Mortgage Free in Three Yrs

karenf_2

I would love to be included in this.
I took out my mortgage in July 2006 - 80k fixed for 5 yrs at 4.79%. Due to my age could only have it over 18yrs. Am paying £700 per month instead of actual figure...have done this since Dec 2006 unfortunately can't remember what the actual figure should be!
Actual payment should be £588.79 and O/S balance is £73,760 fixed rate due to end May 2011.

karenf_2

What is matchbetting please?

Desperate_Housewife_2-2

karenf wrote: »

What is matchbetting please?

Hi karenf, welcome to the thread, here's the link for matched betting http://forums.moneysavingexpert.com/showthread.html?t=714993&highlight=matched+betting tread carefully though, there is lots of help available so read everything first. I decided it wasn't for me but lots on here do it. Personal choice really.

Drop ditheringdad and tallgirl a pm to check out how to join up, I'm not sure but they will sort you out. Good luck!

ailuro2

Another £1000 overpaid- woohoo!! Just by being careful with our money. Yes, it can be done, and although we're on an average wage we're still kicking the mortgage's a$$:j

angelavdavis

Well done - you have practically halved your mortgage in a year!

Desperate_Housewife_2-2

well done ailuro2, I've just got my statement and updated my sig...another £1k off for me too (yay!)

ailuro2

Halved- didn't think of it like that before!:eek::j

Thanks for pointing that out!


Desperate housewife- well done- it was my hubby who suggested we put a thousand into the overpayment fund this time- no prompting at all from me- so now we're both believing we can do it. Yippee!! I wasn't convinced at first, and DH was pretty doubtful too- goes to show what ordinary folk can do!:p

sheslookinhot

Hello Folks,

I am also hoping to be mortgage free in three years. Seems like a coincidence since I saw this thread.

Briefly, took out a £40K Interest only mortgage in 1991 due to complete on Jan-2015. ( I built my house at cost of £80K)

4 years ago I switched to 20K repayment and 20K I/O. Primarily to compensate for a reduction in expected endowment payout. Anyway, now at 5K I/O and I owe only 16K on the repayment. I have shortened the term to complete in 2009 by virtually doubling my payment from £450 to £790 in November 2007.

In 2007 reduced the capital from £26K to 21K. At the end of 2009 I recognise I will still have the £5K I/O part left. ( I want to keep an account with Nationwide just in case.

My goal is to think about paying this off, either from salary or from savings.

My main motivation was to clear the mortgage and think about buying an apartment on the Algarve.

In summary
Original Mortgage 40K in Dec 1990, due completion Jan-2015

Mortgage now 21K (Jan 2008) target completion Dec-2009

sheslookinhot

TG

Is that a quote to install a new bathroom, or 2 ?

I am just about to embark on replacing my whole bathroom. I was thinking of about £6 or 7K, doing it all myself except tiling. I need to plan and find out what it will cost. I do not have a budget, I think we will do it up as we want. No more than about £8K tho'

Move_To_Portugal

welcome to MFi3 sheslookinhot:)

I sent the mortgage overpayment cheque for £600 to the Abbey last week and our balance is now £132,130.