Mortgage Free in Three Yrs

TallGirl

We took out a 25 year endownment mortgage in 1994. Remortgaged in 1999 to repayment mortgage but kept it so it would end in 2019. We have been overpaying ever since and stand to cut 9 years off if we finish in 2010.

Well done to everyone who are part of this challenge. By the way if you can't find the chart I aways post the latest updated version in Post 2 right at the front of the thread.

1274

plzhelpmesave! wrote: »

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

To overpay online - phone up your mortgage co and find out the a/c no and sort code you need to pay into and the mortgage reference no you need to include so the money is marked as paying off your mortgage and not just going into their general account. Then, in your internet bank, pay it either as a bill payment or as an electronic funds transfer (both work for one off overpayments) or a standing order (regular overpayments). The beauty of my bank is that I've set up both a BP and a SO for my overpayments, and the mortgage company's details were saved for both, so that I can just put in the amount and date and, bang, it's done. I also have bank accounts with my mortgage company (Smile/Co-op) so the money is transferred instantly - but otherwise it might take a couple of days for the overpayment to clear. HTH

setmefree2

We took our mortgage out a 25 year mortgage in 2002 .We are still very much on target to have it paid 2012. So a 25 year mortgage paid off in 10 years. Saving £142k!:money:

catshark88

Our mortgage has 22 years to run but we are on target to pay it off in 2016, saving 14 years of mortgage payments . Can't remember exact amount this should save, but we worked out that it would be enough to pay to send DS to a private school for his whole education if we choose that route.

That's what spurs us on really. With each overpayment we are paying to be able to choose between a) finding the best route for our child or b) generating profit (or rather less loss!) for Barclays. No brainer really...

Optimistic_Saver

:j
We took a new 25 year mortgage out when we moved house in 2004. Thanks to MFI3 and MSE we are are on target to pay it off 14 years early. We only started chipping away at this when we joined the MFI3 challenge last year and fingers crossed only have 7 years to go.

Like so many people on this thread, I keep reminding myself to treat the mortgage like an overdraft - and to throw whatever we can at it, when we can!

FreedomGirl

Hi,

For a MFiT slogan, how about?

MFiT - my house, not the bank's house

Or

MFiT - We're paying it off our way

None are any good , but I thought it would help keep the discussion going!

FG

[Deleted User]

TallGirl wrote: »

Totally agree Cupid and I am sure we would have done the 1/3 if everyone had sent me their updates. I still think it is amazing how well we have done.

Just a comment on the 'behind target' thing: it occurs to me that a fair number of us have been paying off rather less capital in year 1 than we will be in year 3, so a raw percentage may not tell the true picture. Indeed, by that reckoning we would expect to be 'behind'. Case in point, we're paying close to £300pcm in interest at the moment, but by the end of year 3 that'll be down to almost nothing...

esthomizzy

My current remaining term if I continue my regular overpayment of 200pcm (total payment 1650 including this) is 18.34years. Was originally 25 years starting July 07. I'll still be 48 by then though so I hope I win the lottery too . I'd like to pay more as the snowballing of how much you save is mindboggling but I just can't afford any more at the moment.

angelavdavis

I remortgaged with my current provider when my fixed term ended after 2 years back in November. The current term ends in 2026. However, if I meet my MFiT target, it will be finished in 2010, saving over £55k in interest!

My entry for the MFiT slogan will be: "Interest rates on the up? Who cares, we are MFiT members!!" or even "Mortgage? What Mortgage?"

AnW'sMum

There was a group on MSE
Who decided to be mortgage free
How long should they take?
Well it has to be fate
To be mortgage free in 3

Might need a bit of tweaking! And I know it's not strictly a slogan but hey ho