Mortgage Free in Three Yrs

ThankYouAndEnjoy!

Hello !

Mortgage payment and overpayment have taken; and we owe less than £100K :j - Net debt reduced by 3.85% without taking monies in ISA into account.

16days until payday and have only spent a grand total of £13 in the last 10 days (both girlfriend and I are on leave due to birth of Charlie)

We are going to go back into o/draft nearer payday, but because of our spend only being £13, it should mean this is greatly reduced.

1/2 price Ebay listing tomorrow, so gonna list all my unwanted items; hopefully making £300 after expenses.

Happy days . ....

MancBrel

Count me in on this.

My mortgage has just over 14 years to run, but I want rid of it as soon as I can. Basically my wife and I paid about £43,500 for our Manchester home (it's now worth about £150,000) just over 10 years ago. Until last March we had a Pep/Isa mortgage that was seriously underperforming. We had took the "wait and see" option for too long so decided to take action. We swapped to a repayment mortgage, paid off a lump sum from our savings, and upped our monthly payments by about £115. We have subsequently paid of lump sums here and there (about £1,000 a time).

As things stand our remaining balance is about £25,000 and we also still have the Pep/Isa fund (worth just over £7,000). We are not sure whether to leave this in, or cash it in and knock it off the mortgage now. I have calculated that if we did cash it in and paid it into the mortgage, on our current repayment schedule we would have about 5 years to run. However we do have disposable income every month, so I am sure we can pay it off much quicker.

Dithering_Dad

MancBrel wrote: »

Count me in on this.

As things stand our remaining balance is about £25,000 and we also still have the Pep/Isa fund (worth just over £7,000). We are not sure whether to leave this in, or cash it in and knock it off the mortgage now. I have calculated that if we did cash it in and paid it into the mortgage, on our current repayment schedule we would have about 5 years to run. However we do have disposable income every month, so I am sure we can pay it off much quicker.

Hi MancBrel, I've added you to the list, welcome to MFiT!

If you don't have any exit fees with the ISa and you think you'll get better returns by cashing it in and paying part of your mortgage off then I'd go ahead and do it. I had the same with my endowment, it had a further 14 years to run and due to the shortfall wasn't going to pay the mortgage off. I cashed it in and paid it straight onto the interest only part of the mortgage. I should have the rest of the IO bit paid off this year - 13 years early.

MancBrel

Dithering_Dad wrote: »

Hi MancBrel, I've added you to the list, welcome to MFiT!

If you don't have any exit fees with the ISa and you think you'll get better returns by cashing it in and paying part of your mortgage off then I'd go ahead and do it. I had the same with my endowment, it had a further 14 years to run and due to the shortfall wasn't going to pay the mortgage off. I cashed it in and paid it straight onto the interest only part of the mortgage. I should have the rest of the IO bit paid off this year - 13 years early.

Hello Dithering Dad, thanks for including me.

There are no exit fees with my ISA, it's just a case of timing? I suspect I will be using it to knock chunks of my mortgage in the not too distant future.

I have done all the calculations, and being Mortgage Free is something we will be looking at in a few years, without really trying too hard. It does beg the question of what we will do with the extra money each month? But if thats all I will have to worry about, I'll be happy!

amazamum

Hi everyone,thanks DD for the mortgage calculator,I have put in my details and to achive my goal of knocking the years off the mortgage so that It can be paid off before I am 40,it will cost me an extra 160 pounds a month,so saving 4780.10 over the term,knocking 3 years off.
At the moment we can't afford 160 per month but I think I can save that amount over the year + a little more and pay it in one lump sum so achiving the same goal.:j

Please add my figures to the 1 million,I know it's not alot,but "every little helps",I sound like I'm at work lol.
good luck everyone and welcome all the new comers:T

TallGirl

Wow I go away overnight, we get famous and so many new members. Can't belive the great Martin Lewis has included us in the email. Well done to everyone. Over £1 million is amazing.

I'm having a rubbish week so coming here really cheers me up. Just got my mortgage statement only £160 interest charged this month so offsetting is getting bigger.

Dithering_Dad

Flippin heck, we've lost our big MSE Money Saving banner off the Original Post. Tsk, fickle fame. We didn't have that for long did we?



Edit: oh, hold on! No, it's back!! Dunno what's happening.

AnW'sMum

Between those where figures have been declared the aim is to reduce/wipe out those mortgages at a rate of £1023 per day!!!!!!

Total pledged so far £1,121,113

Well done to all those who have already reduced their mortgages :T welcome to all newbies and for those reading who have not yet joined then sign up, you've nothing to lose and everything to gain by depriving those banks and BS's of the interest we will all collectively save. :j :beer:

TrikerAndBiker

Dithering_Dad wrote: »

** This is even excluding pfpf who isn't sure yet what his/her target is, and TrikerandBiker, tigtag02 and amazamum who have mortgage term reductions as their goals (though if you all could work out how much capital it'd take to reduce to those terms, that'd be great).

Thanks DD for the 'm afraid that the amount we are looking to save is tiny compared to most on here. By overpaying by £70 ish a month we will reduce the term by 2 years and save £2500 in total

Kaz2904

I just worked out that in march I was paying 14 pence more interest each day than I am now! I wonder how soon my mortgage company will get cheesed off with me phoning up each and every month to find out my balance and how much interest I have been charged!