Mortgage Free in Three Yrs

angelavdavis

Hi all,

Glad everyone is doing so well.

After much deliberation, OH and I put OH's house on the market a few weeks ago and looks like we are going to exchange & complete with ftb's on 13th June. All is going well, we secured the sale price with a surety and have asked for a fast turnaround.

This will enable us to clear half the capital value of the mortgage, reduce the term and fill the offset with funds equivalent to the remainder of the mortgage so we will owe that amount at 0% in case of emergency.

The plan then is to use our MFiT tactics to build up savings equivalent to the offset so we can completely pay off the mortgage within our target 3 years.

Fingers crossed it will all go OK:j

Little_Mama

Good luck with the plan Angela.
LM

ailuro2

Good Luck, that will be great, fingers crossed it all goes smoothly!:beer:

TallGirl

Quick update from me too:

:j Bathroom has been ripped out and we are now on our way. Have more of less bought everything need and are still in budget of about £15k for all 3 rooms.

:j Mortgage is down to £21k can't wait to get sub £20k

:j MB profit nearing £2000 in 4 months which I am pleased with.

:eek: Have had a chat and decided to chuck the old contraceptive pills in the bin and see what happens. Now this is scary scary but we both feel it is the rigth decision so also quite exciting. I am 37 (38 in Aug) he is 45 so it might not happen. Being Mortage free would make this project a lot easier in the long run so still committed to MFi3.

shazzany

All the best Tallgirl!:D

Desperate_Housewife_2-2

Hi Tallgirl, just logged in to wish you good luck. I think you are doing the right thing focussing on having a low mortgage if you are looking to start a family. I wish I'd saved more money before our little ones arrived as it is easier to save when there is just the 2 of you.

I'll update my sig soon, hope to pay off another 1k this month as I've done loads of work.

amazamum

Goo luck Tallgirl,Let us know if there is any happy news.

benbenandme

Ooooh good luck Tallgirl !! Just think, our very first mfit baby
The overpayment I made last week has cleared today, which take me down to just under €54k :beer: Its given me more motivation again

comping_cat

Ohhh, good luck Tall Girl - i wouldnt be without my 2, children really are a joy!!

chickadee

Hi everyone. Ooooh TallGirl, that is exciting! Good luck. Don't be disillusioned if nothing happens straight away. Your system may take some time to settle down. In the meantime, fingers crossed!

MFIT update from me, Had to check this a couple of times, but I have achieved my original goal! Yay!!! :j When I set out on this journey, I was very cautious and set myself the target of reducing my mortgage that was then £65,000 by £11,000. Today I have instructed an overpayment to be made on my One Account so that my balance at the end of this month will be £53,538. This means that I will have reduced my mortgage by £11,462 in just over a year.

The trouble is, the original target doesn't seem like it was too difficult to achieve, a bit of a soft target if you like. Now I'm really giving the mortgage much more attention and £11k isn't enough any more. I don't think I'll realistically be able to pay it all off in the remainder of the challenge period but I want it gone by the time DS (now 12) leaves school. He will leave high school in July 2012 and I don't want the mortgage to still be round my neck then.

I think I should increase my target to £40k (not on the chart as it would mess things up, just my personal target). Taking into account my rather slow start, this is achievable but still leaves me with £25k to pay off after the official end of the challenge period but before DS leaves school.

chickadee