Mortgage Free in Three Yrs

TallGirl

You are all up early.
I agree with closing the challenge, people think it is for 3 years and want to join which kind up defeats the object. I don't mind adding people on but it does annoy me when people ask to join but they haven't read post 1 and 2 that explains everything. I know you can't expect people to read the whole lot but the front page is not a lot.

Thanks for the comments about the bathrooms, this last chap who is going to quote us is proposing we have a wet room as the ensuite. I love that idea but know it is cost a bit more.

Hey just a thought could we add (now only 2 years left) to the title from April

angelavdavis

Or can we change the title to "Mortgage Free by April 2010?!"

AnW'sMum

Morning all

Sorry I have not been around much this last few weeks. Seem to have been in a whirlwind of activity of one sort or another. First there was the tax man to sort and then ISP problems which severely hampered me on a lot of jobs. In the nest couple of weeks it is my DH's inquest so my head is not really anywhere else but locked into what is going to happen then and all the emotion that invokes so please forgive me for not posting as much.

I do agree with the general opinion to close our challenge to newbies as trying to complete a 3 year challenge in 2 sounds like an uphill struggle. Plus as pointed out there is a new thread where lots of people are all starting out together pn this journey. There is nothing to stop any of us posting on there as well as here. Also it could give us the extra motivation as the percentage repaid should increase quicker when we are not adding more to the collective goal.

Some excellent posts recently and great progress from all corners, keep it up

I shall be updating as per usual once we have the new chart from TG

FreedomGirl

Hi everyone,

I agree - I think it's a good idea to close the challenge to newcomers, and direct everyone over to the 2008 thread.

Do you think it might be a good idea to put a bit of text in the MFiT welcome post saying that, if you're a 2008 MFW newbie, there's a thread for you (and give the link)?

You could also say that the MFiT (April 2010) challenge will be closed to newcomers from end of March '08 (just over a month from now and before we hit end of year 1). That way, we give the lurkers a chance to join in.

It also makes sense to remove people who have not updated. From memory, I think lots of people are updating regularly, so it's just the odd one here and there.

Just went over to the 2008 MFW thread and found out that the MFW is in the newsletter. It (bellsbells's thread) should be a sticky, I think!!

HTH

FG
ps ((AnW'smum)) - so sorry to hear about your DH

Moneygoes2money

Hi everyone

Yesterday we received a letter from our lender Nationwide advising our monthly payment is reducing by £19.63 following the recent Bank of England rate reduction.

We are already overpaying £500.00 every month, which is the maximum Nationwide will currently allow, so we have written to Nationwide requesting to reduce the term of our mortgage by one year.

This will increase our monthly payment by approx. £20 a month, in other words, back to what is was prior to the recent Bank of England reduction so we'll be paying roughly the same amount as in previous months but we'll have shortened the mortgage by one year!

I just thought I would share this with you all in case you too are paying the maximum the lender will allow but want to reduce the term further (I'm sure you all knew this was possible anyway but no harm in posting in case someone has slipped throught the net).

Keep going everyone!

Regards
Moneygoes2money

financialbliss

Moneygoes2money wrote: »

Yesterday we received a letter from our lender Nationwide advising our monthly payment is reducing by £19.63 following the recent Bank of England rate reduction.

We are already overpaying £500.00 every month, which is the maximum Nationwide will currently allow, so we have written to Nationwide requesting to reduce the term of our mortgage by one year.

Hi Moneygoes2money.

Actually, with a Nationwide mortgage - you can pay whatever you want, providing you're paying the minimum they require to service the debt.

Yes, you're right in that you can only do a maximum of 500 per month in overpayments, but what I did was ask them to alter my standard payment from 600/pm to 900/pm by reducing the term.

So instead of being able to pay 600 to 1,100 per month, I can now pay between 900 and 1,400 per month (factoring in 500/pm overpayments).

Note - at one point when our monthly payments were reducing before I realised I should be reducing term, we were paying a mere 473.80.

See my diary "FinancialBliss: My mortgage free journey…" - post #71 on page 4, posts #93 and #98 on page 5, which are all related to my Nationwide mortgage

Hope that helps.

FB.

sachsaini

Hello FB

I have a 10 year fixed with nationwide would they allow me to bing the term down so that the mortgage finishes before the 10 years is up how would this work.

I am going to your diary to see if there is a answer there.

Thanks Sach

Move_To_Portugal

All this talk of bathrooms makes me want a new one, but no I can't have one. Just some new grout for me:doh:

I can't believe how quickly the months are going and the next update will be the one year anniversary!

We've re mortgaged now and as from June will be able to make unlimited overpayments without penalty on our new mortgage. This is exactly what we wanted, as next year we are looking to pay over our current 10% per year limit.

AnW's mum, I hope you are ok over the next few weeks. (hug)

mtp

Moneygoes2money

sachsaini wrote: »

Hello FB

I have a 10 year fixed with nationwide would they allow me to bing the term down so that the mortgage finishes before the 10 years is up how would this work.

I am going to your diary to see if there is a answer there.

Thanks Sach

Hi Sach

Contact Nationwide and ask them to reduce the term by x number of years and they will revise your monthly payment accordingly. Alternatively, you can contact Nationwide and ask them to increase your normal monthly payment to £x, this will have the effect of reducing the term also. They will send you a form to sign to get this changed.

The reason I say 'normal' is that you are allowed to make monthly overpayments of up to £500 over-and-above your 'normal' monthly payment thereby allowing you scope to overpay and reduce the term even more.

TallGirl

Quick update, bathrooms came in at £15,600 for all 3 rooms and we love the fitter we found so have said yes. Spent £4600 in Bathstore today but stuck it on interest free credit with Black Horse (via the shop). Work doesn't start until April.

I think we can pay £10,000 of that from savings (there goes the offset) so £5000 might have to go on the mortgage. I am however determined still to make my MFi3.