Mortgage Free in Three Yrs

do_it_today!

Am receiving £1256 in Jan and have some refund cheques £334 so wanted to bank them together as I dont trust barclays now you cannot check your balance on line - everytime I call up i get a different answer on how much I owe

esthomizzy

I want to do mine on the 8th Jan as another payment and overpayment will have gone on by then.

inkie

I'll do mine after the 2nd Jan as we will have had another overpayment off by then - yay!

AnW'sMum

If there are any challengers in the drop zone then can I suggest you PM TallGirl with an update now and if you reduce the balance further before the 15th January deadline then simply send another update. That way no one will get dropped off the chart who still wants to be part of the challenge. Doing it this way also ensures that if you miss the deadline for any reason then your individual figures will be at most 1 month out.

benbenandme

I'll send mine just after the 1st if thats okay ... I'll ring them up and get a balance at new year and then pm you, so I can see how much I can knock off in 2008

jackomdj

It is funny I just received my offset statement today. I have plonked the actuals into my spreadsheet & my end of Dec balance will be:

O/S Mortgage £76,138
Savings to offset £26,559
Parents a/c using to offset £15,847 (we pay them £40 int per month)

I must say I have been rubbish at money saving at Christmas - however I will do well in 2008!

Nicky

TallGirl

Thanks for all the updates that is brilliant. The ones who are about to be dropped off the list are:
ThankYouAndEnjoy!
CFC
pinky8
Battleaxe
togashi42
pa2539
hosebergine
Karen L
sweepster
md14_uk
pariskate
Curv
JIMBOBC
Badger_Lady

Hope that makes sense. Any questions please fell free to ask I don't bite.

Dithering_Dad

I've just moved 5k from my offset (returning it back to 12k) onto the interest only part of my mortgage loan. This is now down to £9050 from the original amount of £36,924!

The interest only mortgage represents the amount I paid for my first house, which was £38,000 (I managed to reduce it down a bit by doing occasional overpayments prior to starting the MFi3 challenge). I stupidly got an endowment, hence the interest only status of this loan. It was a 2 bed semi-detached bungalow and so we had to move to our current house because we out grew it. Just think though, had we been able to stay there, I'd be only 9k away from being mortgage free :rolleyes:.

EDIT: Actually, I'd be mortgage free and have 3k in the bank - I forgot about the 12k I have in my offset account!

I'm not going to be paying much off my mortgage between now and March as I intend building up the cash reserves in my business bank account so that when my current contract ends in March I won't be panicking too much! :eek:

Macce

Hi Folks,

On paper I've already paid off my mortgage !! but have to wait till May 2008 before its official.

Current mortgage stands at 18K but also got £29K sitting in an ISA, with Northern Rock of all places! This matures end of April 2008.

I think I'm in a pretty decent situation as I am overpaying every month I reckon come May 2008 my outstanding mortgage will be about £14K and plan to pay that off in one lump sum when the time comes.

In terms of interest my mortgage is currently at 6.44% with Abbey (not sure if this will be lowered by 0.25% from the recent BoE rate cut, fingers crossed!).

My Northern Rock ISA will be paying me 6.5% for Jan & Feb 2008 and 6% thereafter so should nicely offset any interest from my mortgage.

Not much I can do other than keep up with the overpayments and wait for my ISA to mature!

Macce :cool:

Karmacat

Wow, Macce, thats great!