Mortgage Free in Three Yrs

Little_Mama

Dithering_Dad wrote: »

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:

A good idea!

OH has just had to wait for 8 weeks to get a new contract and it seems to be an average time span amongst the various consultants/contractors he knows, who are all in different fields. Luckily we had planned but bang goes any hefty mortgage overpayment.

And the powers that be are going to make it even more tricky for contractors come April 2008....don't they realise this is interfering with our bids for mortgage freedom! :mad:

Best wishes
LM

And well done to all of you in the challenge :T

Jonesy_Bonesy

Here is my offical update. I don't post often but read almost daily for inspiration. Look forward to seeing how well everyone is doing in Jan.

My mortgage at start of challenge was £95,000 at 4.46% interest only ( have an endownment running geared to pay £52,000 in about 17 years ).

My target was to pay this down to £25,000 by the end of the 3 years. I currently have £38,000 in various savings accounts which are all in partners name ( non-tax payer ) earning over 6% interest. This money is set aside exclusively to pay off mortgage at end of fixed period which has another 3 years to run.

So on paper my mortgage is down to £57,000. :beer:

How did I do this - really strict budgeting all year recording all spending and virtually eliminating frivolous purchases, managed to get a promotion in work, worked all available overtime, and sold a large portion of my vintage Star Wars collection for a good profit.

Looking forward to 2008, my progress will slow considerably as all overtime has been banned in work due to cost cutting, and we have our 2nd child due in July :j Still on target to meet my original forecast though.

angelavdavis

Well done Jonesy Bonesy!!!!

TallGirl

Jonesy_Bonesy wrote: »

Here is my offical update. I don't post often but read almost daily for inspiration. Look forward to seeing how well everyone is doing in Jan.

I have added you to the chart as you were not on there. I dont mind picking the odd update up via the thread but it would be easier if you can PM them to me. Just need the outstanding balance if you are already on the chart.

Also a big well done to Jonesy Bonesy from me.

dawnylou

I am making a nice big overpayment at very beginning of Jan TG, So I will PM you after that

I am so excited as this overpayment should be at least £700 - that is a lot of money to us!!!

Miss_Pink_3

TallGirl wrote: »

The next update is 15th January but please send me your updates now and i will add them to the chart. It would be great to get everyone back on board.

Will do mine after the 3rd if thats ok? Thats when my next mortgage update is. Fingers crossed.

Desperate_Housewife_2-2

just pm'd you TG with an update cheers!

angelavdavis

PM will be early New Year for me too. Thanks TG

ptee

Hi, a quick question before my update. I've started doing a bit of stoozing and now have just over £24,000 in my stooze pot offset against my mortgage. Do I include this in my total or not? technically its never going to be paid off the mortgage as it will be paid back but whilst its there its saving around £3/£4 a day in interest (if i've done my sums right)

I've included the stooze pot in my sig for now but now i'm thinking that's cheating... what does everyone else do??

Cheers
Ptee

cazmanian_minx

Great to see all the updates - everyone's doing really well :T:T:T:T:T:T:T:T

All my spare cash is going into my divorce fund at the moment :mad: but I'll PM my update after the mortgage next gets paid on January 5th.

Caz