Mortgage Free in Three Yrs

Dithering_Dad

Are we losing the Overpayment calculator and Mortage free roll of honour stickies as well, or is it just the MFi3 that's been 'tidied up'?

jessicamb

Dithering_Dad wrote: »

Are we losing the Overpayment calculator and Mortage free roll of honour stickies as well, or is it just the MFi3 that's been 'tidied up'?

Hi DD

Ive unstickied this thread and the mortgage pig one, keeping the other threads at the top of the page as they are more information based rather than discussion topics. Its nothing personal against this group(or any other), but the BGs have been asked to review and where possibly reduce the number of stickies on the forum.

gallygirl

Dithering_Dad wrote: »

is it just the MFi3 that's been 'tidied up'?

Does these mean I'm going home to a tidy house :j :j :j :j ?

Can you make sure you do under my bed please .

Only a couple of weeks till the next update :j

angelavdavis

Latest news for house sale is that we are likely to exchange tomorrow or Thursday :j

I will keep you posted.

TallGirl

Wow so much good news on here, new baby congratulations Shazzany and well done and good luck on the house sales.

Shame we have come unstuck so to speak but that does not mean the quest have become unstuck. Thanks for the PM updates the Chart will go up mid July so you have plenty of time to get your figures in.

We are spending a lot of money on bathrooms at the moment but it is worth it and we are still on track. Nearly sub £20k.

Dithering_Dad

TallGirl wrote: »

Wow so much good news on here, new baby congratulations Shazzany and well done and good luck on the house sales.

Shame we have come unstuck so to speak but that does not mean the quest have become unstuck. Thanks for the PM updates the Chart will go up mid July so you have plenty of time to get your figures in.

We are spending a lot of money on bathrooms at the moment but it is worth it and we are still on track. Nearly sub £20k.

That's excellent TG, and those new bathrooms must've added value to the house too. I'll PM you with my details now because I won't be making any overpayments until after the deadline.

I was a bit worried when we became unstuck. I know that some people have been told to 'chop' their threads when they become too long and thought that the unsticking was a prelude to us being chopped. It's be a shame because it'd be nice to have a full record of our MFi3 journey from start to finish.

TallGirl

Just thought I would remind people about the next chart as we have a few that have not update since the Chart in January 08 there are also a few that have not updated since October 2007 and I ought to remove them now.

2 ThankYouAndEnjoy!
5 Miss Penny Pincher
15 hypno6
31 sturgeon62
56 Batgirl
67 Jackomdj
69 keren29
91 Karmacat
94 meme
102 molit
109 DickDastardly
115 weezl74
117 RandomLight
122 TheBees
125 TattyCash
129 Getmeoutofthere
130 Catznine
132 Lexxi

So come on all of you incl the few from this list lets get this chart updated to show us all how we have done. Remember it is not a race so even £10 off is £10 saved in the long run.

Please PM me your figures by 12th July 2008

Desperate_Housewife_2-2

Shame we have lost our 'sticky status' but I'm sure we'll all keep posting anyway to make sure it stays on the 1st page

I am quite fired up after my little 'blip' earlier on in the year, OH and I were talking about the mortgage payments yesterday and we can't believe we've paid off so much in a year, I don't know where the money's come from! Its just shaving things off the budget and constantly being creative about not spending. Its rubbing off on the kids too, DH bought herself a laptop at the weekend with the money she saved last year (she did an ebay auction and saved all her money from xmas and birthdays, she also left it in the bank to acrue a bit of interest and the price went down 50 quid so she saved even more). This whole challenge has had such a positive effect on the whole family, we are fitter (walking more), healthier (eating less cr*p and more wholesome foods), and happy because we realise we don't need loads of material things to make us happy.

When I started the challenge I never thought I'd do it but I can really see us paying it off now. So glad I joined especially with the credit crunch and food price hikes.

I've been saving some money into the regular savers with good interest rates so I'll include them in my next update.

angelavdavis

Dithering_Dad wrote: »

I was a bit worried when we became unstuck. I know that some people have been told to 'chop' their threads when they become too long and thought that the unsticking was a prelude to us being chopped. It's be a shame because it'd be nice to have a full record of our MFi3 journey from start to finish.

We update so often in the MFW forum, we are unlikely to disappear off page one anyway!!!

Bargain_Rzl

Hi all,

Haven't checked in here for ages as I haven't been making any actual overpayments, due to high-performing savings.

But I have been figuring out how best to safeguard against soaring costs when my fixed rate comes to an end (in November) and have come to the conclusion that I am going to start making the maximum allowed overpayments (Nationwide mortgage so £500 a month allowed) until the day after my fixed rate lapses when I will pour most of what's left of my cash savings into my mortgage account. IMHO because of the flexibility of the Nationwide product it is not worth holding significant cash savings as I can always re-borrow from my overpayments fund. At present I am considering not going for another fixed/tracker rate immediately when my fixed rate ends, though my view on this may change depending on what happens to interest rates in the meantime. Nationwide's SVR is comparable to the fixed rates it's currently offering. I'm keeping my eye on things though.

I made my first overpayment today after I logged on and discovered that my balance was £50,202. My monthly payment is £298.92 and is due out on 27th of this month, so basically it would have dipped under £50k for a tantalising couple of days before the interest pushed it back over again. I decided that for morale reasons I wanted it to drop under £50k and stay there, so this evening I've sent it £500 from my current account (I have an averagely-performing savings account containing £500+accrued interest which I'm about to close to replenish the funds in my current account). So by the beginning of next week my mortgage will be below £50k and staying there! :j :j :j

Anyway, in short what I am currently hoping is that I can take the balance down to the low 40s by the end of the year, which will take me into the sub-75% LTV band for my original purchase value (though who knows what Nationwide will consider my property worth by then, in a falling market). It will also enable me to keep a monthly payment similar to my current one, assuming a 2% higher interest rate (I'm currently on 4.89% so am thinking 6.89%).

I plan to wipe out my savings in November, then save hard to rebuild cash savings between December and March (as I will be expecting various costs - SO rent & service charge, plus council tax - to inflate thereafter, so will not have the same amount available to save) in whatever the best-available ISA or regular saver account happens to be at the time.

I also have shares in the company I work for, on a scheme due to mature in Jan 09 so there may be further scope to reduce my mortgage balance at that time. Ideally after that I might look for a 2-year fixed or tracker deal; another element of the employee share scheme will be due to mature in early 2011 and realise a substantial (£10k+) sum of money, so that will be the ideal time to pay off more of the mortgage and consider my options with regard to staircasing to full ownership of my SO flat.

I like Nationwide's flexibility, and being shared ownership it is a bit of a hassle to switch lenders, so am planning to stay with them.

Sorry for waffle... just thinking out loud!

Hope everybody is well, and surviving the current inflationary climate