Mortgage Free in Three Yrs

ptee

Hello, #93 reporting in!
Just thought I'd put a quick update up as I've just PM'd my balance to TG.

My plan has changed somewhat recently, largely because most of my larger overpayments were due to come from staff share schemes at work and because the share price plumetted I've decided to re-jig them a bit so it's slow going at the minute but will all come good a few years down the line, unfortunately after this challenge ends .
Still making good progress though through my Stoozepot.

Balance at the start was £146000.
Balance now at £143781 so not a massive difference but I have got £2579 in my offset savings which makes the effective balance £141202.

I've also got some shares from the staff share scheme which I was going to pay off the mortgage but I've not included this in the balance. These are currently worth £4000, a year ago (when I couldn't touch them) they were worth £8000 :mad: but that's the joys of sharedealing I guess. Anyway I think I'm going to hold onto these shares a while and see if the price recovers as they have crept up a fair bit recently.

In my Stoozepot which is offsetting the mortgage I've also got £21800 which is saving me a nice amount of interest.
When I started the mortgage I was paying an average £23.82 a day in interest, this has now dropped to an average £19.75 which is great to see :j
Thanks to TG for keeping up with the chart and to everyone else for providing the motivation! :beer:
Anyway, I'll get back to my coffee.

Keep up the good work everyone!!

Ptee

1274

Hi all. My current balance which I have sent to TG stands at £66,663.50. As my current deal is ending in June, I have arranged a remortgage today with a slightly higher rate (0.1% above my current rate) but, more importantly for me and my MFIT goals, no limit on overpayments at all. For my mini challenge of making £1500 of capital payments per month, I am pleased to report that I smashed my goal in March with around £2000 paid off the capital.

Dumbledore55

Another really good month, I got £200+ Quidco money from changing gas and electric, new car insurance and some gambling sites....how daring am I getting? Feeling really comfortable financially because I'm overpaying the mortgage but I can still afford holidays or trips away. Got aone night stay in Manchester on Friday, 3 nights in Belfast later this month and 9 nights in the Costa Brava in May - all paid for in full!!

1st April 2008

Mortgage £92000
ISA £ 9891
Overpayment £ 2500
Balance £79609

Estimated Mortgage Free Date – December 2017

Emergencies/Sales Fund …………………….£289.60
Boots Vouchers (Cashback sites)…………….£41
Argos Vouchers (Cashback sites)…………….£5
Tesco Vouchers…………………….………...£120
Nectar Points …………………………………9007
Tesco Points…………………………………..1353
Natwest YourPoints…………………………..4924

CREDIT CARDS

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

[Deleted User]

Balance at 1/4/2007: £66,495.33

Regular payments: £13,795.55
Overpayments: £5,500.00
Total: £19,295.55

Capital: £15,809.22
Interest: £3,486.33
Total: £19,295.55

Balance at 1/4/2008: £50,686.71

We are currently slightly behind our target as we did not make any overpayments in March, and some funds were diverted to Cash ISAs.

gallygirl

OK Tallgirl, figures on their way!



Start: 53,300.48

MFIT target: pay off 25,400, so balance to be 27,900.48

1/4/08: 43490.33

Paid off: 9,810.15

% target paid off: 38.62%

+3% OVER TARGET :T :T :T :T :T

Plus 2k to go in offset in next 10 days, am disappointed that money not cleared by today, but will give me a good start for next 1/4 . I know I have a few weeks to send Tallgirl but I have enough running totals to worry about as it is .

but just had a peek and the 2k would make me 10% up on target

Go MFIT'ers, go :T :T :T :T :T :T

MoneySavingNovice

A quick update from me.

We have managed to reduce our total debt by another £3 k:j

OK its only £1 k per month since January but all things considered we are really pleased that we managed that much!

We have just bought some furniture for a previously empty room - which cost £7k. It was a total redecoration, a new suite, side tables lights and a new carpet. We are very pleased with the result!

Only £26 k to go.

Well done every-one!!!!:T

PM on the way Tall Girl!

monkeymutz

Number 119 checking in for April

Current balance £80564

Helped along nicely by offsetting!

Thanks
MM

OverlandLandy

Is everyone counting their offset balance?
I didn't do that.....

It varys so much depending on payment dates and how much I have on expenses etc.....

Kaz2904

Well it's amazing what a difference a day makes isn't it. I knew it might happen and I have always been very wary of it happening but my Mother has lost her job (in November). She can't find a new one (she's 55 ish and was sacked for being drunk - again). My step father phoned my sister to say that they need us to pay back the money that she lent us both when we bought our places. My sister owes £3000 and we owe £11420. This is going to impact my mf progress but fortunately not as drastically as I had initially thought.
Our issue is that we now won't be able to fill our ISA allowance each year.
We should be able to repay her at £500 per month for 2 years and we'll be clear in March 2010.
This makes it look very unlikely that we will achieve our goal then but at least we won't have this hanging over us.
DH has his inheritance and said it is not to be used to repay her as he knows she'll just drink it all.
I'm torn but know that we need to have a little cushion of savings there and will be able to pay her back. I also know it's true that she is going to just drink it away.
I just hope that she will be content with repayments of £500 per month.

As for my sister- I haven't got a clue what she's going to do. I'm sure she can't afford it even at £100 a month. She has a huge mortgage and has to pay for F/T childcare for my nephew. That costs her £150 per week and he's only just 1. She won't get any funding for him until January 2010. I think she's parping her boots.
This has underlined yet again why I wanted to get rid of the mortgage. I am now in a slightly better position than my sister is. I am going to really struggle to meet payments for the next 3 paydays which is typical as DS has had a huge spurt and needs new shoes!
Frugality is going to have to take on new meaning I feel for the next few pay checks.
At least we have a season ticket to the local play barn and live in a lovely area. Lots of free days out.
We are going to sit down on Thursday evening and go over all of our finances so that DH knows exactly where we are. We've had our new bills so know what to expect for the coming year.
Things are not going to change with respect of any extra money. Anything extra will go straight to the mortgage or savings (probably ISA) to try and build up a little ISA pot before we need to remortgage in 2010.
So I have briefly done a new snowball. I was worried that I was going to add around a year onto our debt free date but it is only going to be a couple of months in reality so that isn't as bad.
I now have even more incentive to get it down over the next couple of years don't I?!
Keep slogging on chaps! TTFN, Kaz.

Dithering_Dad

OverlandLandy wrote: »

Is everyone counting their offset balance?
I didn't do that.....

It varys so much depending on payment dates and how much I have on expenses etc.....

I used to but as you say, it was up and down so much that I decided not to include it any more. It does have an impact on the mortgage interest, which helps my monthly repayments go further, but it's not money that I'm actually going to pay onto the mortgage at any time (it consists of my emergency money and tax money).

My MFi3 mortgage figures took a bit of a hammering but they're now a truer reflection of what I really owe.

Hi Kaz, sorry to hear about your problems, I hope you manage to get them sorted. It's a bumpy old road to mortgage freedom, but at least by reducing your mortgage debt you've made this particular 'bump' easier to get over.