Mortgage Free in Three Yrs

setmefree2

Good luck with that JB:j

Kaz2904

Has anyone worked out yet how much time they've knocked off yet?
My official end date should be July 2023. If I dropped back to my minimum payment and never made another over payment again I would still be clear by November 2018. I'm quite impressed by that as I have saved myself an awful lot of time and money over the last 16 months. My mortgage will definately be gone by the time my eldest is off to university (should she want to go that is!).
Do think that we may struggle to keep up the overpayments at the current level in view of everything rising so much. Drew up my new budget the other week and worked out that we should still be able to repay our savings gradually and do the work on the house and make the overpayments.
It's still going to be slow progress but it is SO going to happen!

hughmungas1986

'Has anyone worked out yet how much time they've knocked off yet? '

Well this is my quick story about that,

After having an endowment mortgage for a few years and getting various red letters, we decided to remortgage to a straight repayment, using the endowments as savings / fall back to pay the mortgage when there terms are up. We also took the decision to extend, so in January 2006 we remortgaged on a two year deal with a 10% overpay facility over 25 years - No Fee.

After two years of payments and overpayments the balance stood at £ 56000.

After joining the MFIT challenge and with the deal due to finish we had to sort out a new deal to avoid the banks SVR.

We decided to go for a Lifetime Tracker at 0.27% over the banks base rate over 14 years, again with no set up fee. This mortgage allows us to overpay whatever we want whenever we want.

My MFIT challenge is to reduce the balance to £ 20000 by 1 April 2010.

So in answer to the question, yes I have worked it out, my original MF date was 1 january 2031, this was reduced to January 2022, now I'm looking at paying the mortgage in 5 years and 10 months by October 2011.

I hope I've not rambled on too long, or bored you all too much, thanks for reading.

hughmungas

TheBees

Evening all

Thanks everyone who replied regarding my query about making overpayments to the mortgage or putting it in the savings account. I think we will carry on putting the money into the savings account and make lump sum payments towards the end of each year. I am normally good at leaving money like that alone as we have different accounts for different purposes which we save into (rainy day account, car account, holiday account, karting account, bills account.....the list goes on!) :rotfl:

I am in awe of some of you who are reducing your balances by huge amounts. We could save a lot more if we hadn't booked TWO HOLIDAYS this year!!!! One is this summer and our first beach holiday in years and the other is skiing over Christmas. We're doing the ski holiday on a tight budget (driving there ourselves and booked an appartment privately rather than with a travel company). Although we want to get rid of the mortgage we still want to enjoy life with the children before they leave home and have funds to do up the house and garden etc and lead a normal life! The grocery challenge is helping us to save a fortune on food and the £2 coins are building up too!!!

Anyway - Congratulations to you all who are doing better than we are!
TheBees

minimoocow

Anyone else think we should get an official slogan like the DFW's?

A few that have come up recently could be:

MFiT - It's a marathon not a sprint!

or more topical

MFiT - Sorry for the credit crunch!

Actually they are fairly poor but you get what I mean and I'm sure someone can come up with something better - what do you think?

MMC

Move_To_Portugal

Wow its amazing how much everyone has paid off.

Thank you TG for all your hard work on the chart, thanks DD for starting the challenge and thanks AnW'sMum for the cheerleading. :T

Here's to another 2 years!

mtp

gallygirl

minimoocow wrote: »

Anyone else think we should get an official slogan like the DFW's?

A few that have come up recently could be:

MFiT - It's a marathon not a sprint!

or more topical

MFiT - Sorry for the credit crunch!

Actually they are fairly poor but you get what I mean and I'm sure someone can come up with something better - what do you think?

MMC

How about:

MFiT - Tell your mortgage co to **** off :rotfl:

or more politely

MFiT - Tell your mortgage co to take a hike

'Has anyone worked out yet how much time they've knocked off yet? '

Bought in Nov 99 so MFD Nov 24 :eek:
Currently down to June 15
WILL BE AUG 11 :T somehow

Also 2 BTL mortgages due to be paid off Oct 23 & Oct 28. Snowballing means, if Aug 11 deadline met & £500 a month also paid, both will be paid off (or at least the equivalent held in savings) by June 16 :T

1274

Bought June 2001 with a 30 year term
Should clear it by June 2011 - 20 years early

2 things made this possible: internet banking, so I can overpay whenever I have a spare £1 and MFIT for making me want to overpay if I have a spare £1 rather than fritter it away

ailuro2

Yes, we do need a slogan, have been trying to think, but everything comes out as a limerick, and I can't think of anything that rhymes well with mortgage!:p

plzhelpmesave!

1274 wrote: »

Bought June 2001 with a 30 year term
Should clear it by June 2011 - 20 years early

2 things made this possible: internet banking, so I can overpay whenever I have a spare £1 and MFIT for making me want to overpay if I have a spare £1 rather than fritter it away

well done you for your motivation! i did a quick calculation and know that each £1 on my mortgage costs us £1.92 to pay back - but still haven;t managed to over pay yet! i did phone yesterday and they said we could make extra payments in branch or set up an SO - how do you overpay online?? we;re on a fixed term with west bromwich and can overpay by £1k a month (not that we have this much)!

thanks & keep going with your journey