91 with a collective aim to reduce this by £2,777,550.49 during the course of the challenge.

So far the total amount repaid is £355,157.15 or 12.79% of total pledged. To be bang on track at the end of month 4 (ie end of July) we should have repaid 11.11% so collectively we are ahead of target by £46,662.85 :j

Just for a bit of fun I have also looked at how many of these mortgages we would have paid off now if we started with the smallest mortgage and worked towards the biggest! Those who would be MF now in this scenario would be: sparklymessygirl, Mushy61, pariskate, ailuro2, inkie, GreenNinja, cazmanian_minx, jobbingmusician, Pandora123, Desperate Housewife, Karmacat and amazamum

Looking forward to the next update

*woooooooohooooooooooooooooooooo* well done

---

Cool!

Batgirl

AnWs Mum I think you have things a bit mixed up and we shoud ( and all want) to pay off the biggets mortgae first. Not sure whos that is though,.................. will have a think ...........................

AnW'sMum

Batgirl wrote: »

AnWs Mum I think you have things a bit mixed up and we shoud ( and all want) to pay off the biggets mortgae first. Not sure whos that is though,.................. will have a think ...........................

Well if you wanted to invert the list and pay the largest off first then collectively we would have paid off catshark88's mortgage only and be almost £188,000 short of paying off meme's mortgage.

I can report it both ways if people would like me too.

Either way we are still beating the banks

sparklymessygirl

I wonder if anyone with an idle spare moment has any thoughts on the following….I apologise in advance for what seems to be a perennial question - saving v paying off the mortgage - but I think I am in a minority because I am on an SVR and cannot benefit from re-mortgaging (no financial advantage in re-mortgaging for the small amount outstanding)

My SVR is 7.75% If I used my overdraft I would get charged at 5.75% - so I’m wondering whether I should regularly use say three quarters of my overdraft by paying a capital sum off my mortgage (keeping one quarter as a buffer). It would seem to be financially beneficial but I would have to look at my level of comfort with being in perpetual overdraft (haven’t been there for 10 years :eek: ). In actual fact the actual figures on this won't make that much difference so perhaps I'm being a bit obsessed about this bit! 2% difference just seems a lot!

I am also still battling with my view on my ISA savings. My SVR is nearly 1.5% higher than the amount I am getting on my ISA savings (6.3%) - all the articles seem to suggest keeping ISA savings protected but I’m wondering if the articles simply assume that your mortgage rate is always (or in recent years has been) lower than available ISA rates? OR is the main point about ISA's the idea of keeping them tax protected for future years - so that I should take a long term view and think about getting a good interest rate on the ISA money over several years?

(I understand that conventional wisdom does state one should have emergency savings so I do have to decide how comfortable I would feel without a safety net for a certain number of months until I build up again - DD does point this out in earlier posts :beer: and barring going completely nuts at work I can't be kicked out of my job very quickly :rotfl: )

Sparkly

Timort

Hello from Canada!

I found MSE on the net because I'm so focused on being mortgage free myself. I have been reading your stories and been very happy to see so many others dedicated to finishing off their mortgages. I thought I may as well share mine. (CDN $ values)


Mortgage: $134k
Started on: June 2006
Term: 5 years
Amortization: 25 years
Interest Rate: 4.45%

Current Balance: $106k
Hopeful Mortgage Loan Length: 4 years (3 more years to go!)

My normal mortgage amount is $725, but I pay double each month $1,450. (max allowed). I have and also continue to hope to pay the max 15% off at the end of each year. ($20k). If all goals to plan, I'll have the mortgage paid off by August, 2010. Yay!! :j

Thanks for listening!



Tim

freebird65

..............

Desperate_Housewife_2-2

Timort wrote: »

Hello from Canada!

I found MSE on the net because I'm so focused on being mortgage free myself. I have been reading your stories and been very happy to see so many others dedicated to finishing off their mortgages. I thought I may as well share mine. (CDN $ values)


Mortgage: $134k
Started on: June 2006
Term: 5 years
Amortization: 25 years
Interest Rate: 4.45%

Current Balance: $106k
Hopeful Mortgage Loan Length: 4 years (3 more years to go!)

My normal mortgage amount is $725, but I pay double each month $1,450. (max allowed). I have and also continue to hope to pay the max 15% off at the end of each year. ($20k). If all goals to plan, I'll have the mortgage paid off by August, 2010. Yay!! :j

Thanks for listening!



Tim[/quote
========================================================
Hi Tim,

Welcome to the forums and good luck with your mortgage payments

Desperate_Housewife_2-2

I have just got in from a night shift and as it was quiet I had time to think about our challenge and some of the threads I've read on MSE.

I wonder if people think we are living on beans by candlelight in order to do this challenge and wanted to say (as Dithering Dad has already in previous posts) that its not affecting the quality of my life, in fact, it has enhanced it.

I am meal planning and growing (some) of my own thereby eating healthily and reducing my carbon footprint

There are a few luxuries though that I wouldn't want to do without which are

-holidays (in the Uk but we love them!)
-my mp3 player (fantastic to get all that music on such a little gadget...)


I think thats it really, everything else I enjoy doesn't cost anything (books and music from the library and walking the dog in the park)

I'm not counting household appliances such as washer etc although I suppose I should.

Anyhoo, just wanted to get that off me chest! I wonder what you MF3 guys couldn't live without?

catshark88

That would be lovely, thank you very much! :j

I am so proud of us all though. We have collectively paid shed loads off already and you can almost taste the motivation when you read this thread. . MSE is great, I spend so long reading it, I have no time to spend money!

Onwards and downwards as a recent poster said (think that should be our thread motto)!

Catshark88

ptee

Just wanted to say well done to all the questees, the figures looked great this month!! Let's keep it up :j And thanks to TG for doing the table, it's great to see! :beer:

Just completed our re-mortgage today so we're now on our YBS offset mortgage 5.99% for 5yrs. Wouldn't it be nice to pay off the majority of my mortgage in that time *dreams*

Also paid the last of the credit cards off today so we're officially debt free!:T
What a difference this site has made to our money, I can't believe the how less stressed I get over money these days