Mortgage Free in Three Yrs

Dithering_Dad

FrugalNotTight wrote: »

According to the mortgage calculator I would need to double my mortgage payments to achieve a 3 year mortgage free goal.

Can you do that? Are you sure you want to, your IFA seems to think this is not a good idea?

Then again, my IFA told me to invest in an endowment to pay off my mortgage and have a lump sum left over! :rolleyes:

FrugalNotTight_2

Hey DD. I think it would be a great idea but under the circumstances it's just not possible. I would have to pay bills and pleasures with money I don't have. It's not something I can actually do and obviously would be a very bad move!!!!

I think I'll aim to save the cash I've mentioned before and when I hit £1,000, I'll pay it off as a lump sum.

cupid_s

I've just worked out my 3 year plan involves me overpaying by £56493.59 over the 3 years! My normal monthly payments over that time would have been £15966.24 so all told I'll be paying £72459.83 in 3 years. This is more than we earned in the last 3 years! It's also about the same mortgage as we took out i the first place which goes to show how much interest we'd be saving if we manage this.

DH thinks the only way we'll be mortgage free in 3 is if we sell (which is always a possibility as who knows where we'll get jobs) but if/when we do sell I need the tiniest mortgage possible

Dithering_Dad

cupid_s wrote: »

DH thinks the only way we'll be mortgage free in 3 is if we sell (which is always a possibility as who knows where we'll get jobs) but if/when we do sell I need the tiniest mortgage possible

That's certainly something to consider, Cupid. Here's my idea, we all sell our houses, club together and buy an old deserted monastery in Mexico and start a commune with me as the spiritual leader.

*DD goes off into a Homer Simpson style thought trance*

hmnnn, :think: monastery full of MFiT women, me and some (newly created) MFiT eunuchs......

Am I the only person that thinks this is a good idea?? I've analysed it and don't really see a "down-side".

amazamum

Hi DD Please see post 196 of the thread to see what I worked out that I will save/have to pay over the 3 years to achive my goal.
Thanks,I will update when I can good luck everyone.:T :T

Dithering_Dad wrote: »

Wow, we have a load of new members now and so we'll need to recalculate the 3 yr repayment amount once some of the new members come back with what their 3 yr repayment targets are. It'll be a sizeable amount though and I'm sure our mortgage providers will grow to hate our support group in time.

If possible, could the following members have a go at figuring out what they will actually have to repay in cash to achieve their goals - it'd mean we could add this to the final total, plus I think it's easier to hit this sort of a target if you can see it in cold hard cash!

12. tigtag02 - Reduce her mortgage term by 10 years.
13. amazamum - Reduce her mortgage term to 4 years.
35. chica_fi - Reduce her mortgage by 40%.

p.s. tigtag02, I think you've already given me this info but I can't find it anywhere! Tsk, sorry could you PM/Post it again?

Miss_Penny_Pincher_2

Hi taka

If you want to give me a couple of mortgage options e.g. amount would be with loan / without, length of term and interest rate I should be able to calculate what your mortgage will have reduced to in 3 years

If any other questees want me to have a go at calculating any mortgage targets for them just let me know... pfpf I'm happy to try to work out where you could be in 3 years rather than 5 if you'd like?

Penny, The Bum Pinching Geek

taka wrote: »

:hello: Hi all and well done so far!! :j I would like to join too please!

I plan to overpay by at least £150/month as of this month as I can definitely manage that. I guess that means I plan to pay back an extra £5250 over the next 35 months. I know I'll have paid my regular payments and their part of the repayment too in this time along with saving interest but its beyond me to calculate this!! Looks like the overpayment calculators say it'll cut about 9 years off my mortgage too! :j

My finances are a bit screwy for the next couple of months so I'm not going to give real numbers until I get it sorted! (Looking to take out another fixed rate mortgage period soon once I know exactly what my communal roof repairs and new bathroom plans are going to set me back and their effect on my budgeting/possible loan/savings! :rolleyes: ). For the moment any "overpayments" will be transferred to a savings a/c so I don't go near it!!

Taka

pink_fairy_7

Hi all
Can I join please. I read the latest posts daily and want to join you all:sad:
Our mortgage currently stands at £135,850. (April total) This is on a rate of 4.94% fixed until July 2008. After christmas and the wedding we plan to overpay by £600 a month and increase this to £1200 in 2009. We both also can get good christmas bonuses and after this year they will go towards the mortgage. The ultimate target is 5 years but in 3 years we plan to reduce the mortgage by £50K.
I am also clearing my debts which are currently £24,742. I am half way there, they where £45K:eek: :eek: OH has no debts at all.

We already live quite frugally and find this more fun than spending. Tesco clubcard deals pay for a meal out every month and I do cashback clicks to gain extra money for my kids expenses etc. We want to clear the mortgage and debts so that I can leave a job that I detest. Having a goal of 5 years makes it bearable.
Sorry for the long post:o

pf x

ThankYouAndEnjoy!

Hello Gang

Got a quick question.

With reference to insurance policies mentioned - Contents / Buildings / Life -

I know some companies offer discounts on purchasing multiple insurances from them (say 15% or so) however, on Quidco, would it be better to purchase all 3 of the above from different suppliers and obtain the £100 or so from each as cashback from Quidco? (£300 cashback) - changing each year from 1 to the other in a continuous loop?

Is there anything on Quidco that prevents you using this service in this way? Would the companies 'wise-up' to what you were doing?

On my personal thread some people have mentioned that our Life insurance is excessive; i have looked at a few quotes and worst i have done is cut the monthly charge in half. Im therefor looking at all my insurances and wondering if the best bet is to have multiple suppliers, taking advantage of Quidco. Even if i used this procedure once for all insurances, i would make £300 cashback and have reduced my monthly insurance outgoings ... double bubble

Am i being thick :question:

Im in desperate need of quick cash, as my water company have grossly underestimated our water usage, to the tune that we now owe Essex & Suffolf Water / Anglian Water £200 each !! :eek:

wisewoman

Dithering_Dad wrote: »

That's certainly something to consider, Cupid. Here's my idea, we all sell our houses, club together and buy an old deserted monastery in Mexico and start a commune with me as the spiritual leader.

*DD goes off into a Homer Simpson style thought trance*

hmnnn, :think: monastery full of MFiT women, me and some (newly created) MFiT eunuchs......

Am I the only person that thinks this is a good idea?? I've analysed it and don't really see a "down-side".

Oh brilliant! That was so funny...they say it's healthy to have a belly-laugh once a day...some bits of me are still shaking. I'm off to the library for a phrase-book.

wisewoman

pink_fairy wrote: »

Hi all
Can I join please. I read the latest posts daily and want to join you all:sad:
Our mortgage currently stands at £135,850. This is on a rate of 4.94% fixed until July 2008. After christmas and the wedding we plan to overpay by £600 a month and increase this to £1200 in 2009. We both also can get good christmas bonuses and after this year they will go towards the mortgage. The ultimate target is 5 years but in 3 years we plan to reduce the mortgage by £50K.
I am also clearing my debts which are currently £24,742. I am half way there, they where £45K:eek: :eek: OH has no debts at all.

We already live quite frugally and find this more fun than spending. Tesco clubcard deals pay for a meal out every month and I do cashback clicks to gain extra money for my kids expenses etc. We want to clear the mortgage and debts so that I can leave a job that I detest. Having a goal of 5 years makes it bearable.
Sorry for the long post:o

pf x

Hi pink fairy, and welcome to the quest.