Mortgage Free in Three Yrs

Trying_to_be_good

MTP - I liked your idea of 70.95% vs 29.05% so much I've added mine to my sig to keep me motivated! Thanks!

Desperate_Housewife_2-2

Hi Guys,

Just a quick update. I've sorted out the budget for this month and managed to pay another £1k off the balance. I thought I would be in credit this month but some pesky direct debits went out so was in a minus balance, never mind next month hopefully. At least I get 4p from virginone for being in credit for 1 day! (It all adds up!)
The grocery challenge on old style is helping to keep me focussed as I was spending too much on groceries even though I thought I was economising. I'm sticking to £250 per month. I'm selling a few bits on ebay too this month and waiting for the quidco money to pay out too.
I think cracking Christmas has helped me to keep going this year and I'm saving for this year too.

Its hard sometimes as I feel I have to be strong all the time and seem to be constantly thinking about the challenges! Trouble is if you don't stay focussed its easy to get into trouble. I'm so happy that I've paid off so much though and hopefully it will get easier as there will be less and less interest to pay out. This months interest payment for us is £21 so not bad really. Thank goodness for the stoozepot!

Good luck everyone, looking forward to seeing the next update!

Little_Mama

Move_To_Portugal wrote: »

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%


mtp

Hi MTP, great idea.

What did you base your figures on? Was it the amount of the mortgage borrowed vs current amount now or is it based on the value of your property?

The latter looks way better for us as we'd own about 62% :j
but if it was based on the amount borrowed then we only own 22% :eek:
even more incentive to plug away!

LM:)

Trying_to_be_good

Little_Mama wrote: »

Hi MTP, great idea.

What did you base your figures on? Was it the amount of the mortgage borrowed vs current amount now or is it based on the value of your property?

I based mine on the current mortgage and current value - the figures look much nicer that way!!!:D

Little_Mama

Thanks Trying to be good.

I quite agree, I fell much happier in the thought I own over half my home!

LM

Kaz2904

I'd sort of thought about this but as properties aren't moving in our area I've always just assumed the initial purchase price. So we paid £140000 and we now owe £64333.94. So we own 54.04% of our house. We were lucky to get our house cheap because it needed so much work doing on it. We paid about £45000 less than it would have cost for somewhere "done" but we paid the price because we've been living here for nearly 3 years and it's still not finished!
I have nearly got a fireplace though and it'll be beautiful when it is eventually done.

Move_To_Portugal

Hi all

I based the figures on the value of the house now. It looks better.:D

mtp

comping_cat

Ohhh, i like this idea - now im going to sound really thick - what is the calculation to work out the percentage of what i own and what the bank owns?

Move_To_Portugal

Hi cat

Mortgage outstanding divided by value of property x 100 = % owned by bank.

hth

mtp

comping_cat

Thanks MTP - shouldve known that really!!!

Right, so chuffed to find that the bank owns 46.74%and i own 53.26%!!!

Now, if i use the mortgage taken out/mortgage now figures, i own 22.10%. and the bank 77.90%, so i think my new challenge is to get that to 50/50 - not sure if i can do that in the remaining 2 years, but im going to give it my best shot!!!!