Mortgage Free in Three Yrs

[Deleted User]

Just caught up on the last three weeks' worth of posts!

I used to do contract IT, but bailed out in 2001 (a) because of IR35; (b) on finding a company that was good to work for (I'm still there, and enjoying it immensely - most of the time!); and (c) because while contract rates sound attractive, once I'd factored in all the taxes and overheads, the difference in take-home pay wasn't much, and it wasn't worth all the hassle (and the uncertainty of not knowing whether I'd be working in Bristol, Birmingham or Bremen). That may change in future, but for now I'm happy. Different strokes I guess - and no, the labotomy was not painful at all!

Also, congratulations to Shazzany! May your bundle of joy bring you bundles of joy.

Finally a quick MFI3 update: as of today, our mortgage balance stands at £45,827.27, which means we've paid off £20,668.66 in the last fifteen months and we're 39.95% of the way to our target! Happy days!
:j:beer::j

setmefree2

Marvin_the_Martian wrote: »

Finally a quick MFI3 update: as of today, our mortgage balance stands at £45,827.27, which means we've paid off £20,668.66 in the last fifteen months and we're 39.95% of the way to our target! Happy days!
:j:beer::j

Amazing - Well Done:T:T:T:T

FreedomGirl

Hi Minimoocow (love the name BTW),

Thanks for the kind post, and the motivating thoughts. There have been times when I have wanted to say "what's the point, we're going to go backwards anyway?", so you really hit the nail on the head.

I'll stay motivated, I promise, and I think you guys will help keep me on track if I start to wibble

FG

angelavdavis

:j :j We've exchanged on OH's house at last!!!!!:j :j

Sadly we won't complete before the next MFiT update is due - will happen on 18th July!

Desperate_Housewife_2-2

yay! so glad to hear that, well done, especially in todays housing market. What a weight off your mind!

Superfast_Gran

Our house went on the market last week. I know it's early days but we've only had one couple view it so far! We've found the house we want to move to and have agreed a price, which is less than ours should go for. However, any difference is likely to go on marketing/lawyers fees etc Even worse, when we went to the BS the other day they told us we won't qualify for the same amount of mortgage that we currently have over the same period - we don't meet their "affordability" criteria. Doesn't matter that we're currently paying ALL our bills when due, if not overpaying, or that we've effectively paid over £10K in under 3 years!:mad: :mad: :mad: :mad:

minimoocow

That's good news angelavdavis . . . I've been watching for your update (didn't like to ask as I think when we were close to exchange if one more person had asked me how it was going I'd have been inside for murder! :rotfl: )

Does that mean you'll be totally MF in less than a month?

A mini update on us . . . I have just checked the one account today, we both got paid yesterday so we have just dropped below the £10k mark :beer: . . . only 4 figures for the first time . . . This will obviously go up a bit over the next month but I'm hoping we can spend very little this weekend so my update at the month end will be sub £10k :j

MMC

angelavdavis

Superfast_Gran wrote: »

Even worse, when we went to the BS the other day they told us we won't qualify for the same amount of mortgage that we currently have over the same period - we don't meet their "affordability" criteria. Doesn't matter that we're currently paying ALL our bills when due, if not overpaying, or that we've effectively paid over £10K in under 3 years!:mad: :mad: :mad: :mad:

I think it is completely mad for them to behave like this, you would think they would take into consideration your existing record as a customer.

minimoocow wrote: »

Does that mean you'll be totally MF in less than a month?MMC

Yep! Thanks for thinking of me (and not mentioning the sale )

Desperate_Housewife wrote: »

yay! so glad to hear that, well done, especially in todays housing market. What a weight off your mind!

Thanks DH for this - it will really help us. Mortgage free before 40 was only ever a dream until OH decided to sell his house.

ailuro2

Superfast_Gran wrote: »

Even worse, when we went to the BS the other day they told us we won't qualify for the same amount of mortgage that we currently have over the same period - we don't meet their "affordability" criteria. Doesn't matter that we're currently paying ALL our bills when due, if not overpaying, or that we've effectively paid over £10K in under 3 years!:mad: :mad: :mad: :mad:

SFG, sadly,you're right... it doesn't matter to them what you're doing now...

a year or two ago, people were having credit thrown at them whether they could afford it or not, now those same people are starting to struggle , the knock on effect is the banks are being a lot slower at handing out money where there might be a risk - it's the "computer sez no" sketch from Little Britain, don't you think? - once again, ordinary folk are suffering for the bank's previous mistakes.:rolleyes:

minimoocow

Got statement from the One Account on Friday . . . apparently my mortgage is now £88 a month for the next 19 years! :rotfl:

Seems a bit odd that they don't tell you how much you have reduced the term by as that's how they advertise the account but still . . . Not a bad amount for a 3 bed terrace - Someone was asking if I was worried about negative equity the other day . . . Think we are probably safe barring armagedon - what do you reckon?!