Mortgage Free in Three Yrs

dawnylou

I'm so sorry to mess everyone around - but I need to double check some info and get back to you as I have just gotten our first mortgage statement and the reason the figures don't add up is that we have valuation fees and product fees added on top of our mortgage that we were not aware of!!

Really sorry - I will look over our documents tonight and post again tomorrow.

~daisy~_2

i gave up work when i had my children 11 years ago - however i reduced my wages and hours bit by bit over a couple of years so didnt lose a big income in one go

also when we bought our home we deliberately only factored in hubs wages so we knew we could manage with me not bringng any income in and this worked well

i statred doing some part time pocket money jobs when my youngest child was 6 and i have recently re-trained as a sports therapist and am hoping to expand my business doing this and i have a weekend job in a gym as well

i didnt want to have children for someone else to bring up - but its not always possible due to circumstances
i feel i was lucky

savvykaz

Dithering Dad, I have pm'd you earlier today to join your Mfin3 challenge. Can you please allocate me a MF member no.?

Trying_to_be_good

I think the challenge finishes in April 2010, but I'm hoping it's after 6 April so I can count a new year's cash ISA allowance (assuming I've got it saved up already!). The biggest difference to my mortgage balance has been my decision to devote my ISA savings to the mortgage at some stage in the future.

benbenandme

Hi all, can I just ask if anyone here has any old ink cartridges please could they look at Hypnos thread on the dfw board ... http://forums.moneysavingexpert.com/showthread.html?t=561200

Hypno is part of this challenge, although in a slightly different way to the rest of us in that she is trying to reduce her debts rather than her mortgage.

Her children have been given a fantastic opportunity to go abroad to do training, racing and schooling with the British Ski Academy. If anyone has any old cartridges please consider sending them to her, many thanks !

Jonesy_Bonesy

Hi Dithering Dad / Hi to all

I've been reading this site with great interest ( been a lurker since April this year ) but would like to take the plunge and be added to mortgage free in 3 list please.

My current interest only mortgage is £95K and by April 2010 I would target it being down to £25K as being a really tough yet achievable prospect.

I am tied in until Nov 2010 at 4.46% which is a good rate currently, so am targeting all my "overpayments" into partners savings accounts which pay a higher rate of interest and are tax free as she is raising our son at the moment.

This ties in with the posts a couple above this one. Me and my better half both worked full time prior to our beautiful son being born 4 years ago. She dropped down to working 3 days a week and we were paying for private nursery, but all the messing and running around just wasn't worth it. I work shifts so that does not help in planning a 9-5 Mon-Fri week. As a consequence of her giving up work completely we are approx £400 a month worse off, but so much happier.

We have already budgeted considerably and changed all utilities suppliers to the most competetive etc, and are adjusting to living on a strict budget. Thankfully we have no other debts aside from the mortgage.

Thank you very much
Jonesy Bonesy

Desperate_Housewife_2-2

Hi to all the newbies and good luck with the challenge.

I've not posted for a while as modem was down (had withdrawal symptoms!) and then got out of the habit.

Anyhoo, got a quick tip, I've just applied for a mint card through quidco and got £22 for that, managed to get only £6400 balance transfer to put on the mortgage to bring the daily charged interest down a bit so with the capital one BT I've got about £21k in there saving me interest. It makes a difference when the monthly statement comes through as the interest is kept low thus enabling me to pay more off the balance.

Move_To_Portugal

October's payment coming out on Monday so this will take our balance to £134,362. Unfortunately no overpayments this month due to wedding costs.
We've sold a few cd's on Amazon and this money has gone into our e-savings account.
I'm going to join the October grocery challenge on the Old Style board to see if I can reduce the food costs even more.
mtp

ptee

Just waiting on this months payment to hit the mortgage account then I'll PM my update to TG. Looking forward to seeing the chart :j
Made a couple of small overpayments this month which should take us back to our starting balance, but our porch is due to be built anytime so that will eat most of our offset savings.

Having had a bad start we should be back on track this month ready to make headway.


And in stranger news... Mrs Ptee has already started Christmas shopping!?!:eek:

Kaz2904

She's only just started? I've nearly finished!:rotfl:
I'm hoping that our payment come October update will be looking so much better.
The balance transfer going across slowly is gradually reducing my debt free date. I can't wait until I've got rid of the window loan. That's one that has been hanging around for too long now.
I expect that once my payment has gone across on the 1st October I will be back down to September 2013.
I need to work harder at meeting my current 2010 target though! I think I need to do some extra shifts at work and try to clear what we owe to DH's inheritance.