Mortgage Free in Three Yrs

pfpf

thread title caught my eye.

i know there's loads of threads covering the "sums" side of paying off the mortgage but i would like to join this "race" and have an idea of how realistic my aims are.......

as of april 2006 mortgage was £70k over 20 years, currently in a deal thats 0.29% over base and current MP is 482.23

dont really expect to start any over payments or anything like that till April 2008 when i will change the mortgage(no cheap get out till then).

i am expecting to have a lump sum of c. 15k to pay off by then, with another c. 8k October 2009.

with those figures in mind what kind of monthly overpayment would i have to make aswell to pay the thing of by say 2012?

any advice/help appreciated.

thank you.

Miss_Penny_Pincher_2

Happy Birthday Kaz!

This thread moves so fast now that I'm afraid I've been a bit ignorant so I would like to ...

Welcome to the thread hypno, daleyd, save-a-lot, pfpf and CFC

Also minimoo and megamoo Congratulations on letting your house and the payrise! I was wondering what your planned monthly spending of £1,400 includes? Does it include bills, food, leisure etc and also the basic mortgage payments? I thought it might be an idea for us all to have spending targets - may help keep us to similar to how they do on DFW.

The sums you did are interesting AnW's Mum! £812 a day - wow! I'm surprised that the link in your signature was removed since it was a link to a thread on this site

Greetings to our newest cheerleader wisewoman. I really hope that you have a speedy, full recovery The speed boat sounds fab - do you ever hire it out? Have been looking at going on holiday on a cruiser but seems to be around minimum £400 per week for small basic cruiser for 2 people :eek:

ali and Tall Girl well done on all your achievements I'm hoping to retire in 4 years :rotfl: just as soon as this mortgage is paid off!! Need to convince Mr Pincher though....

Thank you and enjoy - I'm impressed - I think you are doing amazingly well especially considering baby charlie is such a recent addition to the TYAE clan

Thanks for the good luck message pink fairy.

Good luck on getting another high paying contract Dithering Dad!

Miss_Penny_Pincher_2

pfpf wrote: »

as of april 2006 mortgage was £70k over 20 years, currently in a deal thats 0.29% over base and current MP is 482.23

dont really expect to start any over payments or anything like that till April 2008 when i will change the mortgage(no cheap get out till then).

i am expecting to have a lump sum of c. 15k to pay off by then, with another c. 8k October 2009.

with those figures in mind what kind of monthly overpayment would i have to make aswell to pay the thing of by say 2012?

pfpf - I've got my rusty brain out and have attempted to work this out...


it looks like your mortgage today stands at around £67,750 with you paying an interest rate of 5.54%. Now for the sake of keeping this easier to calculate I have kept the interest rate the same for the next 5 years when you will owe about £56,060 in April 2012 assuming no overpayments.

Deducting your lump sums of £15,000 and £8,000 leaves £33,060. Divide that sum by the 60 months between now and then gives savings required of £551 a month. Of course your savings will be earning interest during that time so you wouldn't need to save quite that much each month as long as your savings achieved that amount.

If I've calculated this wrong I won't be too upset if it's pointed out it has gone midnight after all

TallGirl

Firstly a warm welcome from me to hypno, daleyd, save-a-lot, pfpf and CFC. Also welcome to our newest Cheerleader Wisewoman that boat sounds great. Well done everyone for doing so well this month, here is the the next 35.

Just a quick update from me, DH is getting more converted as he mentioned his petrol expenses yesterday. He usually waits about 4 months to claim them (nothing changed there) but he did say if I take £600 shall I get the cheque paid out to you so you can pay it off the mortgage. Well that is really progress. I agreed with him and promised I would match him this month.

Looking back over the last 3 years I realised how much money we have spent.
In 2004 we got married - 2 weeks in Mauritius and two wedding receptions. In-laws and my parrents did help but we must have spent at least £10,000.

In 2005 we build an extention (two extra rooms) which cost £30,000 but we did it MSE way and kept a tight reign on budget.

In 2006 DH sold his car and bought a brand new one but did downsize. That was £12,000.

Sorry to bore you all what I really wanted to say we did not take extra credit out tp pay for the extention & the wedding. The car was added to the mortgage but cleared 11 months later this September.

I did get a 25% payrise in 2006 (new job) but looking back at what we have done I am sure I can pay that mortgage off in 35 months without any problems.

Shineyhappy

Hi everyone!

Happy Birthday Kaz and welcome to all the weekends joinees :j

Bad news for me, looks like my completion will be delayed :mad: It has been a stressful and worrying weekend.

It is so frustrating, I just want to get the flat in my sole name so I can sort out my figures and get rid off the all cash in my account. It is seriously burning a hole in pocket. The sooner it leaves my account the better!

Maybe I will get some good news later, but I doubt it, so in the meantime I will continue to stockpile cash until I know the final figures.

Oh well at least its pay day and rent day today, so even more money to horde

comping_cat

Hi everyone, wasnt around at the weekend, but just wanted to say welcome to all the newbies (the ones who are wanting to pay off, reduce or just support us all!!!) and HAPPY BIRTHDAY KAZ FOR YESTERDAY xx.

cupid_s

A big welcome to all the new members and happy birthday to Kaz. Every time I'm away for even a couple of days we get so many more 3 year mortgage free wannabees I can't keep up!

DD you've definately started a trend here.

I look back at what we've spent since getting married (including the wedding costs) and if we'd done things differently we could have had a much smaller mortgage now. But I wouldn't change anything major that we did before our MFW days.

I've been making my money work better for me since being paid last (DH and I both get paid only every 3 months) by moving it about to make sure that I have as little money as possible in my low paying current account. We opened ISAs as well. But I'm annoyed because despite filling in R85 forms when opening our regular savers last year they still taxed me and DH on the interest.

It's difficult keeping on top of all my money as well as DHs so.......

This month my plan is to get my DH to get his finances sorted. He's gone away leaving me to pay his CC bill and he didn't submit his timesheet for demonstrating. That's £312.50 that we should be getting next month that we'll have to wait even longer for.

And my cheque from virgin still hasn't arrived.

Kaz2904

OK time to check in and round up!
Hello everyone new and thankyou all for wishing me a happy birthday. I had a lovely day and we have enough food left over from the bbq for our tea tonight. I am going to do some more digging this evening so won't spend any money.
I'm able to update our mortgage account today after phoning them and was pleased to hear that I have paid £5.93 more than I thought after interest so the monkey is going from my back!
I'm not going to update what I need to repay to my savings until the 21st of May because I have some things coming in/going out so will leave it as it stands. I think what I will probably do is update on the last day of each month though so the 31st of May.
I need to buy some roof bars for my car and I want to get a satnav for when we go on holiday. I have been recommended the Garmin Nuvi 360T which is fairly pricey at £299.99 so I need to see how cheap I can get it. I have also been given £70 (so far) towards it.
At the moment just by making that £106.37 extra overpayment it has brought my total debt free day forward a whole month. I feel good because I paid it onto the mortgage not into the savings. So my total DFD now stands at August 2013! WooHoo!

pfpf

Dithering_Dad wrote: »

19. pfpf - Not really sure, please advise!!

hahaha, love it...when i know i'll let you know

AnW'sMum

Well done to everyone this month