Mortgage Free in Three Yrs

1274

I am pleased (no, delighted) to report that I have met my mini challenge to get my mortgage below 6 figures by 1st March by the skin of my teeth. I have just paid off £6,000 and the normal monthly payment will also be coming out tomorrow, which should clear another £600 or so from the capital.

Since I have only one more bank account to empty in my MFIT challenge, I'll put this to my mortgage once it';s closed (underperforming ISA) but I'm going to make my second mini challenge a monthly overpayment one. The aim is to pay off at least £1,500 from the capital each month until June (which gives me a normal monthly payment + overpayment of just under £2,000)

If I can do this, the calculator shows that by April 2010, I might get the mortgage as low as £30,000!

angelavdavis

evab wrote: »

ummm no just the bog standard picture manager!

Martin has some freebie recommendations for photo manipulation software here

esthomizzy

angelavdavis wrote: »

As I have been on a bit of a downer lately, I decided to put myself together a visual motivator to incentivise myself to continue on the challenge.

A while back, someone had posted a picture of their house to demonstrate how much had been paid similar to the concept on the BBC program (apols to the OP I couldn't find the original thread).

Fab. That was me. Your pic looks loads more professional than mine though I think I might be able to do another square when my current payment hits on the 8th. Hooray that should make my flat 36% mine I hope.

Well done on your progress!

Little_Mama

1274 wrote: »

I am pleased (no, delighted) to report that I have met my mini challenge to get my mortgage below 6 figures by 1st March by the skin of my teeth. I have just paid off £6,000 and the normal monthly payment will also be coming out tomorrow, which should clear another £600 or so from the capital.

:T Well done! :T

Can't wait to break that hurdle, hope to by next January when it's remortgage time but more realistic to think by next summer....all going well & to plan......(we need a fingers crossed icom here!):D

LM

Trying_to_be_good

I think for me I'll be under the magic six figures in August, unless Axa Sunlife agree my mis-selling/compensation for a with profits policy before then If they do, the money will be paid straight into the mortgage account! I mught surrender it anyway, I really want to get this mortgage down!!!

Dumbledore55

1st March 2008

A good month, managed to get over £100 Quidco cashback plus some Mystery Shopping which meant I was able to pay a bit extra off the mortgage. I was only going to pay £500 off every other month but at the moment I'm able to pay £500 per month AND afford a short holiday over the last half term to the Canaries! Happy Days!

Mortgage £92000
ISA £ 9891
Overpayment £ 1500
Balance £80609



Estimated Mortgage Free Date – December 2017

Emergencies/Sales Fund …………………….£217.20
Boots Vouchers (Cashback sites)…………….£31
Argos Vouchers (Cashback sites)…………….£5
Tesco Vouchers…………………….………...£120
Nectar Points …………………………………8782
Tesco Points…………………………………..1081
Natwest YourPoints…………………………..4924

CREDIT CARDS

Capital One – 1% cashback - paid off every month
Natwest – 2% cashback until 30/04/08 – paid off every month

setmefree2

Congratulations 1274:j:j:j:j:j:j


Sub 6 figures soooooooooooo jealous:D:rolleyes:

setmefree2

Well Done Dumbledore 65 too:j:j:j:j:j:T:T:T:T:T:T:T

Trying_to_be_good

March update - not a lot of extra money in February, so only my usual overpayment (boo). Hoping to find a couple of hundred pounds spare from ebaying and cashback etc in March, fingers crossed.

I can't wait to be under 6 figures for the mortgage account - probably not until the August 08 payment , but it's a glimmer in the long tunnel to keep me going!

Move_To_Portugal

The March normal payment and the overpayment have gone through leaving us a balance of £131,270.

As it stands in our battle with the mortgage pay off and who owns what of the house=

Abbey 70.95% v MTP 29.05%

I love the picture of the house AD, I won't be attempting to do that though as I'm useless with photobucket. Our aim is to own 50% by December 2009 and 53.6% at the end of the MFi3 challenge.

mtp