We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage Free in Three Yrs
Comments
-
sparklymessygirl wrote: »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 20310 -
Wow - well done Moneygoestomoney:T:T:T:T:T:T:T
It's all good news at the moment:D:money:0 -
FreedomGirl wrote: »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!!!0 -
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???Thanks to MSE, I am mortgage free!
0 -
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...0 -
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.0 -
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.0 -
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 152lb0 -
: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.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.0 -
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' Gang0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.4K Work, Benefits & Business
- 599.6K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards