Mortgage Free in Three Yrs

Desperate_Housewife_2-2

A big well done to everyone from me!

Ive just had a quick surf round the site and this thread is definitely more upbeat than most . I am so glad I started this challenge as no matter which way the markets turn or what governments decide, it feels better to me to be mortgage free.

We are collectively overtarget which is great and some have even paid theirs off already which is great too!

Right, sleeves rolled up for the next 18 months! From the end of the month I will owe £1k for every remaining month!

I wonder what will happen this week with the global stock markets? I cant stop watching the news, it reminds me a bit of the 1980s when the mini tornado came and disrupted everything (poor old Michael Fish!)

ailuro2

DW - you're right, this thread is an upbeat one compared to the rest of the board.
It's weeks like these that make me glad I'm risk averse - of course when the stocks and shares are riding high we think about buying some, but never do...we only own company shares for the tax benefits and bogof they were doing on the shares at the time. We'll keep plugging away at the mortgage for now, and hope everyone else is hanging in there too!

MoneySavingNovice

Sorry to be a misery on all this up-beat feeling, but I must have a moan and tell you all that today I am at risk of going back-wards.

I have (had?) £28k of my mortgage offset in Icesave (it was a good rate) A worrying time for me. I think that I should get the money back in around five months, but I guess that I would lose the interest and I am concerned that I might never get it back if Iceland defaults on its guarantee.

Other than that I made good progress on cutting down my mortgage - but for a while I am going to concentrate on paying off the actual mortgage rather than trying to do anything 'clever'.


Sorry for the moan!

Desperate_Housewife_2-2

Hi moneysavingnovice, try not to worry about things, there is the guarantee from the governments and although its a worrying time for everyone, the global governments can't afford for everything to collapse, our whole way of life would be in jeopardy!

I've got some stoozepot money in savings accounts, around the same amount as you and have dithered about withdrawing it but have decided to leave it, the banks have the backing of the government and in your case you should get your money back, it just might take a little longer but you'll get it back.

I've been watching the news and the reporters just love all the panic and hype! The key to all this is 'if you can keep your head when all around you are losing theirs...' we'll be fine, take comfort in the fact that you are paying off your mortgage, a safe haven for savings is to pay off debt anyway, try not to worry, in years to come we'll look back at all this and realise it was a blip, we were due for a correction and hopefully now the governments will make policies and laws to protect against dodgy banking practices.

Trying_to_be_good

MoneySavingNovice

It must be worrying, but your attitude (to pay off the mortgage directly) seems a good proactive step.

Fingers crossed they establish the process for reclaiming very soon, and you know where to get the money back from quickly.

MoneySavingNovice

Thanks 'Trying to be good' and 'Desperate Housewife', your both right of course!

In my case, even in the worst situation were I lose the whole amount, this is only a setback for me not a disaster!

There are many people in a worse position than me!

I'm already thinking about how best to protect my position, with my remaining accessible cash. Also we, as an extended family, are all starting to think the best overall approach, including some of the older member's lending money to the younger ones to pay of the debts (I include mortgage's in this) to protect the overall position of the extended family.

It could be the 'wake-up' call we need.

TallGirl

I totally agree it is scary with what is happening in Iceland. It is such a small country and I did wonder how they could have such a strong financial position in Europe. I have investments in Denmark and read the Danish papers this morning. Affected is a Danish bank called Nordea which I have an investment thingy in and a brewery called Royal Uni Brew which I have shares in. Guess I don't have to worry about savings like so many on here in Icesave but it does affect in so many ways.

By the way please keep the updates coming I have got 7 so far since I posted the chart so another 3 and I think it is worth posting the chart again.

LookAfterThePennies_4

Hi I'm number 92,Just reported in to Tallgirl that my mortgage now stands at £25,018 !!

minimoocow

TallGirl wrote: »

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.

Come on everyone get those updates in (I missed the chart by a few hours and really want to be active rather than inactive so if you could all help me out that would be great!!!:rotfl:

Desperate_Housewife_2-2

MoneySavingNovice wrote: »

Sorry to be a misery on all this up-beat feeling, but I must have a moan and tell you all that today I am at risk of going back-wards.

I have (had?) £28k of my mortgage offset in Icesave (it was a good rate) A worrying time for me. I think that I should get the money back in around five months, but I guess that I would lose the interest and I am concerned that I might never get it back if Iceland defaults on its guarantee.

Other than that I made good progress on cutting down my mortgage - but for a while I am going to concentrate on paying off the actual mortgage rather than trying to do anything 'clever'.


Sorry for the moan!

Hi moneysavingnovice! good news from the chancellor this morning http://news.bbc.co.uk/1/hi/business/7658417.stm looks like you will get your money out