Mortgage Free in Three Yrs

TallGirl

I know I posted the update slightly early this month and I have had 1 or 2 since. At the moment 25 out of 77 have not updated so if I get 10 more updates I will post the chart again later this week.

Really good to see the progress we have made - just looking at the numbers is amazing. We have pledged to pay off £3.3 million which sounds so much but then when you look to see that we have paid off £1.8 million that is also a huge amount.

AnW'sMum

For this update I have looked at the figures based on two main groupings.

There are three groups:

1. active members, those who have given an update since July 2008 update currently standing at 50

2. inactive members, those who have not updated since July 2008 currently standing at 18

3. dormant members, those who have no given an update for the last two charts. These members have had their figures removed from the calculations so that we have a true reflection of what is going on. Currently standing at 64

So.......

The results for Active members only:

Based on the info DD and TG have in their charts and by my reckoning the total of mortgages plus pension pots other savings of the 50 active participants is £4,716,832.26 with a collective aim to reduce this by £2,310,535.50 during the course of the challenge.

So far the total amount repaid is £1,319,545.00 or 57.11% of total pledged. To be bang on track at the end of month 18 (ie end of September) we should have repaid 50.00% so collectively we are ahead of target by £164,277.25 :j

The results for Active and Inactive members:

Based on the info DD and TG have in their charts and by my reckoning the total of mortgages plus pension pots other savings of the 68 active and inactive participants is £6,670,878.55 with a collective aim to reduce this by £2,946,722.18 during the course of the challenge.

So far the total amount repaid is £1,717,890.00 or 58.30% of total pledged. To be bang on track at the end of month 18 (ie end of September) we should have repaid 50.00% so collectively we are ahead of target by £244,528.91 :T

I am sure if we had had an update from the current 18 inactive members then we would collectively be even further ahead of target. So if you are one of the 18 please PM Tallgirl with your figures so we can keep track of how everyone is doing. The next update will be January 2009.

I shall report each time in the same style. So anyone who did not report in this time and does not report for the next chart will become dormant and everyone that does report will be classed as active. I hope this all makes sense!

34 people so far are ahead of target so an extra pat on the back to you all, currently 9 people are 100% or more of their targets.:j :T

Just for a bit of fun I have also looked at how many of these mortgages we would have paid off now if we started with the smallest active mortgage and worked towards the biggest! Those who would be MF now in this scenario would be: sparklymessygirl, Mushy61, freedomgirl, ailuro2, inkie, ~daisy~, Desperate Housewife, amazamum, shazzany, tallgirl, savvykaz, superfast_Gran, Gallygirl, taka, hughmungas1986, Chickadee, MoneySavingNovice, Redbedhed, MarvinTheMartian, MissPink, financialbliss, OverlandLandy, CaroB and sachsaini

And finally the best news saved til last huge congratulations to sparklymessygirl and angelavdavis on becoming MORTGAGE FREE :money:

Well done to everyone, keep going 18 months down only 18 to go

Some people have taken on new mortgages since the last update. I do have a note of their new outstanding amounts but have not used them in the above so we maintain consistency in reporting.

Looking forward to the next update

AnW'sMum

Phew think I'll go and have a lie down now!

Well done once again to everyone and I echo TG's comment, if we get more updating then I shall revise my previous post.

abouttimetoo

Hi AnW's mum - fab analysis! I'm not part of the MFIT club (part of the 2008'er) but just wanted to stop by an say hi and a very well done to you all:T :T :T :T

Dithering_Dad

Thanks to TG for taking the time to put the spreadsheet together and to everyone who provided updates!

Excellent analysis once again, AnW'sMum. It's always interesting to see TG's spreadsheet and then to read your take on the data. I'm amazed at how much we've collectively paid off our mortgages!

Mudbath

Thanks for the chart tallgirl and the analysis anw's mum. I only got my update from the bank today so have just updated. Well done so far everyone x x

shazzany

Thanks TallGirl and AnnW'smum for all the stats. This is the only type of maths I'm really keen on!

I have been feeling just like minimoocow. Am finding the last few (well 20!) grand the hardest. Have nothing left to throw at the mortgage now but have just heard that my Grandparents are going to give all the grandkids £2k each on the condition that it MUST go off the mortgage. I don't need persuading!

:j :j :j

AnW'sMum

shazzany your comment about the last £20k made me have a look at the figures again!

There are 12 active and inactive (see definitions above) members whose mortgage stands at £25k or less. In theory all those members could if they so chose convert those mortgages to personal loans and no longer beholden to the banks! Obviously it would depend on circumstances and mortgage interest rates versus personal loan rates plus repayment terms but something that might be worth considering.

Also another possible option might be BT onto 0% credit card or LOB credit card. Again would need very careful consideration.

Kaz2904

I just did a quick guestimate and if I'd continued to pay at my minimum payment then I would owe £78000 so I've managed to clear £20k extra in rough figures, obviously we've cleared more because of the windows we were paying for.
I was telling my friend how we're doing last night at work and she couldn't believe it.
When I said we were 1/2 way through she thought I meant we were going to be clear by the end of the challenge and nearly fell off her chair! She was very encouraging and couldn't believe how much everyone had paid off collectively!
She cleared her mortgage last year but got into all of this when I told her to transfer her car loan to an egg card (before BT fees! Why oh why didn't I take my own advice?) and saved herself 3k interest. That got her well and truly bitten by the bug and she was determined to clear her mortgage.
She's having a tough time now and she definately feels the benefit of not having a mortgage to pay each month.
ANyhoo, enough rambling from me TTFN, Kaz.

ailuro2

AnW'sMum wrote: »

There are 12 active and inactive (see definitions above) members whose mortgage stands at £25k or less. In theory all those members could if they so chose convert those mortgages to personal loans and no longer beholden to the banks! Obviously it would depend on circumstances and mortgage interest rates versus personal loan rates plus repayment terms but something that might be worth considering.

Also another possible option might be BT onto 0% credit card or LOB credit card. Again would need very careful consideration.

It's cheaper for us to have a mortgage and to overpay it, but if anyone was coming to the end of their fixed rate deal and could find a cheaper rate, then the arrangement fees etc. involved in mortgaging could probably be avoided.

We do like having our overpayment fund available though, so may stash some emergency cash away before we finally overpay and officially end the mortgage.