Mortgage Free in Three Yrs

save-a-lot

Hi

Just a note to say thanks for the rule change to allow me to join and offset my mortgage rather than pay it off - the original intention by getting onto the 10 year fixed was to save enough to completely pay off the mortgage at the end of the term. But, now I have read this thread I wholly think it is possible to be mortgage free in three (well in thoery anyway by offsetting savings against mortgage interest).

A very inspiring thread and my head is buzzing with ways that I can make big differences. I get shares as part of my annual bonus, but I have to hold them for 5 years before they can be sold tax free, this year I can sell one allocation and get around £450, and in 08 and 09 (and onward) I get my yearly shares available tax free and based on todays share price they are worth around £1500 for each allocation, so selling of these could go towards overpayments and help me meet the 5% limit for overpayments as stipulated by the rules of my mortgage.

I do need to think more about ways to keep costs down and how to bring more money into the household. I now have something to ponder for the rest of the day.

TallGirl

Hi
Firstly welcome to all the new members lovely to have you on board. Wow over £850,000 to be paid off - but I am sure we can do it.

Like so many of you I have to work away a lot as well. My area is from Cornwall to Kent and up to London so no foreign trips here but lots of driving and eating on my own. Still it pays the bills - eventhough I only get so sleep in my own bed twice next week and 3 nights in a hotel and I have to work Saturday which is rubbish.

Off the in-laws in a minute, they are 82 and 78 but still have a £30000 mortage. This is due to emigrating to South Africa when the pound was 2 to 1 and coming back when it was 10 to 1. FIL still works full-time in the family business - he loves it but I would hate to do that. If I can retire at 50 that would be wonderful.

Take care all hope you enjoy the sunshine.

amazamum

Welcome to all the new people,if we all achieve our goals it will be amazing.
HAPPY BIRTHDAY KAZ.
I have decide that as well as over payments on the mortgage I will also sell as much as I can on ebay etc and put the money into a savings account then just before the end of the year when I normally get my mortgage statement I will pay whatever is in the account off the mortgage hopefully at least 1000(would be lovely to see what I could save without oh knowing lol).
also I have save a you earns due to mature this year then at least one every year after for the next 4 years each at least 1000,but my oh is wanting to go away next year for his 40th(to australia) so if we do they will probably go towards that,I know not very good for paying off the mortgage but it's the trip of a lifetime.
I have been at work all day today and all that was going round my head was ways that I could make more money to pay off the mortgage,sad or what lol.
good luck everyone:T

minimoocow

Anyone else seeing the irony of us lot wanting to pay off mortgages on houses we (or in my case OH) spend our time working away from?! :rotfl:

Or is the motivation so we can jack the jobs in to actually LIVE in the houses? :j

CFC

You've inspired me.

My mortgage is currently £68526

I'd like to join in. I've never overpaid etc before, so this is my first thinking towards reducing my mortgage term, which is currently 21 years (ulp!)

My challenge over 3 years is to reduce my mortgage by £10000 in total so that the balance in 3 years is 58k. (It may seem a modest ambition to some, but it will be stretching, but achievable, for us. I don't want us to live like monks in order to pay it off really fast then die before I enjoy life!)

I'll be ringing up my provider next week looking to increase my payments. I can overpay by 10% a year so whacking an extra £100 a month onto the payments from June (when I've paid off some other stuff) will be my first action.

Please sign me up!

Dithering_Dad

Welcome to all new members!!

Hi minimoocow, the irony certainly isn't lost on me. I'm always saying to my wife that she's the perfect hostess and always gives me a warm welcome in her home. Oh how we laugh.:rolleyes:

daleyd

minimoocow wrote: »

Anyone else seeing the irony of us lot wanting to pay off mortgages on houses we (or in my case OH) spend our time working away from?! :rotfl:

Or is the motivation so we can jack the jobs in to actually LIVE in the houses? :j

Think you read my mind on this one - can't wait till it's gone and I can start thinking of a normal job again. Will make a change to be actually living at home rather than just being someone who has their laundry done there!:rotfl:

Don't get me wrong, the job itself isn't all that bad but there are times when you just want to be at home. With all the people on this thread who are in the same boat (no pun intended minimoocow!) I guess I am leaning against an open door with this. Never mind only 2 1/2 weeks till I get back.

On a more positive note when I get home I will have been paid and one step closer to freedom.

Chin Chin

DaleyD

gallygirl

No. 11 reporting in sir with 1st monthly total.........

£661.52, on my way!!!!!!!!!!! :j :j :j :j :j :j

wisewoman

ali007 wrote: »

No. 12 reporting in sir with 1st monthly total.........

£661.52, on my way!!!!!!!!!!! :j :j :j :j :j :j

Great news! Enjoy the feeling.

gallygirl

wisewoman wrote: »

Great news! Enjoy the feeling.

Wot no pom poms