Mortgage Free in Three Yrs

Kaz2904

I'll be nowhere near mortgage free by April 2010- I'm in for the long haul but this challenge is keeping me focused and giving me ideas all the time so that I can make little extra payments as well as the monstrous payments we have been doing.

Dithering_Dad

Yep, you can't leave. We won't let you!

I have a crisis of confidence every couple of weeks when I think of how much I have to overpay to clear the mortgage. In fact, if you look at the first page of this thread I think I was having doubts about being able to do the quest, and remembered I had the support of my MFiT pals! To be honest I will be delighted even if I just clear the Interest Only bit of the mortgage as this used to really worry me when I had my endowment.

Just pay off what you can and as often as you want to and see how you do by the end of the three years. To further encourage you, I just put these figures through the mortgage calculator on page 1. If you had a £95,690 mortgage at 6% interest rate and with 25 years repayment. If you only do a £50 per month overpayment, you would reduce your mortgage term by 3.9 years and save £15,877.70 in interest payments!!

You don't have to throw thousands at the mortgage in order to see a major difference and you also don't have to pay too much off before you start feeling "Mortgage Free-er".

Besides, if you leave, you won't have the honour of buying me a drink at the MFiT end of challenge party!! :rotfl:

djbd1973

Hey DickDastardly,

If its any help, I haven't signed up for the MFit but my wife and I are working on reducing our mortgage none the less and we have been working on this for quite a few years. As you've already shown, the beauty of this forum is that the ideas and suggestions that you can get not only make sense but save a hell of a lot of money, and any reduction of time and interest payments on any mortgage makes a difference as far as I am concerned.

My problem is I can take the money saving too far as my wife tells me especially in the winter as I grew up with the 'put an extra jumper on if you're cold brigade' and get a blanket rather than stick the heating on. Yeah I'm tight, but when the inlaws come around in Feb in short sleeves complaining how cold it is, I feel like opening the windows for a bit of fresh air!

drenbo

I got £10,000 interest free balance transferred from a credit card to my offset and that is going to cut another 9 months from my mortgage if left there until middle of October.

DickDastardly_2

Whoa! Thanks for replies! When I mean leave, I dont mean the forum etc, merely this challenge. I appreciate that we are all really just doing what we can and maybe only a few will actually 'win' in the sense of completing it, BUT I really would need a miracle!!

I am happy to keep plugging away at the mortgage though, that goes without saying. Our goals are in my new signature. Simple really, like me and easier to get my head round! I understand that even small payemnts make a big difference, which is exactly why our four steps will work. It is already having an effect (we run a One Account) as we have stabilised spending and have seen a reduction in the last week, so all is good so far!

And of course, we have Meredtith the Mortgage Cow nagging us in the kitchen already!:rotfl:

~daisy~_2

oh yaay for Meredith !!

but seriously im not going to be able to make the challenge either - if id started in april i reckon i possibly could have but i think ill be about 6 months short
it doesnt matter tho ill be well on the way !!

and whats this about a party ? do i get to buy a frock ? yaay!!

djbd1973

~daisy~ wrote: »

do i get to buy a frock ? yaay!!

Will the money to buy it be diverted from the MFiT fund??

firesidemaid

hurrumph!

getting tantalisingly close to that sub-100 mark, but just can't find enough extra money at the moment!

like others have said, seems to be lots of bills and necessary purchases - new bed, car service etc etc.....

i'm hoping we might there at the end of the month after next payday....watch this signature......;)

Superfast_Gran

I have to admit I've been feeling disheartened too recently. OH's "brilliant" new job isn't working out well, SW have been talking about moving the foster kids for some time now, the agency I foster for isn't keen on re-approving me cos I call a spade a spade and so the "professionals" involved are unhappy, Sassy, my car, needs 2 paint jobs for some damage done on holiday and by OH the other day yadayadayada. Consequently I've only managed 2 overpayments recently and the goal seems to be slipping further and further into impossible - if I felt more positive I'd say unlikely. Now my Great Aunt is dying in hospital 45 miles away and OH employer's unhappy about him taking 2 measly hours off to drive me there - as I was too upset to drive self. I NEED A HUG! :sad:

~daisy~_2

djbd1973 wrote: »

Will the money to buy it be diverted from the MFiT fund??

as a dedicated MFi3 member i cant believe you asked me that .....










but yeah prolly shhhhhhh!!!!!! :T