Mortgage Free in Three Yrs

benbenandme

Can I join you all too please ??:hello: My situation is a bit wierd at the moment as I hope to be moving house at the end of May which will reduce my mortgage from £122k to £60k :j :j

I have already set myself a challenge to be mortgage free by the time ds leaves school (he doesn't start till September:D ) I know by some standards this isn't a lot but it will still knock 15 years off the term of my mortgage. In order to achive this I need to make £200 overpayments every month, I have been saving this money since 1st Jan this year and am currently on track. I won't be able to pay this in until next year though as I am being clobbered already for overpaying the mortgage (£60k when I move) so its in savings until next year when I can overpay 10% again without fees.

My aim for this challenge i to pay off £10k in overpayments in the next 3 years ... this will mean I need to find an extra £80 per month on top of the £200 I'm already overpaying.

At the moment everythings a bit all over the place cos I don't know when I'm moving yet and then I need to find a new job :eek: but hey-ho, it will all work out I hope !!:D

Dithering_Dad

Hi benbenandme, welcome to the gang. I've added your name and challenge to the OP.

I wasn't sure if any of the new posters prior to benbenandme wanted to join or just wanted to say hi (both are very welcome ) so if you do want to join in could you let me know what your three yr challenge is and I'll add you to the OP.

Cheers.

TG: you've cheered me up - I must remember that however bad things get at United, it could be much worse, I could be a Pompey supporter

chickadee

Hello Dithering Dad,

Yes I'd like to join in the challenge. I am aiming to make £11,000 of overpayments in the next three years. This is in addition to my regular payments.

I don't know what my balance will be then, but it will be ahead of schedule and that will do for me!

Good luck to you and all the other challengers. Lets all stay focused.

Cheerio!

Sue

AnW'sMum

cupid_s wrote: »

We believe you can do it (cheerleaders where are you?)

:hello: I'm here just got in from work and about to dash out the door again!

Really good to see so many new questees, welcome to you all.

DD You have made a flying start, any overpayment is worth making even if it is just the change in your pocket at the end of the day.

I am out at work tomorrow and have visitors this weekend so shall not get chance to post much but be assured I am willing you all on :T

RomysMum

Hi I know I'm a little late to join but what do i need to do to join.
Cheers
H
x

[Deleted User]

Good luck to everyone on this.

I started my own challenge a few years back and am happy to say I will be mortgage free in under 3.

Under 3 months that is!

It's definitely worth it - you don't know what life is going to throw at you.

For me - not having a mortgage has come at the right time. My mum has been ill recently and is going to need a lot more care so not having a mortgage will be one thing off my mind and will give me choices.

farhad1965

Kaz2904 wrote: »

Original Mortgage Balance - £466,965
Current Mortgage Balance - £465,000

:eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek::eek::eek:

OMG I hope your incomings are something close to your outgoings! I am absolutely petrified about owing 92K+ so would hate to be in your shoes!

Hi Kaz - incomings are much more than outgoings, otherwise I'd be doomed. £92k mortgage is absolutely nothing in this part of the UK. Good luck with getting yours to zero.

Just found out today that I will probably not be renewed on my contract post August, so I have to start looking in June for a new work contract.

ixwood

The lizards cupid? Lol.

Dithering_Dad

RomysMum wrote: »

Hi I know I'm a little late to join but what do i need to do to join.
Cheers
H
x

Hi RM, It's never too late to join. As I said on the original post, if people join later we can just pro-rate their challenge. We all finish on the same day though and see just how well we did. Hmnnn, maybe over a beer? :beer:

All you need to do to join is post what your mortgage challenge is and I'll add you to the initial post.

cupid_s

ixwood wrote: »

The lizards cupid? Lol.

I think I'd have been mortgage free ages ago if it wasn't for them. They eat me out of house and home! At the height of it they were costing me £60 a week in food! I had 54 of them at that point (after my two eldest darlings got a bit frisky on several occasions) but it's just the 4 of them now.