Mortgage Free in Three Yrs

bails

Hi everyone!

I was immediately interested when I spotted this thread on someone's signature and thought I'd have a peep, even though I thought I have no hope of paying off my mortgage. Firstly, I was struck by what seems like a fun group of people and then I spotted Cupid and her partner were both jobless too and I thought, well what the h*ll, let's give this a go!

I have no idea what's possible or what I need to do yet so if someone could give me a nod in the right direction that would be fab! I will have a proper look at the thread tomorrow too when it's not past my beddy byes time!:D

We won't be looking to pay off all our mortgage by any means as my OH is still a student and I'm off work ill at mo but we'll see what a realistic/challenging target would be for us (he doesn't quite know we're taking part yet lol!).

Our mortgage is 117k interest only if that helps in giving me some pointers.

Thanks a lot lovely peeps!

bails

Hm, okay I'm ashamed to admit it but I'm already getting confused! This is my first mortgage and technically it's my dad's (as I can't get one til back to work) so I didn't do the paperwork. What do I need to find out from him in order to start the challenge? We only got our mortgage in July this year.

Thanks v much!

ailuro2

Well we have a few options- probably a combination of investing the money to prop up our pension as we are being changed from a DB scheme to a DC pension, :mad:, taking a lot more holidays and using it to help our DD through Uni, if that's where she ends up. :beer:

The extra £500 a month, as well as the lump sums we try to overpay would let us do a bit of all of those.:j

cazmanian_minx

Desperate_Housewife wrote: »

Might be jumping the gun a bit here but what do you MFI3 guys intend to do when you have paid off your mortgage?

OH wants to be able to leave his current, high-pressure, job in 5 years' time (he'll be 45 then) and we're planning to escape to Scotland, near where he was born and grew up.

With no mortgage on this flat and his savings (he lost his house in his divorce, but also lost the nearly-unaffordable mortgage & secured loan as well, so he's now able to stick a healthy wodge away each month) we should be able to buy a nice 3/4-bedroom house by the sea outright and grow old and grey happily together.

You may now reach for your sick buckets....:rotfl:

Caz

Move_To_Portugal

Hi Caz

There's nothing wrong in having a dream.

There's no secret in what I'm doing when the mortgage is paid off!!:D

mtp

sarmia

Enjoy life more, work less hours, spend time with my family and spoil my son! (Hopefully have another as the mortgage decreases!)
I do all those things now to some extent but with the mortgage gone it will be so much better and hopefully will feel like a weight lifted off our shoulders!

Karmacat

Hi bails

Welcome to the mfi3. The only thing you need from your dad is to know whether overpayments can be made, how much, without penalty, etc. If they can, then thats the method. If not, the amounts for overpayment go in a special high interest savings account you can set up, ready for when you *can* make overpayments without penalty.

Then you're left with where to get the money! Obviously, the first port of call is getting a job. Then its often a second job. Then its little moneymaking schemes, often on the internet. What I do is on this thread, post 1218, and there are big threads about how to make extra cash at the top of this particular board, and also a couple of threads at the top of the dfw board (debt-free wannabe). Good luck.

catshark88

Mortgage free living is a very long way off but would consist of:

• DH being able to give us his job in the City along with the 4 hour daily commute if he wishes,
• Spending more time together

Anyone know next week's winning lottery numbers??:rotfl:

Don't think we would come off MSE living though, is is very addictive!

inkie

For us, the motivating factor has to be that OH would be able to give work the bird, and spend time doing what he wants. We also plan to then sell our (paid for) house, and buy a holiday cottage which will generate further income, and also retian the bricks and mortar investment. We are fortunate in that my job has free accomodation provided if I wish, which we will take up when our house is paid for.

Desperate_Housewife_2-2

Its nice to hear that you guys are doing this in order to enjoy things that don't cost money ie time with loved ones. I think that people must think I'm a bit greedy/tight wanting to pay off my mortgage but now I've made up my mind I can't think any other way. Having a goal definitely helps!