Mortgage Free in Three Yrs

dawnylou

Hope everyone had a lovely Christmas

And good luck to all with overpayments this year!!!

I would also like to add on that note that I have phoned Northern Rock this morning and paid another £1,000 off our mortgage!
Our statement is due in January so I can't wait to get it to see if we can see a difference or not yet! I know we probably won't be able to, but at least we know if we can keep this up we will be paying back less in the long run!

OverlandLandy

Is the MFi3 list being opened up again?
Can I Join?
PLEASE:D

Dithering_Dad

OverlandLandy wrote: »

Is the MFi3 list being opened up again?
Can I Join?
PLEASE:D

Sure thing, just let me know your current mortgage level and what you'd like it to be at the end of the challenge and I'll add you onto the list.

OverlandLandy

Dithering_Dad wrote: »

Sue thing, just let me know your current mortgage level and what you'd like it to be at the end of the challenge and I'll add you onto the list.

Thanks DD

I'm sitting on £79k mortgage (with some offset) (it was £100k 2.5 years ago...but this compound interest makes you look like you are not repaying anything for the first few years!:mad: )- I would love to get to £zero in 3...but I need to be realistic......so I'll sign up to be @ £25k in 3!

I'm planning my strategy already.......I'm selling my Car soon (hopefully) and I will put the lump sum into a capital re-payment. I also have some Share save shares that will mature in Jan 2009 + Jan 2010 - so I will sell as soon as I get them - and again make a capital repayment.....

I have also decided to 'filter off' any 'excess' in my current account each month - ie I have set my 'minimum amount' that I need to keep as 'cash in hand'...and any amount over that will be put in to a separate 'offset....never touch it...savings pot'.

Thanks

Desperate_Housewife_2-2

welcome overlandy and all newcomers.

Just popped in to say happy new year to you all and I'm revving myself up for mortgage overpayments for 2008. I never thought I'd get below £30k so I'm spurring myself on.

I've done the carpetbagging and stoozing in the past but find its all a bit slim pickings now so I was taking a look at savings accounts. I notice that you get paid for opening them through quidco. As I've got a current account mortgage though, it might not be worth the bother what with the tax on interest. I can't find any accounts that pay more net interest than I pay for my mortgage which is 6.6% (I know it seems a lot but I have around £13k of stoozepot money and a bit saved up in there so it takes my interest charged baance down to around £13k.

I don't think its worth the bother so I'll probably just carry on with my current plan.

I have found this challenge fun and enjoying it, I know that sounds sad and bogus but its true! There have been a few bods who have tried to discourage us but I can't think of anything that would put me of my stride now as I've come so far. Thanks to all you guys for us all sticking together and giving each other support, 2008 looks to be a tight year for many what with the credit crunch and uncertain house prices so I shall continue to batten down the hatches and pay off me mortgage!

Happy new year 2008!

sparklymessygirl

Hello everyone - hope you all had a great Christmas and are looking forward to the new year.

I have bitten the bullet and cashed in an ISA that was giving me less interest than that which I was paying on the mortgage (tiny mortgage on SVR not worth moving it). I don't know whether in the long term that will end up being a good idea (because I could have kept that money in a tax free wrapper year after year) but I was itching to get hold of it and pay it off the mortgage!

My balance is now down to £3560. I've pm'd TallGirl.

I have had to slow down the regular overpayments in order to save for a big trip to Australia and I am really happy that I have managed to pay for the ticket and save almost enough spending money so that as of January I can start back on regular overpayments.

I would love to pay off my mortgage entirely before my next birthday but I don't know whether that would be possible - it might be if I used up my overdraft - I'll see when the time comes!)

My mortgage is so small compared to all of yours - do remember that I live in a hovel up north so don't be disheartened!

All the best to you - I'm really looking forward to seeing the next chart

sparkly x

Move_To_Portugal

Welcome Overlandlandy and all newcomers.

I've rang the Abbey this morning and found out the best way to make our overpayments. It was either by cheque or by bacs so I'm going with bacs payments. The first overpayment comes out next week and will be £600 + any money from our mortgage piggy which I'm going to count today. It's only a bit but every little helps.:D

Thanks everyone for continued support and a Happy 2008.

mtp

Mushy61

Happy New Year to everybody and I hope you all had a Merry Christmas.

I can't believe how addicted I am now to paying off the mortgage. I have a Nationwide mortgage and am allowed to overpay £500 p.m and always look forward to the start of the month where I can transfer £500 from my current account into my mortgage account.

Don't get me wrong, I'm not on a huge wage and barely clear £1000 a month but I've taken on a second job and cut out a few fripperies to save a few quid so that I can max out on my overpayments. It's not been easy but fingers crossed if I carry on like I have been doing I could be rid of it by this time next year, 18 months ahead of schedule!! :eek: .

Good luck to all fellow mfi3ers in our quest.

OverlandLandy

Move_To_Portugal wrote: »

Welcome Overlandlandy and all newcomers.

I've rang the Abbey this morning and found out the best way to make our overpayments. It was either by cheque or by bacs so I'm going with bacs payments. The first overpayment comes out next week and will be £600 + any money from our mortgage piggy which I'm going to count today. It's only a bit but every little helps.:D

Just make sure that you specify its 'part redempion' and that they re-calulate your Outstanding balance and thus the interest owing will reduce (in £ terms not %'age).

I know this from past experience!

Little_Mama

OverlandLandy wrote: »

Just make sure that you specify its 'part redempion' and that they re-calulate your Outstanding balance and thus the interest owing will reduce (in £ terms not %'age).

I know this from past experience!

Oh yes, do make it clear.

I had all sorts of bother paying it at the local branch due to this, so I now send a cheque stating it's Capital Repayment and confirming the monthly amount should not be changed. I also then ask for a revised Capital Balance and end date.....just so we are all sure!;)

I've just written out my cheque for £500 to send to them.....hopefully it'll be there by Monday and count for the end of the year but not a prob if it doesn't.

Pity they only take monthly payments by phone and not the overpayments....would save so much time, nonsense & interest!!!!:D

LM