Mortgage Free in Three Yrs

Kaz2904

I like it!
Good point Marvin about the interest paid. I did say that to someone but can't remember if I actually posted it or not?
May make people feel better though about not quite meeting the 33% target. For those who have hit 33% they will be able to pay more than 100% of their target by year 3 if they continue to overpay at the same rate.

OverlandLandy

I had a look at my on line statement and it now shows the term left if you maintain the current levels of payments......after the 1st 3 years....its down from an initial 24 years to 13 years.:j

I have not worked out the interest I could save, however is a few £££ I'm sure as its over £5k in offsetting alone so far.

comping_cat

I took out my mortgage back in September 2003 - £90K over 30 years (repayment)
With the overpayments i have made, i now owe £68K and instead of 25 years 6 months (if i hadnt made any overpayments) im now at 16 years 9 months!!!

Im hoping to get my mortgage paid off in the next 8 years, quicker if i can because i would love to be mortgage free by the time my son is 18 (hes 11 now)!!!

Dithering_Dad

That brill cat - even if you stop overpaying today, you've reduced your original term by years 8.75 years!!

Such an achievement and a real incentive to anyone thinking of becoming a MFW.

ailuro2

Today I'm off for the next (hopefully final?) round of job interviews / group exercises / presentations as part of the internal promotions system at my place of work.

Keep everything crossed for me - I started the process because I wanted more job satisfaction, but now I see how wide reaching the role is, I'm thinking there will be some more money for the overpayment pot too.:dance:

We're already looking at another £1k for the pot next month as the holiday people don't need paid until July.:D



Keep going everyone, there's not an awful lot going on at the moment in terms of Christmas, summer hols etc. to suck up the cash, so it's a good time to concentrate on whacking down that outstanding balance.:T

angelavdavis

Good luck A!

Paid in my upped "gap" amount of 198.69 (original monthly payment minus current reduced rate thanks to interest rates going down) off the capital. The mortgage payment reduced by about £30 with the interest change, so that goes off the capital.

I have had to ransack the offset sadly though. The good news is that OH has given me £1000 to cover incidentals that I have been paying for when sorting out his house to sell, so I am planning to pay this into the offset, together with £5k of stoozing cash. We are also eBaying anything we won't be able to fit into my house once we sell OH's house. We MIGHT use the cash to pay for a weekend away though - as we have been so good!!!

cupid_s

Good luck for the interview things ailuro. I am sure everything will work out for you.

I'm not sure how much money I'll be paying off for the next few months. We have to pay the remainder for our holiday by december - but the balance is £7390. So from june (when I get my first months pay) until november we have to put away £1230 each month to cover that which means less money coming off the mortgage.

Hopefully this holiday shouldn't put us too much behind though. And if we finish the challenge we'll have knocked 19 years and 5 months off our 25 year mortgage!

shazzany

Well I'm not sure I'll be paying much at all off in the next 2 years!

Am expecting my 2nd littl'un in July and the plan was to save from my salary this year so we could put it towards the mortgage next year. Have managed to spend it all tho! Weddings ( not mine), holidays and general life!

We had been overpaying for the last few years but I worked out yesterday that we will only just be able to afford the bare minimum repayments on our mortgage ( £300pm ish) if I decide not to go back to work . Mortgage would be finished by 2014.


I am very happy that I am in any position to even consider not returning to work. I know plenty of friends who just don't have that option as they have humungous mortgages. I just would like to have it both ways I guess!

sharon x ( and bump!)

AnW'sMum

Congratulations Shazzany, one of the nicest reasons not to be overpaying I think

setmefree2

Congratulations Shazzany - I enjoyed being a SAHM....Remember "it's a marathon not a sprint":D Good Luck.