Mortgage Free in Three Yrs

dawnylou

Well - I double checked my bank balance before I called to make an overpayment this morning - boy I'm glad I did! Tesco refunded me £21 due to some problems with an order I placed months ago! AND I had earned some interest that was just sat there - so I was able to pay £44 today instead of the £20 I planned to!!!

My balance at the start in April 2007 was £109,825
I have phoned Northern Rock again this morning. My balance is now £107,796.65.
However I paid £44 this morning and was advised that payment was not included in the balance as takes 24 hours to go through.

I am chuffed to at least see a difference in the balance now though!
I will get a proper statement at the end of January too - is it sad that I am excited to get it??

Kaz2904

I have just checked my banking and added it all up and was pleasantly surprised to see that I have actually managed to pay off £450 from our savings. Only £4500 to go!
I had already pm'd Tallgirl so I won't do it again or it will be too confusing but I was quite chuffed because it added another percentage point to my achievement so far~ Yay!!!
I was worrying a little that there is no way we'll ever reach the £43000 target by 2010 because we need to be 33% of the way there by April. I then realised that we don't need to be 33% there then because any over payments later on will be worth more due to less interest (IYSWIM). So as we all pay off more of our mortgages then each month less money clears more money. Phew what an epiphany!
I still don't know if it's possible- I have a long way to go but I'm going to give it a darn good crack.
I still have £35021.61 before I hit target no.1. Then it's onto target number 2. clear the mortgage and target no.3 get debt free! 68 payments and counting!
I get paid in 12 days and don't have to make a council tax payment for February. I will transfer the money on the 22nd to the mortgage so it gets there immediately- no way would I ever pay my council tax that early!
My final debt payment at present should be £192.35 on 22/08/2013 (Septembers wages) but my council tax would be £104.37 so 2 months of that will knock that month off!
What's everyone planning to do with their extra money when they have it?
We've promised the kids that we'll go to Florida when we've paid it off so they will be 12 and 10. (or less!)
Good luck fellow MFW's. Looking forward to seeing the chart.

angelavdavis

Well done MFWs on your progress!!!

#47 reporting in: Mortgage balance as at 10 Jan 08 £121,960.00! My mortgage interest is £2 lower per day than at the start of the challenge!

I can't wait for it to get under £120k next month, a Kaz-style milestone for me!

I got accepted to AQA so intend to spend my Wednesday evenings when OH is "out with the boys" doing AQA to earn a few pennies to pay straight off the capital (after tax/NI) - rather than just into the offset as it is money I wasn't bargaining on receiving.

Like Kaz, I can't wait to see the latest chart!

TallGirl

That is so nice that you can't wait to see the chart I can't wait to show it to you. I have just taken off the 15 people has hasn't updated for the last 6 months (don't worry kept backup copy and we can always add them back on) and it is looking so good.

Ok just a sneaky update:

-83 active members in this quest
-3 people have already reach their 100% target
-On average we have each paid off over £10,500

I think we can all pat ourselves on theback as I just found these stats today:

-£1m every 5 min growth in UK debt that is a
-£330m daily increase in UK debt
-£94.5bn we pay in interest each year

I am going away Sunday night and don't come back until Thursday so will try to get the chart on here Friday or Saturday.

Really horrid here today so windy hope you are all OK.

angelavdavis

Kaz2904 wrote: »

What's everyone planning to do with their extra money when they have it?

It will probably be like my passing my MBA - be a bit of a downer in a sick-minded, glutton-for-punishment kind of way

To be honest, I will continue working like a mad thing for a bit longer and investing a full years mortgage payment + overpayments so we have a nice nest egg. Then we will probably go on a holiday of a lifetime and maybe I will go part time so I can pursue other ventures, have kids if it happens, etc.

But don't quote me on it, knowing me, I will have thought of something else by the end of the challenge.....!

How about you Kaz??

taka

TallGirl wrote: »

I am going away Sunday night and don't come back until Thursday so will try to get the chart on here Friday or Saturday.

Ummmm would that be the 18th or 19th TG? I've got another payment due on the 18th... may just be able to sneak a bit more off?????? :rotfl:

I'm looking forwards to the update too

Karmacat

Good grief, just looking at those stats from TallGirl - happy that I'm on the right side of them! I'm really astonished that the national level of personal debt is still going up, thats pretty scary.

setmefree2

"£94.5bn we pay in interest each year" TG

This is my incentive to get mortgage free:money:I don't want to be working to make other people richer.:rolleyes::o

Desperate_Housewife_2-2

Hi everyone, I have just looked into reclaiming my M.E.A.F.s (mortgage exit admin fee) from A&L after watching Martin's programme on channel 5 the other day, if I'm successful then I'll be paying it into the mortgage pot! Has anyone else done this?

angelavdavis

Desperate_Housewife wrote: »

Hi everyone, I have just looked into reclaiming my M.E.A.F.s (mortgage exit admin fee) from A&L after watching Martin's programme on channel 5 the other day, if I'm successful then I'll be paying it into the mortgage pot! Has anyone else done this?

Its on my todo list this weekend! Its a shame because my C&G payment has just gone beyond 6 years so don't think I can claim for that one - I am not even sure I was charged by Virgin when I moved away from them - if I was, I suspect it was hidden in the transfer costs so I might just phone them and ask.

Good luck with it!