Mortgage Free in Three Yrs

esthomizzy

Hooray I've finally got through. My current update for TallGirl (have PM'd as well) is £223359.96 and including my normal payments I've paid 615.72 off the figure this month (normally it's about 500 or so with my regular overpayment or would be about 350 without it) so I'm not sure quite how that happened apart from me paying the extra payment earlier in the month (so saved a bit of interest I guess).

Dithering_Dad

jobbingmusician wrote: »

OMG! :eek: If DD looks like his avatar, he has lost about 20 years in the last few weeks

Oi! I happen to be 5 years younger than Brad Pitt!

Onto MFi3 news - I was about to move £1500 onto the mortgage when Mrs Dither decided we needed our boiler moving and some new wall cupboards and wall tiles and under-cupboard lights installing in our kitchen.

Oh well, it'll improve the look of the house, though I don't think it'll add £1500 to the value.

Desperate_Housewife_2-2

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:

Hi guys, sorry in the delay in posting but I'm on nights and kids are both ill so busy, busy, busy as usual!

I like to think I'm a mixture of all 4 (not Edie though as she is a b!!!h)

I'm just about to update sig and pm TG with figures for this month. I only have paid £500 as BT fees need calculating into the budget as I don't want to leave it all till the last bill comes. Good news is that all my mortgage is on credit cards now and I have £11k+ credit balance on virginone account so they are paying ME interest! I've got to pay off capital one though next month so I'll probably be down to a zero balance, still better than owing them, at least the rest of the mortgage is interest free for a year now so I can concentrate on paying off the capital. Also work is coming in thick and fast so hope to overpay like crazy.

Party sounds great! Hubby and I would like to have a nice holiday when its all over and we both want to drop our hours.

Looking forward to seeing the update

FreedomGirl

Desperate Housewife,

Reading your post inspired me to have another look at stoozing our remaining balance (see sig - we have a VirginOne as well). I'm currently unemployed (with with a Halifax 0% purchase card until Feb 09, taken out before I left my job ), but the OH still has a respectable salary (until Sept anyway).

I was going to go for a slow stooz with the Halifax but now that my balance has reached around 3K I feel uncomfortable going higher - even though I have the money saved elsewhere! Yes, I know it's daft, given that the mortgage has been/is still a lot higher than 3K, but there's some weird psychology at work here

Any suggestions on how to make the leap?

FG

minimoocow

Just for the record I look nothing like my avatar . . .

Which got me thinking - if we do have a meet up will we all have to wear a carnation or something - we could be wandering around a park for hours trying to locate each other!!!

Just imagine walking up to strangers asking "are you part of the mortgage free in three gang!" We'd probably be carted off to the loony bin!

gallygirl

ali007 wrote: »

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

OMG :eek: :eek: :eek: :eek: . Just snowballed with a few different scenarios.....:eek: :eek: :eek: :eek: . If we overpay by £500 a month, which is seriously doable, everything would be paid off by July 16, 1 month before my 50th _pale_. Which should thrill me but has actually freaked me out for some reason...... :think: I think because retiring at 55 seemed an impossible dream but now it could actually happen .

Talk about being refocused & even more committed...... :j :j :j :j


minimoocow we'll spot each other easily as we'll be the ones with big grins

ailuro2

minimoocow wrote: »

Which got me thinking - if we do have a meet up will we all have to wear a carnation or something - we could be wandering around a park for hours trying to locate each other!!!

We'll all have 'old lady' shopping trolleys, made fashionable once again by the old style board.
Maybe Martin should give out free 'ask me how I was MFi3 with MSE' badges?

We'd be the first to qualify for them.

DD- Lol at your NEW avatar- what happened to the fat old cartoon guy with the thinning hair?? Did he get an LA makeover - veneers, lipo and a BOYZILIAN?:eek:

taka

ailuro2 wrote: »

DD- Lol at your NEW avatar- what happened to the fat old cartoon guy with the thinning hair?? Did he get an LA makeover - veneers, lipo and a BOYZILIAN?:eek:

OMG a Boyzillian :eek: :eek: :eek: :eek: :rotfl:

Desperate_Housewife_2-2

FreedomGirl wrote: »

Desperate Housewife,

Reading your post inspired me to have another look at stoozing our remaining balance (see sig - we have a VirginOne as well). I'm currently unemployed (with with a Halifax 0% purchase card until Feb 09, taken out before I left my job ), but the OH still has a respectable salary (until Sept anyway).

I was going to go for a slow stooz with the Halifax but now that my balance has reached around 3K I feel uncomfortable going higher - even though I have the money saved elsewhere! Yes, I know it's daft, given that the mortgage has been/is still a lot higher than 3K, but there's some weird psychology at work here

Any suggestions on how to make the leap?

FG

Hi there freedomgirl,

My advise is to look into it carefully before you decide as it takes a commitment and some organisation to keep on top of everything. Have a read of the stoozing board on the credit card board.

I basically applied for as many credit card balance transfers as I dared without risking adverse an credit rating, I applied for some via quidco and bagged the into fee ( £41 for goldfish etc). Try and get as much out of them as you can, taking into account the bt fee which is usually 2.5-3% (This is better than 6.35% mortgage fee).

The trick is to get as much money as you can for as long as you can providing you have a sound understanding of how it works.

I think this plan is going to get harder due to the credit crunch but lenders are there to lend in order to make money so I assume there will still be companies out there who want customers.

I am picking this particular cherry while I can, people have slagged of the virginone account but it has worked for me and it is sweet when you are in credit.

Would your husband (I'm being presumptuous here, presuming you are a) female and b) married!) be able to apply for some too to double the amount you can borrow?

It can be a risky strategy if you don't know what you are doing but it works for me and I use it as a tool to pay off the mortgage. Good luck.

Dithering_Dad

ailuro2 wrote: »

DD- Lol at your NEW avatar- what happened to the fat old cartoon guy with the thinning hair??

Brad was only going to make a brief appearance for a joke, then I was going to revert back to Harry Boyle from "Wait till your father gets home". Unfortunately, that avatar pic is stored on my PC and while I'm working away I can't get at it.

I'll have to make do with Brad until the weekend.