Mortgage Free in Three Yrs

esthomizzy

mountainlioness wrote: »

Love the thought of the party! Has anyone ever wondered what they think the various MFi3ers will look like?! I'm busy speculating now Then I thought I wonder what other ppl think ML looks like! heh heh

How are we going to find anywhere big enough to fit us all in

Dithering_Dad

ailuro2 wrote: »

DD probably look like his avatar

So true...

taka

Dithering_Dad wrote: »

So true...

:rotfl: :rotfl: :rotfl: :rotfl: Now thats cheating!!

gallygirl

I always assume people look like their avatar - even if it's a cartoon , not got much of an imagination .

WARNING - COMPLICATED RAMBLING COMING UP

Just wanted to share some thoughts.......in addition to MFIT mortgage we have 2 others on BTL properties. I haven't really thought that much about them as am focused so much on main mortgage. They're for a total of around 119k. At the moment one will be paid off in Oct 23 & one in Oct 28. Have just snowballed the effect of putting mortgage payment on MFIT mortgage to mortgage #2, then onto #3.

This gives a MFD of July 2020 - whopping great reduction of over 8 years :T :T :T :T :T . (When it comes to it we may save up in high interest accounts for tax reasons as interest offset against income on BTL, but it's the principle that counts).

Well chuffed, especially as that is based on standard payments from today onwards, with no overpayments at all.

So, my challenge #3 (#1 is my target for MFIT, #2 is to pay remaining amount on mortgage 1 by Aug 2011) is to pay all off by Aug 2016 when I will be 55:eek: :eek: :eek: :eek:, then I'll retire. Except that is way too far away so need to stay on course with overpayments.

:eek: Just worked out that I'll need pay £1591 off the capital every month to meet challenge, normal payments at the mo knock off £741 so only £850 extra a month, and over time capital % of payment will rise..... :think: this just might be doable you know

Dithering_Dad

Hi Ali,

I thought the rule of thumb with BTL is not to pay off the mortgage because you get tax relief on the interest payments?

If this is the case, then for safety you could invest the cash equivalent of your BTL mortgages in a nice and safe National Savings Certificate (or ISA or Premium bond or some other tax free savings vehicle). If anything goes wrong, you could always withdraw your savings and pay off the mortgages?

jobbingmusician

ailuro2 wrote: »

DD probably look like his avatar, TallGirl will be tall, of course!

Ailuro is short for ailurophile (big word for a cat lover) so I'm obviously thought of as a mad old moo that reeks of cat wee. :eek:

Desperate housewife- which one do you resemble? :rotfl:

OMG! :eek: If DD looks like his avatar, he has lost about 20 years in the last few weeks - and can I be first in the queue please?

(Not really. I adore DH too much. Talking of which, are other halves welcome at the beanfeast in two years' time?)

Superfast_Gran

Dithering_Dad wrote: »

So true...

I think we're dreaming a little over the top are we not?;)

gallygirl

Superfast_Gran wrote: »

I think we're dreaming a little over the top are we not?;)

Suoerfast Gran I am SO not sitting beside you at the picnic if you look like your avatar!

DD - I want to have enough to pay off the mortgages by 2016. If I do it then and finish working I could live on the rent and pay v little tax if that was my only income. So I wouldn't have to draw on my pension (just as well as it's not v good......) I've only been thinking about this for 25.5 hours (sorry, auditor tendencies ) so I am sure there are more options - the important thing is to put myself in a position where I can avail myself of them.

WHEN (not if) I pay off mortgage #1 I'll decide the impact of paying/not paying or saving/not saving while I'm still working & paying tax and you can expect lots of complicated [strike]'back of fag packet' [/strike]expertly worked out calculations to advise on

Found £1 coin today, as OH matches me £ for £ that's £2 for mortgage pot, which is about 4hrs 20 mins off mortgage :rotfl: :rotfl: :rotfl: . Do I need to get out more

Not long till update

TallGirl

You do sound a bit mad Ali007 quite into numbers so maybe you are like your avatar. DD I like your new one, not sure who he really is mind you.

I think it would be fab if we could met up and have a big party however we must we spread all over the country I would guess.

All is well here, not heard from the bathroom fitter for 2 weeks now but he is not due to start until May anyway. Still doing well on the MB but need to leave the profit in there to continue to bet. Really really enjoying it so much fun for such big rewards and honestly risk free as long as you are careful.

I am so pleased the updates are still coming up but please don't stop we need those last ones.

Kaz2904

TG- I'm ashamed of you- how can you not know who the lurve machine Brad Pitt is? He could put his slippers by my chamber pot any day of the week!
Although I'm lusting after David Tennant ATM too. Mmmm, yummy.