Mortgage Free in Three Yrs

ailuro2

bec54- with 4 bedrooms and just the two of you, have you considered taking in lodgers- ones that pay? There's a board here that deals with that too- some people have midweek lodgers, so not a full-time house share.
That may get you closer to your goal of having a more permanent house guest (they don't pay much,though, child benefit is only £61 a month;))

gallygirl

Found myself thinking 'at least once Xmas is over we'll get a new update' - how sad am I?????

Been doing some sums...... .

In addition to the MFIT challenge I've my own challenge to pay the mortgage off by the time I'm 50, in, ahem, 44 more pay days :eek:. OK, so sums are:
Amount to pay @ 1/9/07 £49965.34,
Amount to pay @ 1/12/07 £45,175.
44 months to go, so, I need to knock off £1036 from capital each month, plus interest. :eek:.
Current monthly payment plus £200 overpayment each month will leave a balance of £23,527, meaning 52.97% of start figure will be paid off :T:T:T:T.
Meaning 'only' £26,438.34 to find :eek:.
'only' £600.87 a month :eek:.

How will it be found?

Good -
OH will match me £ for £ :T, so 'only' £300.435 a month to find.
Have 2nd income from 82ask :j, however I am pants and lack of shifts means can't rely on this.

Bad -
Just changed job, approx £150 month worse off :eek:.
2 kids at uni :eek:, however 1 finishes this year, 1 next year :j.

So, will be trying to tick over and not let £300.435 target slip too much for 18 months, then hopefully hammer it. Also doing surveys, ebaying anything left etc. And will fit in some mystery shopping if it can be done with brush up b@ckside .

It will be done!!!!

ailuro2 :D:D:D:D well done!!!!!

bec54 - take heart, longest journey starts with smallest steps etc. Set yourself small, achievable targets to start with, then stretch them (as I am doing :rolleyes:).

angelavdavis

Hi Ali, sounds like you have really spent some time on this!

I have come off the boil a little and need a kick up the backside!

Have switched the mortgage to the offset now, so desperately need to get any spare cash in there to get the total down.

Am off to check my old PEP fund and see how much is in there to see if its worth cashing it in yet.

kiwi88_2

Talking of small steps ours are still going backwards despite me paying in an extra £300 approx each month so I'm not looking forward to the Jan update :eek:

I have looked at the statements and it seems food shopping and takeaways are the main culprits I managed to get the shopping down earlier in the year doing the Grocery challenge but it seems to have crept back up with all the extras that appear:o Re the take-aways that's due to me being lazy and a run down of my bulk cooking/freezing meals. So maybe going back to online shopping might stop those extras creeping in and a big session of bulk cooking is in order as well

My contract finishes at easter so I will have to go job hunting. Yikes :eek: I sort of fell into this job after being out of the job market for about 6yrs so am really nervous about that

Will also have to have a sit down with DH again to really knuckle down the spending. The good thing is I saved for xmas this year, thanks Martin :money: so hopefully it shouldn't impact tooo much on our dec spending

setmefree2

Ailuro2 - You are right about all that muckle business (Sounds like somthing from Harry Potter ;-). Sadly, it took me until I was 40 to realise that I should be looking after the pounds never mind the pennies! I have a virgin media package (Xl & Sport). How did you get a £25 loyalty reduction?

kiwi88 - ummmmm take aways

kiwi88_2

setmefree2 wrote: »

kiwi88 - ummmmm take aways

I know bad of me isn't it :eek: We usually have a family take away once a month (KFC or BK) but lately it's been, well sort of, ummm 3 a month including one for just DH and me :eek: Have had a thought though, yes I do have them occasionally, Tesco's do chinese and indian take aways for about £10 sooo if the urge gets too bad that's what we'll do The kids don't like them they like KFC or BurgerKing so that will also help us... I hope :rotfl:

Seriously though I am going to try really hard to get back on track after christmas I promise :A

akh43

I'm intending to pay my last mortgage payment on friday/saturday (I owe £350 + it will cost me £50 discharge [is this fair, it doesn't seem excessive to me?]).

I took out my mortgage in Jan 2002 for 15 years and I took a life assurance policy to pay out just over £26,000 to cover my mortgage period, the cost was £5 a month with Norwich Union. Now my mortgage will be paid do I keep up this policy or is there something better life cover wise I could get instead. I have 2 teenagers and am a single mum.

Any advice appreciated.

Thanks

Trying_to_be_good

AKH43

Well done! It must feel great. The 'discharge' fee should be whatever you signed for inthe contract when you took it out - so £50 sounds about right if it was more than 5 years ago. Now they're including fees of up to £300 in contracts, so you can feel good about it only being £50!

As you have dependents (the two teenagers) I'd suggest keeping up some sort of life assurance/critical illness type cover even with the mortgage paid off. But get a broker to get you quotes. There's a section on the site somewhere - I'll see if I can find it, and come back to edit this and post the link Here it is (http://www.moneysavingexpert.com/insurance/level-term-insurance). You'll need enough cover to provide for the kids, plus any lump sum you'd like them or anyone else to have (in addition to your mortgage-free property!)

Congratulations!

setmefree2

AKH

No advice But CONGRATULATIONS:T:T:T:T:T:T:T:T:T:beer::beer::beer::beer::beer::beer::beer:. Get over to the roll of honour and tell us how you did it.:money:

kiwi88_2

akh43 wrote: »

I took out my mortgage in Jan 2002 for 15 years and I took a life assurance policy to pay out just over £26,000 to cover my mortgage period, the cost was £5 a month with Norwich Union. Now my mortgage will be paid do I keep up this policy or is there something better life cover wise I could get instead. I have 2 teenagers and am a single mum.

Any advice appreciated.

Thanks

Like setmefree2 I've no advice but :T :T :T CONGRATULATIONS:T :T :T
Any advice from you would be greatly appreciated though :rotfl: :rotfl: