Mortgage Free in Three Yrs

comping_cat

Changed my mind, decided to ring Northern Rock, not only can i now register for internet banking (deadly, will be checking my balance daily!!!) but ive just had my new balance, and its £79,769.21!!!! So chuffed, ive got it below 80K - YEAH ME!!!!

groatie_queen

Good milestone, Catowen, well done!!:T :T

GQ

Dithering_Dad

catowen wrote: »

Changed my mind, decided to ring Northern Rock, not only can i now register for internet banking (deadly, will be checking my balance daily!!!) but ive just had my new balance, and its £79,769.21!!!! So chuffed, ive got it below 80K - YEAH ME!!!!

Yayy! Well done Cat!

It's good to have milestones like "under 80k", otherwise the amounts on our mortgages are too daunting! I have loads of them:

1. Own half the house.
2. Pay off the Interest Only Part of Mortgage.
3. Get mortgage down under 100k
4. [STRIKE]Find 22 year old wife to replace current 36 year old one[/STRIKE]. Oops how did that one get in there

wisewoman

Great stuff, catowen.

wisewoman

Good to see you back, Groatie.

TallGirl

Thanks for the updates so far I hope you like the chart and that it makes sense. I know everyone has differnt goals but it is too difficult to show so I thought if we show how much we are trying to pay off and how much we have paid off that was a start.

Some people have asked me how we show savings which are running along side the mortage but not paid into the mortgage. Like offset savings so what does people think?

I could add another column but I think it might get a bit messy. Maybe if we eventually pay the savings off the mortgage it will show in time. Don't forget this is a 3 year challenge.

Suggestions are welcome however.

Must get some work done and look at what I am cooking for dinner.

Dithering_Dad

TallGirl wrote: »

Some people have asked me how we show savings which are running along side the mortage but not paid into the mortgage. Like offset savings so what does people think?

I could add another column but I think it might get a bit messy. Maybe if we eventually pay the savings off the mortgage it will show in time. Don't forget this is a 3 year challenge.

Suggestions are welcome however.

Must get some work done and look at what I am cooking for dinner.

I just deduct my offset from the mortgage total. Although the money is not actually "paid off", it is going to be used for that purpose eventually, so it makes sense to just deduct it now.

Why not cook some lutefisk for dinner, it's delicious! :eek:

tigtag02

Hey everyone

Welcome to newbies

Cat - thats great news on the £80K, I feel the same about finally getting under £48K. It drives me nuts that we have paid over £7k in the last 2 years and the original loan was only £50k :mad: :mad: which personally is a driving force in my quest to knock years of my mortgage!!

DD - I like your ay of thinking with the different milestones - I will have to have a think about mine

TG - my balance today is -£47,962.46 but thats all I can see via the web - I will however update you by the end of May when I have spoken to the bank and another payment has been made.

:mad: :mad: to The Bank of England :mad: :mad:

tigtag

gallygirl

OK, number 11 reporting in with simplified figures....

Start of challenge 53330.48
1st May balance less offset 52300.43

PAID OFF £1050.05, ROLL ON SUB 50K!!!!!!! :j

wisewoman

TallGirl and DD, that is an amazing piece of work...the typing alone would have taken me all day, let alone collating all the figures and identities. Superb!
And good luck to you all for May!!