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Mortgage Free in Three Yrs

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  • as I hate working for a living!

    Couldn't agree more Sparkly! Life's too short to be working although my plan is to get mortgage paid off by the time I'm 50 (turned 40 in March) then I'll have the option of a) staying with current employer and working 4 or even 3 days a week or b) changing employer to do something I actually enjoy doing (probably nature conservation related). Sadly, my uncle passed away last year aged 61 and I'm sure you all know someone who hasn't made it to normal retirement age so it's worth getting that mortgage paid off to give yourself some more options. Keep it going everyone! In the meantime, here's some of my boring mortgage stats as it's mortgage payment day today:

    Balance outstanding 31/03/08 £146,219.95
    Balance outstanding 30/04/08 £145,398.55
    Capital repaid in last month £821.40 (May will be better because interest rate is lower)

    Balance outstanding today after mortgage payment £143,945.02 (under £144k for the first time (just) but will increase daily until next payment although we will be below £145k at the end of the month)

    Capital repaid in Nov 2007 £711.68
    Capital repaid in Dec 2007 £764.36
    Capital repaid in Jan 2008 £776.59
    Capital repaid in Feb 2008 £782.32
    Capital repaid in Mar 2008 £815.85
    Capital repaid in Apr 2008 £821.40 (over £100 more than November when we started overpayments of £500)

    Revised redemption date Apr 2028 (i.e. 19 years and 11 months)
    Mortgage start date: 21 July 2006
    Original term: 25 years
    Agreed redemption date: July 2031

    Original advance: £155,220
    [strike]Balance oustanding on 30.09.2007: £150,387.96[/strike]
    Balance outstanding on 31.01.2008: £147,818.12
    Amount repaid since mortgage start date: £7,401.88
    Target: to reduce mortgage to £123,000 by 01.04.2010

    Current monthly payment: £963.80 + £500.00 overpayment = £1,463.80
    Revised agreed redemption date: January 2031
  • setmefree2
    setmefree2 Posts: 9,072 Forumite
    Mortgage-free Glee!
    Wow - well done Moneygoestomoney:T:T:T:T:T:T:T

    It's all good news at the moment:D:money:
  • comping_cat
    comping_cat Posts: 24,006 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    Hi DD,

    Yup, I agree - go work on that virtual graduation ceremony for sparkly :)

    (And make it a good one, because it will help me with the motivation for the final push for my mortgage!!)

    You might also need to think about a ceremory for the MFiT guys who meet their goal? Although, I had a look at the chart and it looks like the ones who have already hit their target (catowen? and others..) are keeping going :)

    I still can't quite believe how this MFiT is all working out so well - as a group we are doing great things in paying down our mortgages. Thanks again to you and TallGirl for starting this whole thing off.

    FG

    I think we decided not to change our targets once we hit them as it would mean a lot of extra work for Tall Girl if we all started to change - but im determined to beat my target by as much as i can, so im still plowing on!!!
  • angelavdavis
    angelavdavis Posts: 4,714 Forumite
    Mortgage-free Glee!
    Hi everyone,

    Kaz, belated happy birthday - enjoy your celebrations this weekend!

    Sparkly - I'm dead jealous! Congratulations!!!

    Have a good bank holiday everyone! Is it me of does Easter seem a long long time ago???
    :D Thanks to MSE, I am mortgage free!:D
  • financialbliss
    financialbliss Posts: 1,952 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Hi all,

    Hope you don't mind me posting this a little early - expect I'll not have a chance to post tomorrow. Got a full diary!

    Well, today we're sitting @ 1 year 11 months and 0 days remaining, or in pure numbers - 700 days remaining.

    As of tomorrow, we're dropping a leading digit again - just 699 days remaining.

    Keep chipping away at those mortgages...

    Financial Bliss.
    Mortgage and debt free. Building up savings...
  • Kaz2904
    Kaz2904 Posts: 5,797 Forumite
    1,000 Posts Combo Breaker Mortgage-free Glee!
    D'you know FB, I was on your thread earlier and it prompted me to google countdown timers wondering how long was left!
    I got a bit kerfuddled though and did one for my snowball date but not this one (doh!)
    Debt: 16/04/2007:TOTAL DEBT [strike]£92727.75[/strike] £49395.47:eek: :eek: :eek: £43332.28 repaid 100.77% of £43000 target.
    MFiT T2: Debt [STRIKE]£52856.59[/STRIKE] £6316.14 £46540.45 repaid 101.17% of £46000 target.
    2013 Target: completely clear my [STRIKE]£6316.14[/STRIKE] £0 mortgage debt. £6316.14 100% repaid.
  • Happy birthday Kaz :)

    Well done Sparklymg :)

    Just updated sig and balance now £26k can't believe I've paid off £37k since Jan '06!

    Keep it up everyone and enjoy the bank hol weekend, I've just planted some veg today to try and keep food costs down, sprouting beans and seeds on windowsill too to cut down on salad costs, better for you too.

    :)
    Save £12k in 2012 no.49 £10,250/£12,000
    Save £12k in 2013 no.34 £11,800/£12,000
    'How much can you save' thread = £7,050
    Total=£29,100
    Mfi3 no. 88: Balance Jan '06 = £63,000. :mad:
    Balance 23.11.09 = £nil. :)
  • tattycath
    tattycath Posts: 7,175 Forumite
    Part of the Furniture 1,000 Posts
    Well. I'm not feeling as great as I might about my success in this challenge. In january we completely lost track for some reason, when all the DDs should go out of the bank. OH asked the bank for a list of all the dds and the dates etc. (as he works for himself and wanted to know specific dates)The bank said they would charge him £8 for this service. OH didn't want to pay this charge so I suggested that we just trawl over the statements and we should be able to work it out form there, But OH in his infinite wisdom decided to cancel all the DDs (apart from the loan) and reset them all up again to specific dates, keeping a track of them as they were set up.... Only... I've ended up having to type up a letter with his details and getting him to sign them all so I can get in touch with all our creditors and we still haven't finished and it's now many!!! To cut a long story short we ended up behind with the mortgage by just over £900 and I managed to pay £120 lump sum yesterday, but instead of helping with our challenge, it is paying some of the arrears. I haven't given up, this is just a set back. We did get an intewrest rate cut as of 1st may, so we're now making a £12 overpayment every month with no effort, but I need to pay off this nearly £800 arrears. I have asked for an up to date redemption figure from the bank so that we know exactly how on course-or not we are. Hope my next post is really up beat and positive!!!
    GE 36 *MFD may 2043
    MFIT-T5 #60 £136,850.30
    Mortgage overpayments 2019 - £285.96
    2020 Jan-£40-feb-£18.28.march-£25
    Christmas savings card 2020 £20/£100
    Emergency savings £100/£500
    12/3/17 175lb - 06/11/2019 152lb
  • ailuro2
    ailuro2 Posts: 7,540 Forumite
    Part of the Furniture Combo Breaker
    :eek:Oh Tattycath what a shambles!

    Once it's all fixed I suggest you give DH a copy, and also keep a note of it somewhere separate from your DH - that way he can't lose it and you'll be able to let him know what's due to be paid when. Keep a notebook with all the overpayments etc. too so you can see how well you're doing when things are better.

    We're lucky that our current account can be seen online and there's a link to let you see when each DD was last paid, and how much it was.:T ...But we always know each month to within a few pounds how much the DDs will be, cos we regularly count to see how much we'll have left once the credit card and DD's come off at the end/start of every month.

    imho your DH sounds keen to help, but maybe you'd be better taking the financial reins to let him concentrate on looking after his own accounts.:confused: Forgive me if I'm talking out of turn but refusing an £8 charge that ended up costing your more?:p
    My DH lets me do the filing, overpaying etc. but we always chat about what we'll do first, so when I say 'have the reins' it's more having him sitting beside you, you talk about which direction you're going in next, then adjust the reins to suit.
    Member of the first Mortgage Free in 3 challenge, no.19
    Balance 19th April '07 = minus £27,640
    Balance 1st November '09 = mortgage paid off with £1903 left over. Title deeds are now ours.
  • AnW'sMum
    AnW'sMum Posts: 4,416 Forumite
    Part of the Furniture Combo Breaker
    Sparkly I just have to say what an excellent choice of date to pay your mortgage off, that is the date we got married and it would have been 10 years this time. You must be so excited, enjoy the day :) As to the deeds, now that everything is computerised at the Land Registry there is no need to keep your deeds at the bank/b soc. Depending on the age of your house they will make very interesting reading.
    Official Mascot and Chief Cheerleader for the 'Mortgage Free in Three' Gang :D
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