Mortgage Free in Three Yrs

1274

After a bit of a blip on chart day when I got depressed abut how far I still have to go to hit my target I have a top tip for any of you that could use it. Today I phoned my bank and found out my daily interest rate (scarily it's near £20) and have set up a weekly standing order for £70 overpayment. Now, as well as working out as slightly more than the £300 per month overpayment I was previously making, my capital is reducing for 4 out of 4 weeks, rather than just once per month. If I still have money left on payday at the end of the month (looking unlikely at the moment) I will try and up this weekly overpayment by £10 a week and if I can manage that then £20. Won't be able to make up our collective figures too much with this tactic but, as a certain shop says, every little helps!

taka

AnW'sMum wrote: »

Just for a bit of fun I have also looked at how many of these mortgages we would have paid off now if we started with the smallest active mortgage and worked towards the biggest! Those who would be MF now in this scenario would be: sparklymessygirl, Mushy61, getmeoutofhere, freedomgirl, ailuro2, inkie, cazmanian_minx, jobbing_musician, ~daisy~, Pandora123, Desperate Housewife, Karmacat, amazamum, shazzany, lunasaver, tallgirl, superfast_Gran, minimoocow, ali007, taka and hughmungas1986.

:j :j Wish my mortgage was paid off for real!! :rotfl: :rotfl: lol

Thanks AnW'sMum

AnW'sMum

Would it be helpful for people to know what they need to repay over the next 3 months so that everyone is on track for their own individual aim? It could be a mini target, especially useful for those with larger targets.

kiwi88_2

I for one would like that if you're able to do it AnW'sMum but only if it's not too much trouble with everything else you've got on. I get really confused with the snowball and entering info :rotfl:

AnW'sMum

kiwi88 wrote: »

I for one would like that if you're able to do it AnW'sMum but only if it's not too much trouble with everything else you've got on. I get really confused with the snowball and entering info :rotfl:

I've added another column to my spreadsheet to work it out, your mini target is £4,792

angelavdavis

Trying_to_be_good wrote: »

Thanks to everyone for the lovely congratulations posts - I guess I shoudl update my sig, but rest assured I've already started on planning the MSE wedding! Some focus will be on value for money rather than spending as little as possible, and I'm already watching lots of things on ebay.

And great stats info - I've not quite taken it all in yet, but the bottom line is we're doing so well, alreaday looking for ward to the next chart for the 1 year mark. Thanks TG and AnW'sMum!

Hiya, I don't know if my post might be of interest as I had my wedding in September 07 - http://forums.moneysavingexpert.com/showthread.html?t=596518&highlight=mse+wedding. We were really pleased with the results - although we didn't scrimp and scrape, out aim was not to be ripped off to be honest! We had a great day and a fabulous honeymoon as a result of not overspending on the day itself.

Wishing you all the best for your day. x

kiwi88_2

AnW'sMum wrote: »

I've added another column to my spreadsheet to work it out, your mini target is £4,792

Ok maybe I shouldn't have asked :rotfl: Seriously though thank-you for that

gallygirl

AnW'sMum wrote: »

Just for a bit of fun I have also looked at how many of these mortgages we would have paid off now if we started with the smallest active mortgage and worked towards the biggest! Those who would be MF now in this scenario would be: sparklymessygirl, Mushy61, getmeoutofhere, freedomgirl, ailuro2, inkie, cazmanian_minx, jobbing_musician, ~daisy~, Pandora123, Desperate Housewife, Karmacat, amazamum, shazzany, lunasaver, tallgirl, superfast_Gran, minimoocow, ali007, taka and hughmungas1986.

Yeah, I've paid my mortgage off :j :j :j :j .

However, being incredibly altruistic I have decided to continue paying every month so that AnW's Mum can apportion my payments to someone else

Oooooh, nice feeling, can't wait to pay it off for real

AnW'sMum

ali007 wrote: »

being incredibly altruistic I have decided to continue paying every month so that AnW's Mum can apportion my payments to someone else

:rotfl::rotfl:how incredibly generous of you! Seriously you have done really well and to be bang on track by end of month 12 you only need to find £470.34 :T

TallGirl

I like this new mini target but fear the chart will be so big we cannot read it if I try to add it. Perhaps we could have a second chart with that information on it and perhaps loose some of the targets and % if that makes sense.

Thanks for doing the update AnnWsMum I think it will spur everyone on. I am very impressed with all the updates and it seems we now have a steady core of people who are prepared to update and post on here.