Mortgage Free in Three Yrs

do_it_today!

Hi all :hello:
Thanks Trying to be good I wish we could pay it off in 3 years and know at the current rate that we cant, but I am anxious to pay off as much as we can. Not every month will be like this... and now the dead debt is gone that will help accelerate things.
keep going everyone :j :j :j

kevsterjw

Hi all i've been recently looking into my finances, i think mortgage free in 3 years is a bit optimistic but I will definately make a dent. Its currently around the 170k mark and i didn't realise until yesterday how much you can dent the term by just by over paying a little each month.

nearly forgot to put a goal down, well i've got 3k of CC debt to clear first but i'm a rate tart so i've got 13 months to clear that yet. But i'd like to take 5 years off or more off teh mortgage. I'm in teh process of taking weekend work and depending how it goes I should be able to achieve that in three years. can i join the list?

AnW'sMum

kevsterjw you are more than welcome to join the challenge. All the details you need are in posts 1 and 2 on the first page of this thread. You need to PM Dithering Dad with your challenge details and then PM TallGirl with your challenge number.

karren

can i join? i have a £64,000 morgage with 14 years left and just worked out that by tightening belts and paying an extra £100 i can save 3 years, and hope to try and get a few more extra shifts from now on so wwish me luck as this would make a huge difference to our quality of life as we are scrimping to pay the morgage repayments as they are £553.48 so hope that if i pay them off early we could go on nice holidays etc and help fund the childrens education etc.
good luck everyone!

inkie

Well, found myself £1100 better off this month due to my tax self-assessment refund. Guess where the majority of that will be going?!

Move_To_Portugal

I've listened to Martin this week and finally switched my gas and electric supplier. The switch should save us over £300 a year on the bills and as I did it through Moneysupermarket we should get £30 cashback as well.

I'll add the £30 to a mortgage overpayment when I get it. The money saved on the bills can go towards a new bathroom window.

mtp

crockpot

I too hope to be mortgage free in 3 years before I am 40!!!!

Worked out I need to overpay on average £330 a month to do this, which should be do able, but my office may be relocating and I am unable to move- extra travel v time and childcare costs, might be able to get some redundancy-guess where that will go!

I am on a mission, if I keep my job its a done deal, but if not we will have to see.

Getting a bonus at end of month so that will go into it. plus found a tenner today so that will go into it as well, got a mortgage pig and put my £3 into it as decided against going on the sun bed. well it all adds up!

Dithering_Dad

Hi kevster/karen/etc.

If you want to join the challenge, then could you PM me (or post in here) with your mortgage as it stands now, and what you would like it to be when the challenge ends in (just over) 2 years time.

Have a look at the first post of this thread to see examples.

getmeoutofhere

After paying £30/month extra for 6 years to help reduce the term, I recently overpaid with £1700 I had.

The new statement has lowered the minimum monthly payment. I called Alliance & Leicester to explain I am overpaying to reduce the term rather than the payments, but they said the term could not be altered. I was told I needed to up the regular overpayment to compensate.

Is this correct?

Desperate_Housewife_2-2

Hi guys,

just updated my sig, another £500 off the balance. Done so much stoozing lately that the balance on my account says £920! yay!


Sorry getmeoutofhere, I don't know the answer to your query but I'm sure someone will be along in a bit to help, my guess is that it depends on the T&C's of your mortgage and who its with.