Mortgage Free in Three Yrs

chickadee

Well done Angeladavis on your soon-to-be-mortgage-free status. Does that mean you'll be doing another newspaper interview to celebrate and encourage others to do the same? Seriously, it really is something fantastic to celebrate. Well done!

My balance at the end of June will be £51,791, which is a reduction of £13,209 in the last 15 months. This is amazing for me, as I didn't think I'd be able to do much. I'll send TG a PM so that I'm included in the next update chart.

On a different topic, OH proposed to me last weekend so we might have to divert some funds to pay for a wedding . We have been together over 6 years so I suppose it is about time really. No date set yet but we don't plan to wait ages. Just thought I would share my good news with you!

Kaz2904

Congratulations chickadee and angelavdavies.
SFG what will you do then? Are they basically saying to you that you can't afford your mortgage so they're going to charge you even more for it? That's ludicrous.
Waiting to update with interest tomorrow and then I can pm TG with my latest figures. I think I've already updated my sig to what it will be tomorrow but can't remember and I'm not going on to check the snowball now.
I think there may be something in the air at the moment with people being vile to each other on here. I can't understand why people feel the need to call each other names and be horrible to other people. Never mind hey?

chickadee

Just another thing on the expensive mortgages for existing customers, my hairdresser is presently in a fixed rate deal that ends in July. She first enquired about another deal with the same lender and was told the arrangement fee was £300-ish (can't remember the details). When she applied it had gone up to £999 :eek: , in the space of about 3 weeks. Basically this means it will cost her an extra grand to stay with the same lender. Has the banking world gone mad?

Desperate_Housewife_2-2

chickadee wrote: »

Well done Angeladavis on your soon-to-be-mortgage-free status. Does that mean you'll be doing another newspaper interview to celebrate and encourage others to do the same? Seriously, it really is something fantastic to celebrate. Well done!

My balance at the end of June will be £51,791, which is a reduction of £13,209 in the last 15 months. This is amazing for me, as I didn't think I'd be able to do much. I'll send TG a PM so that I'm included in the next update chart.

On a different topic, OH proposed to me last weekend so we might have to divert some funds to pay for a wedding . We have been together over 6 years so I suppose it is about time really. No date set yet but we don't plan to wait ages. Just thought I would share my good news with you!

CONGRATULATIONS CHICKADEE!

Lovely news



I'm just about to update my sig as I have squirrelled away another £2,500 as I am know counting my savings from the regular saver accounts. OH applied for another stoozecard and got £4,800 BT so that means we will be in credit on the one account until around xmas when some of it has to be paid back. This means I can concentrate my efforts on paying off the balance which is now....£22,500 yay! Never thought we could do this, can't believe it really. I can see it being sub £20k, then sub £15k and so on... little baby steps. It helps that I have counted everything in, including quidco money and stoozing has been a big help.

Looking forward to the next update

setmefree2

Congratulations Chickadee:smileyhea


and WELL DONE Desperate House wife:T:T:T

Kaz2904

Desperate houswife your paid off total is absolutely fantastic. This offset account really works for your family doesn't it!
I'm in awe at how much some of you manage to pay off your mortgages each month but I'm still plodding along nice and steady. My monthly payment is set at the overpayment and every now and then I am able to make a little extra overpayment. I will need to make more of these little extra overpayments though if I am ever going to meet my target.
I'm declaring now ready for the next update.
Start debt £92727.75 Current debt £76651.26 : Total paid so far £16076.49 or 37.38% of £43000 target.
So I am getting there. Just need to get the savings repaid really because that will make a big difference. Need to check my banking as the Egg payment came out of my current account so I can have a rejig of all accounts and see where we're at. Then get this years ISA's set up and plough through some more.
I've got a lot of weekends to work so will get paid extra in August and September so that will help a little. Even if it just clears a bit more of the owing savings or lets us have some holiday spending money.

angelavdavis

chickadee wrote: »

Well done Angeladavis on your soon-to-be-mortgage-free status. Does that mean you'll be doing another newspaper interview to celebrate and encourage others to do the same? Seriously, it really is something fantastic to celebrate. Well done! !

Thanks so much chickadee!!!! I feel a bit of a cheat - paying off the mortgage by selling the other house, but it will be a relief to see it gone!

chickadee wrote: »

On a different topic, OH proposed to me last weekend so we might have to divert some funds to pay for a wedding . We have been together over 6 years so I suppose it is about time really. No date set yet but we don't plan to wait ages. Just thought I would share my good news with you

Many congratulations to you! We married last year and had a fabulous time (MSE wedding too!). I hope you enjoy yours as much.

Thanks Kaz as well for your best wishes!

SFG - we discovered the ftbs that are buying OH's house are paying 4% over base because they are ftbs!!!! The Banks/Building Societies are continuing to exploit people! I can't wait to say goodbye to my Building Society.

Interesting what has been said about admin fees going up. I enquired a few months ago as to the final fees for paying off the mortgage. I was told £75. Then when I enquired last week - they have gone up to £125!

Superfast_Gran

Kaz2904 wrote: »

SFG what will you do then? Are they basically saying to you that you can't afford your mortgage so they're going to charge you even more for it? That's ludicrous.

What's happening is we're looking to move house and as our mortgage is "portable" we thought it would be more or less simple as we don't want any extra, we just need the same amount - maybe a bit less if we get a fair price for our current house. However, when they looked at things they said that according to their calculator we can't afford the mortgage we have now and so there would be a problem transferring it to another property! Doesn't matter that we made a full 10% payment of the outstanding balance in January, with lots of extra overpayments throughout the last year thereby reducing our 17 year term to just under 12! Go figure! What they are saying we will have to do is extend the length of our mortgage, which will in turn reduce our monthly payments so we can afford it!

Kaz2904

Will you be able to continue to make your current payments and overpayments if you do that then? If you can I suppose it's not so dire but it's still pretty awful. The whole point of affordability is not the term but the loan I thought? So & so's aren't they.

Superfast_Gran

We can continue our current payments, but it's just so galling that we have to go backwards on paper at least - if you know what I mean!