Mortgage Free in Three Yrs

forextc

Hi guys how do I go about joining this thread?
Regards,

V

gallygirl

catowen wrote: »

Cosmic ordering is what Noel Edmunds did when his wife left him, and he ended up with new hit shows and a glamourous girlfriend!!!

His glamorous girlfriend obviously didn't do it if she ended up with him :rotfl: :rotfl: :rotfl: .
Welcome Vern. :hello: From recollection ('puter too slow to go back pages at the mo! :rolleyes: ) you need to PM TallGirl with your figures and Dithering Dad to get a number, however I think your figures will have to start from last April.....am I right anyone?????


Chin up everyone, winter's nearly over!

angelavdavis

Yes Ali, I think you are right with the advice, plus Vern will need to provide information of their goal for the end of the 3 years (ie clear the mortgage, trim X% or £X off, etc).
_________________
On another subject, I looked at the direct debit yesterday for the mortgage and with the regular interest % decreases, and my overpayments, my monthly payment has reduced by £180 per month since the challenge began! So, I have set up a standing order to plug the difference so I overpay the mortgage. It doesn't make a lot of difference in real terms as any excess money in the current account at the end of the month was being paid into the offset, but at least its coming off the capital too and seeing that magic number come down really helps.

Will need to visit Britannia though, as I haven't done anything about lowering the term or notifying them that I want the term reduced, so of course the direct debit is being regularly reduced instead. I will have to visit a branch and have a chat with them about it.

I wanted to thank everyone for their support over the last week when I was a bit down, it really helped - thanks :T

Trying_to_be_good

Angela

I managed to get Woolwich to stop taking the Direct Debit and take a standing order instead - as I choose the amount of the standing order (always greater than they'd take on the direct debit) it stays the same no matter what the minimum payment is. In fact, I increase it once a year when I get a pay rise, and it's all worked into my excel spreadsheet to calculate when it'll be paid off.

1274

Will it never go down??? I'm working on a mini-challenge to get my mortgage below 6 figures for March. At the beginning of January it was just under £105,000, by the beginning of February it was £100,864 and today it's £100,450. I seem to have hit a block in getting to my mini target despite giving it my all (admittedly, I've had about £150 worth of spending slippage in February) and taking part in the 4K challenge. Here's hoping things will pick up in March.

Q for anyone who's self-employed. If I receive income, can I wait to pay income tax on it until the end of the assessment period i.e. next Jan? I should have some extra cash coming in in April/May?

karenf_2

Hi
My divorc came through last year, stressful yes but strangely calming at the same time. Ex would not work so debts mounted up to 52k and he also told me he didn't love me any more in 2003, I had chance to get used to the split.
I had to do as much extra work as possible and arrange a payment plan with Payplan to manage the debts and the general upkeep/mortgage and provide for my kids for 5 years. Once my kids had made their life choices in 2004 I decided to start the wheels in motion to make the split formal and sell the house. He stalled as much as he could, not doing work etc to stop it going on the market. In the meantime I was looking for a house in the area I wanted to live in. i found one but did not have the money for a deposit or the means to pay for it whilst paying for the family home. Eventually after a stressful 12 months he agreed to put the house on the market and I found the house I could afford, put in an offer and it was accepted. But my house sale fell through and back to square one. I suggested taking 35k out of the equity on the family home to clear the debts, which he agreed to and I settled on early settlement terms with all the people who we owed money to for 35k instead of the 52k in real terms. My credit rating was well and truly shot and no one would look at me for a mortgage. That was until I spoke to my existing mortgage people (The Derbyshire) and th agreed to let me have a mortgage on my own if I could raise 15k deposit for my 100k purchase. I asked ex if I could release this from my equity in the house from my share and he agreed...he said he would do anything to get rid of me!! Made me feel really good after 30yrs of our relationship!
I eventually moved into my lovely home in June 2006, but family home did not sell until October 2006 so I was still paying everything there as well as my own mortgage until it was sold...he was also still living in the family home during this time. He also cashed in his pension during this time without me knowing and blew it (only 5k) on vehicles, when I tackled him over it he said it was HIS and nothing to do with me!
It is such a lovely feeling to know I am debt free apart from my mortgage and that I am able to pay more off than I need to, bringing it down from 80k to 73k since June 2006. My credit rating seems to be improving but not quickly enough and I still can't get a 'proper' bank account, but I suppose it will get better eventually. Just very demoralising when it is evident that I have done everything possible to clear myself of such a huge debt and that I am know solvent in my own right.
Phewww....that is a potted history.
Just to say it is possible to get out of something that seems to so bad.
x

BACKFRMTHEEDGE

Well done Karen f :j:j:j:j:j you go girl......:wave:

Little_Mama

Good for you KarenF, wello done.

angelavdavis

Well done Karen for being so strong and seeing it out! Sounds like things can only get better, I would have thought the divorce would be a relief for you.

Good luck with the future.

farhad1965

Just got my REVISED PAYMENT NOTICE from The Woolwich. New reduced rate of 5.24% from 1st March. Having paid off so much of the balance too, the new monthly interest only payment is 1,895.27 down from 2125.45, which is absolutely fantastic. I can pay off another £14,000 up to August and then I am remortgaging and hopefully paying off another £30,000; getting the balance well into the £300,000s. I feel totally comitted to this and getting lots of energy from all the great stuff all you other folk are doing here.