Mortgage Free in Three Yrs

comping_cat

Hello everyone,

DickDastardly - it doesnt say 'grouphug' when i hover my curser over it either!!!!:eek:

Im just waiting for my monthly payment to be added to my mortgage statement, then i can update TallGirl with my new figure - ive had another good month, but with Christmas coming, and the fact ive still not replaced one of the LOs i looked after, means it might be a bit more difficult to overpay for another few months, but im going to keep plugging away as much as i can!!

Trying_to_be_good

Hi everyone - I've loved catching up with everyone's posts! We once wasted an hour at work on Instant Messenger trying to find the most dodgy smilies/emoticons...

The good news is I had a £4,000 ten-year savings plan pay out in September. I was going to blow half of the money, but have decided to do the MFiT thing and am in the process of transferring it to the mortgage account. £2,500 is with ING to see if they will honour the free £75 (tax free IMO, as it's a gift not interest) this week, so it might not be available in time to let TallGirl know for this update.

On the subject of children, my partner already has four lovely children (aged 6 - 10), so we have more or less decided that we won't - transporting the 6 of us around, let alone holidays, are already complex (and busy!) enough. We don't get to see them much, though, as they've been moved abroad.

My ability to overpay by quite a lot is about to be curtailed as I need to change my job at work (same employer, but different role) as my current job is now even making me ill. I'll lose about £600 a month after tax, though, as I get lots of allowances at the moment. But better to be healthy and with a bigger mortgage than ill with a smaller one!

Keep it up everyone! I'm off to check how my Christmas shopping is going...

DickDastardly_2

catowen.....:eek: :rotfl:

TallGirl

Morning all
Just a quick update from me, the monthly interest on my mortage is now down to £108. Before this challenge is was £200 so it just goes to show what a difference overpaying on your mortgage can make. I know we have been lucky to inherit £5k but all in all most of it is from savings.

Just a quick question before I get ready to sort out the chart. We still have lots of new members joining us which is fine but this challenge was to pay off your mortgage in 3 years and as it started 01.04.07 can we agree that it should end 01.04.10?. If people can't pay it all off they can set individual targets but I feel the start and end figures for the general forum should be

Mortgage on 01.04.07 = start balance
Mortgage on 01.04.10 = end target

By the way yesterday we were 6 months into the challenge that is 1/6.

I have had lots of PM's and have now added them to the chart. I am going away with work for a few days I hope to see more when I get back we are up to 113 now so need a few more before it is complete.

Take care all, by the way lovely to read the new individual diaries.

drenbo

I have applied for transfer balance of £10,000 from my Credit Card with 0% interest free into my offset account (cancelled payment protection on it). Intend to keep it there for 11 months and hope to save around £400 in interest during this period. I have also applied for some other CCs with intest free balance transfer for a year and will add some more to it if all goes well.

drenbo

Has anyone tried taking a loan with a smaller interest rate then mortgage?

I have just been looking at a £25,000 loan with 6.3%APR and I am thinking of taking one and leaving it on my offset account then make payment from the same account. I think it would help me save few thousands pounds in interest over 5 years of loan period.

My current mortgage interest rate is 7.25%.

Can someone correct me if I am wrong here?

comping_cat

Hello everyone,

Have PMed Tall girl with my figures - but im so chuffed with myself - ive managed to pay over 6K off since we started the challenge!!! I set myself a target of 7.5K over the 3 years, so im so pleased with how ive done.

Mind you, that does include my monthly payments as well, but even so, its lovely to see such good results, especially as i know it will slow down now Christmas is coming, but hopefully i will still be able to make some overpayments and keep the momentum going.

Kaz2904

drenbo why is your current interest rate so high?
It certainly sounds viable but I haven't checked any of the figures out.

drenbo

Kaz2904 wrote: »

drenbo why is your current interest rate so high?

I think it's because it's an offset tracker mortgage.

djbd1973

drenbo wrote: »

Has anyone tried taking a loan with a smaller interest rate then mortgage?

I have just been looking at a £25,000 loan with 6.3%APR and I am thinking of taking one and leaving it on my offset account then make payment from the same account. I think it would help me save few thousands pounds in interest over 5 years of loan period.

My current mortgage interest rate is 7.25%.

Can someone correct me if I am wrong here?

Hi Drenbo,

My wife took out a loan through Zopa for 3 years - 3k for around 4.5%. We used this to go into our then offset account as a kind of stooze. Didn't save much over the time period and paid it up when the mortgage reverted to back to a normal interest only but it did save us some money over the time period.