Mortgage Free in Three Yrs

1274

TallGirl wrote: »

Welcome to the new members I will get you on the chart for next time. Really horrid and wet here, should be christmas shopping and going to the post office but it is too wet. Will do some shopping on the internet instead will be much nicer. ..

Much appreciate that you've let me join. Am just about to blow my last year's bonus on paying down my mortgage*. Had 6 figure salary and 6 figure mortgage until recently. Now have average salary and still have 6 figure mortgage. After the savings are gone, o/p will drop by a factor of 10 - oh dear.

* (reminds me of the old joke "what's the difference between your girlfriend and your bonus? You can blow your bonus! Sorry if this is a bit crude for the forum but it makes me laugh)

angelavdavis

At long last, the Britannia offset savings account has been set up (2 weeks after the remortgage came through!)

So have just transferred first overpayment of £1500 into this account for this month!

Am doing fairly well on my low price Christmas, although did blow my grocery budget at the weekend - enough food in the freezer now to see us through to end January though so I am not feeling too guilty about things.

Have just got a couple of presents to go now. Got to press on with writing out the Christmas cards though so I can use my supply of 2nd class stamps instead of having to buy 1st class (my usual habit due to lateness of posting!)

Also, sold £173 worth of eBay stuff this weekend! Really chuffed. This is going toward my Olympic challenge funds and eventually into the offset too.

Hope everyone has a good week.

Kaz2904

I got out all of the Christmas presents yesterday and was looking at them wondering what was missing. I then realised we've bought nothing for DS's birthday next Friday!
He wants a Ben10 watch and a sonic screwdriver so cheapy presents for him. Never mind *Kaz trundles off to join bad mothers club!*

ailuro2

Just overpaid another £2000 into the overpayment fund.:j

That's over £10K this year since April- see my updated sig- this really is incredible considering we had a fortnight in Canada,(5k) a weekend in London(over£1K) but take home less than £40K per annum between us!

It can be done!!

And that's without selling the company shares that we could have sold this year, but chose not to after their value dropped significantly.

I'm amazed, I really am!!:eek:

I really can't thank all the MFiThree-ers enough.:T

setmefree2

Congratulations.:j:j:j:j:T:T:T...Any tips? How have you done it?

AnW'sMum

ailuro2 that is fantastic progress, well done if you carry on at that rate you will mortgage free by next summer!!!!!!!!!!!!

A shed load of interest payments saved as well which is even better.

bec54

Hello

Please be gentle with me - this is my very first post in a forum ever!

I've recently moved house with my husband, upgrading from 3 beds to 4 beds, leaving us with a mortgage of £211,500! We're both very keen to start making overpayments asap to reduce our monthly mortgage payment enough to be able to start a family and have the possibility of me not having to rush back to work full time.

I know this is the MFi3 forum, which I don't think is physically possible for us to do in ten years let alone three, but I just wanted to say a massive thank you to everyone out there. I have been reading most of the posts in the MFW part of this site for a few months now and am really encouraged by the support given to each other - and i have to say that reading all your inspirational stories has really made me feel that if we can be just as committed then fingers crossed a baby might not be as far off as we originally thought!

benbenandme

Welcome bec54 I think lots of us on here recognise that we won't be able to completely pay off the mortgage in 3, but many of us have our own targets for the mortgage over the next 3 years ... for me it is to reduce mine to £50k, have a look at some of the others on the first page. Sit down and have a think as to what could be a realistic aim for you, one that can be achieved but will still be challenging then let us know what it is!! Any overpayments you can make will have a huge impact on your mortgage, especially in the early days of the mortgage:D

setmefree2

Hi Bec54,
I hope you get your dream. I think it's hard for most of us financially when we have a baby - less money and more expenses!:o I'm sure there are threads on the old style board about how to have a baby cheaply and the DFW board too. As for the mortgage - 5 years ago I woke up and found that we had a mortgage of £250k:eek:. It felt terrifying and at that point I couldn't imagine what we've achieved. But by "looking after the pounds" now we "only" owe £164k. It is all the small savings that help...

I really wish you luck on your quest:T:T:T

ailuro2

setmefree2-:hello:

I don't know exactly how we're doing it, it's a combination of things- it's the old Scottish saying - many a meikle maks a muckle- lots of small pieces make something big.:rolleyes:

We change power suppliers every year or so to whoever is cheapest, we phoned up Virgin and got a £25 'loyalty bonus' off of our monthly package, I try to plan our meals for the week and buy the shopping from that- it saves lots of waste aswell as money.Lidl's veg is great-I stock up on veg when we're close by and save a fiver easily compared to Tesco.
We eat out a bit less than we used to- although home-made pizza isn't quite as juicy as Pizza Hut it's about £15 cheaper each time! We're not really folk who like to have the latest designer gear either, if I buy something from M&S I'm happy with it,and I know it will last me a long time.
Half of the money we have left over after the direct debits are paid at the start of the month goes into a separate account, when it builds up we put it to the mortgage, or use it for holidays, DIY etc. We also have the mortgage set up to overpay £200 a month automatically, which started at £50 and we gradually raised it.:j

We could take all of these savings to the extreme and never go out, cook everything from scratch, have NO cable TV package, all of our food from Lidl, but for us that's taking it to the next degree- we're surprised and delighted by our progress so far just by putting what extra we have into the MFiT overpayment fund!:D