Mortgage Free in Three Yrs

AnW'sMum

You are right TG but I believe every single participant in this challenge is a winner because we all have the same goal . As we all know every single £ paid over and above normal repayments is a £ closer to mortgage freedom. So we should all celebrate getting through the first year and bringing our mortgage free date that bit closer.

setmefree2

Kaz once said that this is a marathon not a sprint:D I thought she was so right:rotfl:

Kaz2904

setmefree2 wrote: »

Kaz once said that this is a marathon not a sprint:D I thought she was so right:rotfl:

I'm always right me!:rotfl:

Spoke to my sister last night as I suddenly thought she has an Egg card. I suggested she did a BT from it to her overdraft to get the money. She then said she'd spoken to Mother again and asked her if she wanted it as a lump sum or monthly and told her it would be a little while as she had to remortgage. Mother asked her why and she said she didn't have the money yet. Mother then said that the original terms of the loan still stand and that she doesn't want the money back until we have it. Apparently it is step-dad who's getting twitchy because he thinks we should be paying it back.
He didn't know she'd lent us money and was nagging her about where all of her inheritance (from my Grandad) had gone so she told him she'd lent us some of it. Cue mini explosion :rolleyes: .
So for the time being I will stick to my original route. If things change then it'll be OK as soon as we're past 22nd June. That's the paycheck that'll clear the Egg card.
If she wants it back then then she can have monthly installments.
A bit of worry off my mind for the time being.
The thing is we both know that we need to repay it as it was only ever a loan and neither of us want to wriggle out of it. It will be repaid. At least we're not going out blowing it on designer goods etc. DH and I could have finished the house by now if we'd paid other people to do it but we'd have no savings and still owe a huge amount on the mortgage. We're doing it this way because we are quite capable of doing it ourselves it just takes time (which we don't have much of!)
I didn't open my emergency bottle of wine last night as it was too late. I've still not had my statement yet so I think I'll just hope my figures are correct and pm TG with what I have now.
TTFN peeps- nearly 1 year !

comping_cat

Hello everyone,

Just PMed TallGirl with my figures, and im feeling mighty proud of myself - my balance is now £68484.33, ive managed to pay over 11K off in the year!!!

I know ive no chance (unless i get some big wins!!) of repeating that, but im just so pleased with how ive done.

Good luck to everyone with their own challenges!!!

molit

Feel bad posting this when other people are having a bad time, but I just have to say I have been offered a new job, with more pay :-) - looks as though the redundacy will just be a nice leaving gift from the old place. Bit of a longer commute, but I have just got my free michel thomas cds so will learn a bit of italian I think on the drive

Well done everyone on the first year - I'm off to get a takeaway in celebration

Kaz2904

molit that's fabulous news! No need to feel bad, even the people on here who have not been able to keep up with their goals (I'm one) have still managed some overpayments.
From this challenge everyone is taking away something so big- the initiative and desire to repay their mortgage quicker than their original term. That combined with the support from other members of this forum is enough to keep anyone going.

I received a surprise cheque again today £20 this time, went to put my overpayment over and found I'd been paid £1.01 from quidco. So another payment of £21.01. Means I've managed over £10k. I phoned NS&I today and they'll send me a statement so DH needs to ring tomorrow for his. Then we can transfer them and put in our next years allowance.

Spoke to my mother this evening and offered her her money back now. She doesn't want it until we have it all. I said we have some in a nontouchable savings account and she said "Well I hope it's a high interest account!".....


Mother dear, I've changed my name to Martina Lewis!
Well back on track then and working even harder to repay Mother. Still killing the mortgage first so we can repay her quicker though! (It'll still be before my sister does though!)

angelavdavis

molit wrote: »

Feel bad posting this when other people are having a bad time, but I just have to say I have been offered a new job, with more pay :-) - looks as though the redundacy will just be a nice leaving gift from the old place. Bit of a longer commute, but I have just got my free michel thomas cds so will learn a bit of italian I think on the drive

Well done everyone on the first year - I'm off to get a takeaway in celebration

That's great news Molit - congratulations!!! :j :j

angelavdavis

dawnylou wrote: »

I will get other half to phone Northern Rock tomorrow for balance and will update tomorrow.
There won't be much difference though as we havent been able to afford to make any overpayments since the last update.

Well, you have been making straight payments, so it must be going down to a degree.....

financialbliss

Hi all,

I updated my own diary last night as my payments for April cleared, but forgot to also do an update here. So, here's a few numbers, which were from 4th April, not today:

"As of today, I’ve a mortgage of 65,838.84 – down from a previous 66,817.50 at the start of March. MFiT percentage now at 19.31% – up from previous of 16.75%."


I suspect I'm not going to hit my own MFiT target. I only started overpaying for this challenge big style from January, as last year we were paying off a car loan.

I made my payments on 1st April, but they took until 4th April to be reflected in my mortgage account.

Had anyone gave any thoughts as to how we handle 1st April 2010?

Last payment allowed on 1st April 2010, but final results delayed until people have updated their numbers? Just an idea. What does anyone else think?

Regards,
FB.

Dithering_Dad

financialbliss wrote: »

Had anyone gave any thoughts as to how we handle 1st April 2010?

Last payment allowed on 1st April 2010, but final results delayed until people have updated their numbers? Just an idea. What does anyone else think?

I think we'll probably just do the same as this month - TG will ask for the results and there will be a bit of a delay while the totals come in. My own mortgage payments are on the 15th of each month, so I'll need until then.

Perhaps we should post the final results on 30th April and then arrange to meet up for our post challenge party in May!!!

p.s. I don't think I'm going to meet my challenge either, but I'm dead chuffed with what I'd achieved so far. You never know what the future may bring, a tax rebate, inheritance or lotto win - maybe I can still do it!!