Mortgage Free in Three Yrs

AnW'sMum

Hi guys

I can't believe it's December already where has this year gone? I am usually more organised by now but this year I think there are still some pressies to buy. Not even started wrapping but most of the cards are written.

Well done to all those who have managed to keep over paying their mortgages, it has to be one of the most financially challenging months of the year, well that and January so keep plugging away and keep smiling

angelavdavis

Hi everyone.

I have so much to do at the moment.

Work is going well and is busy. We spent last week in Barcelona at a conference and made lots of contacts, etc so it was worthwhile. Didn't get to see much of Barcelona though sadly!

As well as work, I have accounts to catch up on, Christmas presents to get, wedding thankyous still to go, invoice and expenses billing, cards to send out, and chasing mortgage provider for the new offset account details.

I have been very good this month and managed to come in under the grocery challenge level including entertaining for 9 one Sunday and 2 yesterday and so I will stick with £160 for December too.

I am trying to be careful with Christmas though and am using my quidco cash, CC cashback and Boots/Tesco clubcard for presents. I had already bought Christmas cards earlier in the year in the sales, and I had also bought a few presents a couple of months ago in the Debenhams sales, so am doing fairly well, just OH, Mum, Dad and bro to buy for now.

We have a full mortgage pig to pay in and also, my Mum has given me her fuel allowance toward the mortgage too!

Good luck everyone with the pennies!

Dithering_Dad

Is anyone else worried about all the talk regarding house price crashes, recessions, credit squeezes, reposessions, etc. etc. ?

I'm a bit put out that I didn't start my MFi3 challenge 3 years ago and now I'd be an unconcerned bystander as the economy went south. I guess I'll just drink from a half-full glass and remember that our MFi3 anniversary is coming up soon(ish), so at least I managed to get 1 years worth of money salting done before everything went to pot!

TallGirl

I know what you mean DD it is all over the press and you can't avoid it really. I am also pleased I am doing this and that our Mortgage Free date is coming up soon. I would not have paid as much off as I have without this and more importantly now it is all looking so bleak I am more determined to safe and paid mortgage off first.

I fully belive that the houseprices will come down in certain areas and I think mine is one of them. Houses here are so overvalued my neighbour has just put his up for sale for £282k apart from a small conservatory and new kitchen it is identical to two houses down which sold 1 year ago for £230k. People are just being greedy but that is their problem. I am just glad I don't need to buy or sell at the moment.

Paid off the interest charged on my mortgage this month of £96.96 so back down to a nice round number. I know it is a small thing but last month I was charged £103.72 so nice to see it coming down. Just think if I had an interest only mortgage it would be less than £100 a month and I am paying £1100+. COOL.

Just done my expenses from work should be £500 coming my way soon. However Tesco has started to reject my card and locked me out of online banking better give them a call. That was the card with the fraud on.

DD did you get my emai?

UPDATE:
Just spoken to Tesco the reason I am having problems with my card is because it has card fraud watch on it. He looked at it and someone tried to buy train tickets in Italy yesterday which is why they stopped it. They did not allow it through and I am not liable for it. Phew a relief and now I am getting a new card. Really scary it must have been cloned. Also had what I think is a spoof email from EGG yesterday feels like I am under attack.

angelavdavis

Hi TG,

Sorry to hear about the card fraud - what a drag!

Mum is getting about 7 phishing scam emails a day, its ridiculous! I am sure she is being targetted more because of her age group.

Whilst property prices might drop - I simply can't believe it will be by a huge amount. I refuse to be down about it and keep a positive mind - Positive Mental Attitude and all that!

Thank goodness I had my LBM all that time ago before I dared remortgage to cover the credit cards and go in more debt!

Kaz2904

I'm not too bothered if house prices go down I have to say.
At the moment we're in a position where our house is worth £170ish K on paper and our mortgage is £70K ish (including the egg bt!) Any way- we don't need or want to move so won't be troubled by any negative equity.
If there is a crash then it will only benefit us.
we made a profit of £40k in our last place and had a £50k deposit for this place so really only paid £90k for it. We would have wanted to redecorate it whether it was hideous or not so not money wasted.
And when it's done I'll have a home I love.
If prices do plummet then we'll consider buying somewhere bigger with a bigger garden.
Really it's only a problem for people who way overstretched themselves.

esthomizzy

Yes I agree. While it would be irritating if you'd just bought and then prices dropped 40% overnight. If you bought a good while ago then you are only losing paper money and if you haven't remortgaged yourself to the hilt to take advantage of your equity then you are in an absolutely fine position. If you are happy living where you do then great but if you (I mean you generally rather than you specifically Kaz) want to trade up at any point then the price of your next step up is more important than that of what you are selling as it will have a higher purchase price anyway. Only people who are leaving the country altogether or leaving the city for somewhere very remote have a good reason to want massive house price inflation. Everyone else just thinks they do because it's hot gossip at dinner parties.

HammersFan

Esthomizzy. Very wise words. For anyone looking to move up a crash is decent news. When we made our last move the it was quite a financial jump to go up the next 'rung' of the ladder - with a flat % drop across the piece, moving up actually gets easier. Paying down the existing mortgage makes it an even stronger position to be in (especially as someone who has attacked the mortage looks a good credit risk). To be honest if prices keep rising I'll stay put, but if there's a bit of a drop (which I veruy much doubt will be a big drop) I'd look to move up the ladder again.

Superfast_Gran

We got our property at a real knock down price and now it's worth three times what we paid for it so when we move next year we will definitely be looking to move up a rung :j Great to have something nice to say for a change. :beer:

Desperate_Housewife_2-2

Just called in to say 'Hi' as I haven't posted for a while.

I've managed to get my mortgage down to £30k so I've reached my goal for this year, it seemed as if I'd never do it at times but I stuck at it. I've started mystery shopping too as work is quiet at the mo and the extra few quid soon builds up.

Christmas is sorted, even got the turkey in the freezer! Just the fresh bits to get, posted all overseas cards yesterday and got some asda cards to get me through January. Can't think of much else. The key to it all is organisation I think, I'm thinking beyond the new year as it is only a few weeks away anyway, I keep thinking that all the stuff in the shops will be on sale in a few weeks (ideal time to buy for next xmas!)

Good luck everyone...keep up the good work!