Mortgage Free in Three Yrs

Dithering_Dad

Welcome newbies! Sorry for taking so long to add you to the list, I've been a little preoccupied with my shares. I put 7k into an S&S ISA and watched it become £6000 :rolleyes: - it seems that whatever I put money into, everyone takes theirs out. I'm convinced that the traders have a direct line to my ISA and when they see me do a trade they go "Oh crap, DD has put money on this one - I'd better get out before it drops like a stone". I bought BP shares yesterday, and lo-and-behold, they're the FTSE biggest fallers today!!

I lurk on a shares message board and it's quite worrying what's happening with the knock on effect of US subprime mortgages. All the UK banks are now cutting back on what they will lend to people - reducing their overdrafts without even telling them!

I am even more convinced that there is a financial storm coming, so thank god we're all paying down our mortgages - in bad times, I don't see a better policy than debt reduction!

AnW'sMum

You sound like you have my kind of luck DD! But you don't need me to tell you to hang in there at least you didn't put it into Northern Rock shares 2 weeks ago, then you would have reason to cry.

Looking forward to seeing how much we have collectively reduced our mortgages by at the beginning of Oct. Don't forget people to PM Tallgirl with your up to date figures. We need to know what your mortgage balance is as at 1st Oct(ish) for everyone, that way we will get a much clearer picture on where we stand.

sallyb17

lunasaver wrote: »

Hi again

Morgage people have sent me a statement which I should recieve in a couple of days, they wouldn't give it to me over the phone strangely enough.

I've set up a standing order for £400 per month,
an overpayment of £115.65!:eek:

Not sure how to put my bits of financial info on? Do you just tag it on the bottom?

ls

My mortgage provider is C&G and they can't give you an exact balance in the branch. I went in yesterday to put another £50 cash in, and they gave me an estimate (they round it up or down to the nearest thousand). They will, however, give you an exact balance if you call up - which I did, of course! Mine is currently £112,097 but I will be making more payments before the 10 October update deadline, so will update in a couple of weeks' time, hopefully with a £111xxxk figure :j


lunasaver, great to see you taking the challenge! To create a signature, go to 'Quick LInks' on the top menu bar (on the right-hand side) and select 'Edit signature, and you will be able to fill in the financial details, goals, achievements in there...welcome to MFiT and good luck :beer:

DickDastardly_2

Thanks for adding me to the list....guess this means I have to do it now!:eek: No takeaway tonight then.....:money:

Kaz - I appreciate that not everyone can make the decisions we have, so didn't want to appear snobby BUT having said that, at the time we took that decision (2003/4) I was earning c£20k a year only and with a £100k mortgage on a house worth £135k, so maxed right out there. So we were/are not on megabucks and we knew that it would be tough (we have been right!) to do this, but as I said, when eveything is totted up no amount of money can buy the times you spend with your kids when they are little and for us that was the deciding factotr, even it meant living in a tent!!

catshark88

Shazanny,

I thoroughly recommend it! I used to have a job that I really enjoyed but I wouldn't lose this time with DS for anything. They grow SO fast and I don't want to miss it. There will (hopefully!) be plenty of time for jobs when he's at school/ university/ whatever!

I've set up a v. small business in the meantime, just to keep my brain working a bit and have found that a good compromise.

All the best making your decision!

~daisy~_2

ive decided to play properly !!

ive pm'ed you dithering dad with my bits - now to sort out a sig !!

have updated my wannabee thread regarding figures and shortfalls if anyone interested

esthomizzy

What is our end date for the mortgage free in 3 target? I think I might include that in my sig so I know when I've got to meet this target by.

~daisy~_2

ive just realised that i think the challenge is due to finish in april but ive reckoned on us finishing in the october !!

hmmm....well ill just be a few months behind some of you i think cant see us doing it in 2 and a half somehow !!

djbd1973

Kaz2904 wrote: »

I was wondering if anyone else is considering (or is already) staying at home full time to bring up their children?

Its not a reality at the moment for me but my wife and I are aiming for it as he don't have children yet. I have my own business which is very busy and the idea is that I can build a good enough income to partly replace my wife's.

Before I was self employed I had two jobs but we are budgeting at the moment.

dawnylou

shazzany wrote: »

Hi, I was wondering if anyone else is considering ( or is already) staying at home full time to bring up their children?

When our mortgage is paid off ( or pretty small) this would be a possibility for me. I currently work, teaching, 3 days and look after my daughter 4 days but starting to feel maybe I'm missing out as she is being so gorgeous I just hate leaving her! Paying off our current mortage gives us the choice of either me staying at home full time or us moving to a better house/ nicer area whilst I carry on working part time.

Anyone else have experience of this? If you did stay at home did you miss work ? Thankyou!

I agree it would be lovely to stay at home and bring up the children.
Sadly this is something we won't be able to do. As soon as we do have children I will have to return to work full time in order to help out with the bills etc as we struggle currently with 2 full time wages so there is no way we would manage with just one.

That's if we even have them now! lol