Mortgage Free in Three Yrs

ailuro2

The C4 link is nice and simple- but for those of us who want to see how much impact adding lump sums at the same time as monthly overpayments- try the Co-op's calculator- it lets you put in up to 3 ,lump sums aswell as your overpayment, for example,if you already overpay and want to know how much you would save by adding the money from your old PEP then this shows you.(also does underpayments but we don't wanna do that,do we?)

http://www.co-operativebank.co.uk/servlet/Satellite?pagename=CoopBank/Page/tplPageStandard&cid=1076576252029&c=Page

and click 'launch the calculator'. Click on the tabs at the top of the calculator to fill in each section.

Lotta_Littlies

There's a sticky of different mortgage calculators on this forum here:
http://forums.moneysavingexpert.com/showthread.html?t=155707

Lotta

Lotta_Littlies

Kaz2904 wrote: »

It is one of my great ambitions to be able to do this and to become self sufficient(ish!)

Oooh snap! We've got an eight year maximum goal to move to Southern Ireland and get a farm on a bit of land so we can have a few animals and grow our own veg and have plenty of room for the children to run around and make noise without worrying about disturbing the neighbours. I'm currently trying to save as much as possible while also overpaying any extra's into the mortgage. We need money to make the dream a reality but what a dream to have :-)

Lotta

phil7445

AnW'sMum wrote: »

boo hoo not had the email yet

I am too impatient to wait for the email to arrive, I always read it Wednesday morning from the link at the top left of the page!

Hello everyone, by the way! I would love to join this "club" but cannot at the moment. I think it is more important I clear my 0% credit card before it expires in December (About £1900 left and paying off £200 a month... wonder how that £200 would benefit my mortgage next year?!) I am 37 and my mortgage is due to finish when I am 48. It has aprox 57,800 left on it, part repayment and part interest due to the way endowments screwed up! I will try and do a full update when I am at home, and play around with the over payment calculators, I'd love to pay it off sooner, maybe 45? So in the meantime reading everyone elses postings gives me encouragement when I can afford to do it; I would happily be the male equivalent of a cheerleader!!

phil7445

Kaz2904 wrote: »

I just worked out that in march I was paying 14 pence more interest each day than I am now! I wonder how soon my mortgage company will get cheesed off with me phoning up each and every month to find out my balance and how much interest I have been charged!

I hope you are not losing most of that saving in phone call costs? Can you check online?

TallGirl

So many more new members wellcome all
Farhad that is a fairsize mortgage but London is so expensive so good on you for even owning a property and trying to clear the mortgage. Your friend sounds like he could do with some advice if interest rates go up.

DD sorry about Man U I support Pompey so we are used to loosing. However it is lovely that we are doing so well. Sorry to TrikerAndBiker & tigtag02 you obviously dont like the beautiful game. I must admit my main passion is Golf on telly and for real. Play every week if I can.

Kaz & Lotta Yes I think we all dream of living somewhere off the land or at least being able to live in our own houses and not in hotels as many of us seem to do. My parents bought a barn conversion in 1968 and did it up living totally selfsufficient. They even swapped milk with the farmers for their veg. Very hippy but admirable. My mum still lives in the barn and I am going home on holiday at the end of May. Bliss back to the country.

Phil Yes get those debts cleared and then think how much you would be able to pay off the mortgage. That will be a good incentive.

Also a thank you to the Cheerleaders supporters nice as I am having a bad week. At least I am working from home today (not expected) so that makes up for having to work Saturday.

Nearly forgot to say I had a chat with DH last night and he is now up for the challenge. I told him Martin had looked at this and I think he was impressed. Anyway at least now we are working towards to same goal.
Take care all.

cupid_s

ailuro2 wrote: »

The C4 link is nice and simple- but for those of us who want to see how much impact adding lump sums at the same time as monthly overpayments- try the Co-op's calculator- it lets you put in up to 3 ,lump sums aswell as your overpayment, for example,if you already overpay and want to know how much you would save by adding the money from your old PEP then this shows you.(also does underpayments but we don't wanna do that,do we?)

http://www.co-operativebank.co.uk/servlet/Satellite?pagename=CoopBank/Page/tplPageStandard&cid=1076576252029&c=Page

and click 'launch the calculator'. Click on the tabs at the top of the calculator to fill in each section.

I like this one better. It tells me I'm saving £53751.30 :j

ellanvannin_2

As words of encouragement to you all we'd like to say that unfortunately due to ill-health we were fortunately able to pay off our mortgage some 15 years early (thanks to earlier purchase of ill-health policies)! Since paying it off we have never felt so rich without that monthly drain on our finances.

We are managing to live very well in our forced early retirement and are seeing places in the world we thought we might be too old to enjoy by the time we saw them;-) Our health might not be good, but at least our finances are ....

GOOD LUCK TO YOU ALL, WE'RE BEHIND YOU ALL THE WAY.

Dithering_Dad

As I'm clearly suffering from a deep depression due to the football and am now wallowing in misery, I've begun to speculate that perhaps I won't meet my 3yr target. To try and gee myself up I have decided to try drinking from a "half-full" glass and consider what would be a really good achievement regarding my mortgage paying challenge.

I reckon that if I pay off all of my Interest Only portion a good decade early (with no more fears of a shortfall) and pay off the bits on my new extension/kitchen that were not strictly building work related (such as the american style fridge and range cooker, etc) and so shouldn't really have been added to the mortgage . I will be really, really chuffed.

This lead me to wonder what everyone else's "minimum victory" levels were?

chickadee

Hi eveyone, I'm new to this thread, though not to MSE.

Here are my stats:

Current mortgage: £64,610.86 (house value about £180K)

I have a Virgin One mortgage which is very flexible so I can overpay as I wish. Current date to pay off is October 2025. I pay £500 per month approx. If I overpay by £300 per month I can reduce the term of my mortgage by 8 yrs 10 mths so it will be paid off in Dec 2016. This is my aim.

I have a good salary and my son is due to finish fee-paying education in July so in theory I can put his school fees towards the mortgage. They are £500 per month. I'll review after the summer as we are having a holiday, etc and I don't want to be completely broke.

It is quite astonishing that I'll save £24K in interest though, even by paying an extra £300 per month.

Hopefully I'll stay motivated by keeping reading this thread. If I can see progress I'm sure I can stick with it.

Sue