Mortgage Free in Three Yrs

catznine

Can I join in? In October we paid £20,500 off our mortgage of 105,500.00 and took out a new interest only mortgage for £85,000 with the same bank (abbey nat) @ 6.4% for the next 3 years. We intend to pay off the max allowed of 10% each year and then reduce the £61,965 remaining to £50,000 (which we will have saved in ISA's to cover this) Our endowment pays off (hopefully) in 2015 and should cover the remainder but hopefully we will have developed good habits and still be able to pay down the mortgage.

Realistically we will be mortgage free in about 8 years but want to buckle down and clear it sooner.

ecoelle

I am with you guys in spirit. Just calculated that to pay my mortgage off in 3 years i'd have to overpay by £2900 a month! With a total income for me a nd my bloke of 1500 a month don't think it's goinmg to happen but good luck to you all and i'll keep checking the thread and see how you're going

djbd1973

ecoelle wrote: »

I am with you guys in spirit. Just calculated that to pay my mortgage off in 3 years i'd have to overpay by £2900 a month! With a total income for me a nd my bloke of 1500 a month don't think it's goinmg to happen but good luck to you all and i'll keep checking the thread and see how you're going

As they say in the car business.... any dent is a dent

ecoelle

I do have mortgage pig. Set myself a cash budget for the week £40 for food and any entertainment anything left goes in the mortgage pig and when it's full we're paying it off the mortgage. I'd recommend it to anyone on a budget as it's a good way to only buy what you really need and its amazing to see how inventive you can be with only £40

mojo_jojo

Hi all,

Today I made my final overpayment for the year. Another £500 off. I think it's around £3.5k overpayment for the whole year. My wedding took up most of the money I had. Anyway my mortgage is down from £122370.17 at the start of Jan 2007 to £117005.51 on the last day of 2007 (£116505.51 if you take into account the extra £500 overpayment I put in today).

The good thing is that I'm paying approx £20 less a month on my monthly payments than I was at the start of the year.

TallGirl

Just a quick hello and Happy New Years Eve. Lovely everyone is doing so well and thanks again for the updates. It is looking really really good in particular when I take off the ones who have not updated for 6 months.

Doing quite well here, should be able to take off another £1000 extra in January when I get my expenses so would be lovely to have £26,000 on the chart when I started with £45,500. Been looking at a new bathroom and ensuite old one is 15 years old and have goldtaps :eek:. It is such a minefield so might give it a miss.

Going to friends for New Years Eve so cheap night out but should be nice as we have not seen them for ages. Staying over so no taxi.

Really should get on with things so take care all hope you all have a lovely evening.

Update: friends just rang she is ill they have cancelled the whole thing. Gutted was really looking forward to it. Guess it will be a quiet night in then.

LJD1_2

Happy New Year to you TallGirl and to everyone else on here. I won't be updating until I get my statement which is usually around the 5th. Hope you have a good new year xx

angelavdavis

TallGirl wrote: »

Update: friends just rang she is ill they have cancelled the whole thing. Gutted was really looking forward to it. Guess it will be a quiet night in then.

Sorry to hear friends aren't well - I have been ill since the 22nd December and am only feeling vaguely human today! So much for a holiday!

Why not join them over in DFW-land - they are having a NYE party tonight!

Lexxi

I worked out earlier that I could up my payments as the house is rented out there is some money left over which is being frittered away with the rest of it so I'm going to do that even if it is only £10. I'm also aiming to put an extra £200 pm in too.
I've also manged to have a NYE on about £20, I'm going to a friends house, I'm cooking, got 2 bottles of wine on offer along with cheap lemonade to make it go further, he lives right near a pub and he's buying my drinks as I bought the food then I'm staying over so I don't have to pay out for a taxi. I've been invited out to Manchester and it's so difficult to say no but I'll have lots more NYE's when I have no mortgage!

All the best for 2008 everyone!
x

comping_cat

HAPPY NEW YEAR EVERYONE

I hope everyone has a very happy, healthy and MFW successful new year xxx