Mortgage Free in Three Yrs

chickadee

Hi everybody,

I have just emailed my March update to Tallgirl and thought I would share it with all of you.

I started the quest with a mortgage of £65,000 and expected to pay off £11k of the capital during the 3 years. I thought this tartget was achievable for me and I didn't want to have a target so high I could never dream of reaching it.

My balance now is £55,945, meaning I have paid off £9,055 of my mortgage during the first year. I can't believe how motivated I have become to achieve this challenge. I am now even thinking that maybe, just maybe, I could actually do it (I mean pay the whole balance off in 3 years). It would mean paying off over £2,300 per month, but as I get closer to paying it off, I will be paying less interest and more capital out of my regular payments so maybe this is achievable.

I'm staying focused and keep looking at this thread and other bits of MSE for inspiration.

Well done everyone, I can't wait to see the updated figures for the end of our first year.

chickadee
x

TallGirl

Well done Chickadee and all the other I have had updates for. It looks like we are all doing really well.

Just a quick question, some people want to change their goals and I think we said so far leave it as it will alter everything else.

The real problem for the chart however is when people take out a larger mortgage and the start balance is not altered. We have some that are now - 400% behind their target. Would it be OK to change their start balance what do people think? I know there are some very stats minded people out there.

esthomizzy

Well done everyone. You are doing fabulously. I've made my standard overpayment for this month and will send my update to TallGirl on the 8th when the interest has been applied. I now have a lodger which is making making the overpayments a whole lot easier. I am just putting spare money in a few urgent pots (holiday, christmas and emergencies) first and then I hope I will be able to make even bigger payments after that. With this months overpayment taken into account I think my term (assuming I stick to my projected payments) is 18.3 years (Was 25 at Start July07).

cupid_s

I have just sent a pm to tallgirl with my latest update but thought I'd replicate it here.

My balance is now at £43482.25
So I've paid off over 1/3rd of my original balance now, and have managed to keep hold of both our ISAs from last year.

Tallgirl - will it be difficult for you if people change their goals? If it is going to make more work for you then we should leave it as it is.

comping_cat

Im going to find out my balance at the end of the week, so will PM Tall girl then!!

Well done to everyone - there are lots of people doing so well!

Cupid - i agree (mind you, ive already reached my goal so its nice to see how much i can beat it by!) but it might be too much work to change everyones goals.

catshark88

cupid_s wrote: »

Tallgirl - will it be difficult for you if people change their goals? If it is going to make more work for you then we should leave it as it is.

As one who has changed goals, I am certainly happy to leave things as they are if new goals would mean extra work for anyone.

I'm really looking forward to seeing all the updates!

TallGirl

Sorry maybe I did not explain myself properly I think we should leave the goals alone and not alter them. However the start balance can be a real problem.

This is an example where someone had a £13k mortgage but now has taken out a £70k one so their current balance is £70,000 for the updated chart..

Start Balance £13,151.00
Current £70,000.00
Aim to pay off £13,151.00
Currently paid off -£56,849.00
% to date -432.28%

Looks bad doesn't it but people do move house etc during 3 years so I think we should alter the start balance when this happens but not being very stats minded I thought I would check.

ailuro2

TG- I agree the goals should remain the same, but for those people who have moved house, perhaps they could keep their goal in line with before they moved- ie if they would have had to pay off £6000, that is, overpay by £6000 then maybe that could remain their goal, so if they repaid £2000 before they moved, then they are on target and can repay another £4K after the move to remain in sight of their goal?

benbenandme

I pm'd Tallgirl earlier too but here's my update ...

At the start of the challenge my mortgage was £121k, but I was about to move to a smaller property after splitting with my partner. In June my mortgage went down to £60k and my aim for the challenge is to reduce it to £50k.

Last week I made another overpayment of £854 which has reduced my balance to £54,838. I am hoping to get it under £54k by June 20th as that would mean I have paid off 10% in a year.

minimoocow

Sorry I've not been around for most of this year . . . We've had a bit of a bad time moneywise and whilst I know it's stupid I haven't really wanted to post when I feel like we've going backwards . . .

Anyway have got rid of the awful tenants which was fantastic but the house was left in a terrible state, funnily enough the rent arrears have never been paid :mad: so we have spent most of Feb redecorating.

House has now been on the market for 2 weeks. If we get the asking price we will be able to pay off both mortgages but not sure what will happen in the current climate Anyone with a crystal ball please let me know!!!!

I'm also steering well clear of the house prices board as it is scaring me . . . just want to get the house sold now - 2 weeks seems like forever when you're trying to sell!!!

Anyways, I'm off to catch up with all your posts . . . Don't strike me off the list yet!!!

MMC