Mortgage Free in Three Yrs

tattycath

Little_Mama wrote: »

p.s Mortgage overpayment pot has topped £500!! That'll make £2.5K since the start of the challenge.....not huge by the wonderful standards set on here but every little helps! :snow_grin

Well I think that's brilliant!!! we only joined the challenge recently. I opened a special account-thinking it was instant access and in actual fact I have to send a withdrawal form away and it takes about 5 days to get the money. So today I have opened a different account that really is instant access. Anyway. I have paid £160 extra off the mortgage today and when we went into the BS to do this the teller looked astonished!!! can't think why. We also have amortgage pig and I am hoping to make regular overpayments.Our interest rate has just dropped but we are keeping payments the same as you say/... every little helps. Good luck with rest of challenge.
ps sorry for waffling!! :rotfl:

Little_Mama

Thanks Tattycath,

I'm not officially a MFIT member, I just loiter, as I wasn't sure if we'd manage any overpayments but we've got ourselves a mortgage pig, we've ebayed, car booted, done the £2 challenge and since about June/July this alone has brought in nearly £1500, the rest coming frm normal savings. Mortgage still 6 figures and years to clear still in double figures but we're getting there!

It's all thanks to the inspirational stories/diaries and advice on here though. So, once again, thanks all!

LM :snow_grin

tattycath

Little_Mama wrote: »

Thanks Tattycath,

I'm not officially a MFIT member, I just loiter, as I wasn't sure if we'd manage any overpayments but we've got ourselves a mortgage pig, we've ebayed, car booted, done the £2 challenge and since about June/July this alone has brought in nearly £1500, the rest coming frm normal savings. Mortgage still 6 figures and years to clear still in double figures but we're getting there!

It's all thanks to the inspirational stories/diaries and advice on here though. So, once again, thanks all!

LM :snow_grin

Hi. I can relate to that. we have a house full of all sorts, but haven't had time to list anything yet and it's too cold to do a car boot sale. I'm a bit of a lurker. I haven't joined the sealed pot challenge but I am saving in one of the tins that you need a tin opener to open. I do the grocery challenge- I joined that in November. I am in the free christmas 2008 challenge as well as the mortgage pig. In fact my OH, kids and myself are in the throes of making papier mache pigs. it's a cheap family entertainment for us, as we use cheap flour (and water) for the glue, freebie newspapers and ballons that have been lurking for ages. The kids have loads of poster paints to paint the finished articles.
Here I go waffling again!!!

dawnylou

Oh wow! Our next overpayment in Jan will definately be £1,000!!!

What an achievement for us! Am chuffed

Desperate_Housewife_2-2

:rudolf: :xmassmile Just pm'd Tallgirl with new balance of....£29,500. I usually save and add lump sums of £1k at a time but I was so excited to go below the 30k mark yippee!

Its hard at this time of year though so keep up the good work everyone, and well done to you all for all your achievements.

Imagine if we hadn't bothered challenging ourselves? I reckon I would have just frittered the extra money away on 'stuff' that I don't really need.

Happy Christmas everyone!:xmassign: :xmastree: :snow_grin :snow_laug :santa2: :wave:

Little_Mama

Well done Desperate Housewife....I dream of the day we get to below £30k!!!

LM

:xmassign:

Karmacat

I've finally sorted out what Nationwide have done with my overpayment of 1 November - they put it to reducing the term, and if I had loads of money that would be fine, but I want it to go on reducing the monthly payment, and they've finally done it, I think - I got £2.72 in my current account from them the other day, which must be what they owe me for last month if it had been applied to reducing the monthly payment straight away.

So today, I took in the next cheque for £500, and a letter I'd previously had about an overpayment reducing my monthly payment, and told them I wanted the payment to be applied in that way. And they were perfectly fine about it, so I'll expect the letter(s) in the next few weeks. I feel a lot happier now about things. My mum has offered me £3,000, as her pension was building up and she wasn't using it. She thought she was paying to help me get my house rewired and replumbed, but before I do that, I have to get my debts down, and my mortgage to the state where the maturing endowment policy can pay it off when it matures in 2012. So with two thirds of the money she's given me, I've paid off my credit card debt - the 0% deal was about to run out, and the transfer fee would have been 3%, which is saved by me paying it off now.

So I'm a happy bunny coming up to Christmas: £2080 off the credit card, and £500 off the mortgage! Owzat!

Edit: yes, the explanation for the £2.72 is confirmed, I've just found a letter in my post explaining it. Hurray!

Dumbledore55

Hi everyone.

I'm just waiting for my quest number so I can join you in this challenge.

I got myself debt-free on 21st December - just gone and now I want to drastically reduce my mortgage. I'm setting myself a 10 year plan because I want a good balance between reducing debts and having a good quality of life. However, I will be using all the tips I learned on the DFW site in order to get the best value for money at all times and make a few pounds here and there.

My current mortgage is £92,000 over 15 years, repayment, but I'm only allowed to pay 10% off the balance per year - tied in with Abbey until August 2009.

It's a repayment mortgage but my aim is to pay £15,000 off over and above the repayments, by 1st April 2010.

Let the challenge begin! :T

gallygirl

Dumbledore55 wrote: »

Hi everyone.

I'm just waiting for my quest number so I can join you in this challenge.

I got myself debt-free on 21st December - just gone and now I want to drastically reduce my mortgage. I'm setting myself a 10 year plan because I want a good balance between reducing debts and having a good quality of life. However, I will be using all the tips I learned on the DFW site in order to get the best value for money at all times and make a few pounds here and there.

My current mortgage is £92,000 over 15 years, repayment, but I'm only allowed to pay 10% off the balance per year - tied in with Abbey until August 2009.

It's a repayment mortgage but my aim is to pay £15,000 off over and above the repayments, by 1st April 2010.

Let the challenge begin! :T

Ha, knew you couldn't resist it!!!! Welcome !!!!! :santa2:

Dumbledore55

Ali - I admit it, I'm totally hooked!