Mortgage Free in Three Yrs

save-a-lot

Shhhhhhh - big secret.... just found out my wife is pregnant, so my ambitious ideas for offsetting the mortgage completely will have to be somewhat shelved. Even with the future events I think we can still do something.

Our savings may go substantially into supporting my wife as she intends to become a stay home mum till school age (that has always been the plan to do that). By the time baby arrives we should have £38-40K'ish in savings and a £70K mortgage balance. This does put a different light on what 2008 will bring for us.

I need to figure out ways to make more money I think

AnW'sMum

Congratulations that is great news save-a-lot the first MFiT Baby

Some good figures reported in so far from everyone else, can't wait to see the collective total for April/May.

Keep going everyone, the snowball is off and rolling down the mortgage hill

financialbliss

Question to Dithering dad :

Can I alter my starting point slightly?

On record as wanting to reduce mortgage from 72,952 to 35k. Except that on 01/04/07 my mortgage was 73,216.65 So, with the risk of being a bit cheeky, can my starting point be altered to 73,217 (rounded), rather than the value it was when I came on board. Makes my repayments look better!

Tall girl - I'll be updating my signature regularly with my progress.

On the subject of repayments, this may be of interest, especially if you're on a fixed mortgage...

I'm planning to attack my mortgage with regular overpayments. I'm with Nationwide (5 yr fixed) and they allow up to 500.00 overpayment on top of your regular monthly payment. My calculations show I won't be able to achieve my 3 year target as things stand - total payments not enough! So, upping my standard monthly payment will still allow me to make up to 500.00 overpayment each month without penalty.

Log into Nationwide internet banking, send a message saying you'd like to up your monthly payment to X and ask how this will affect the term. Having done that this week, I've received a reply saying it will reduce my mortgage to 13yrs 10 month.

Fill in the new mortgage term in the form which they send out titled "Changing the term or repayment method of your mortgage" - ref M620 at bottom right of form. Post this back and they sort it out.

Planning on doing this a number of times over the course of the 3 years as my budget allows. Nationwide don't change for altering term / payments.

Hope that is of use to someone!

tigtag02

save-a-lot wrote: »

Shhhhhhh - big secret.... just found out my wife is pregnant, so my ambitious ideas for offsetting the mortgage completely will have to be somewhat shelved. Even with the future events I think we can still do something.

Our savings may go substantially into supporting my wife as she intends to become a stay home mum till school age (that has always been the plan to do that). By the time baby arrives we should have £38-40K'ish in savings and a £70K mortgage balance. This does put a different light on what 2008 will bring for us.

I need to figure out ways to make more money I think

CONGRATULATIONS

CFC

Congratulations Savealot. All the best.

Miss_Penny_Pincher_2

Congratulations save-a-lot!

taka wrote: »

You are probably going to regret the offer but here goes!! ........

Taka :eek: just kidding... thank you for this overpayment challenge - I'm going to attack this with relish.

I hope I've understood it all correctly...

You are considering a 21 year term and possible mortgage of £54k fixed at 5.63% for 5 years...

Let's say you get it organised in place for 1st June 2007. That gives repayments of £366 a month. Just paying the standard amount would reduce mortgage to £49,865 in April 2010 when the MFiT challenge ends and you would owe about £46,230 at the end of the 5 year fix rate.

Adding in the £150 a month would make it £43,730 in April 2010 :j Maybe you could have £43k or lower as your aim to add that extra challenge

Keeping up the £150 a month overpayments for the whole 5 years would reduce it to £35,860 when the fix ends. Keep the overpayments going for the whole mortgage and you would reduce your term by almost 12 years with it being paid off in July 2019!

Penny x

Kaz2904

Congrats save a lot. Don't want to post for a while as down (see dfw board uneccessary challenge for details). At the mo money is crap but life is worse. I just need a hug and need to help my friend which is never going to be enough.

ailuro2

Congratulations Save-a-lot and Mrs Save-a-lot!:j

My mortgage is as per my signature-I will update it regularly

Mortgage April 30th 2007 is £27640.49DR
May 1st £27770.97 DR -fee added to mortgage,short term only.
Mortgage Free in Three number 19

save-a-lot

This news does put a different light on things, but we do have a decent amount of savings, if I can possibly do it I want to retain most of the savings, or at best maintain the amount we have already accumulated and in the very best situation, we shall still be in a position to save more into this pot. Lets see, is the way I have to look at it now.

Dithering_Dad

wisewoman wrote: »

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!!

It's all TallGirl's work WW, she's the one who deserves all the credit.

Congratulations save-a-lot! Have a think about your new challenge and we'll update the OP. From what I remember from when we had our little ones, just getting through the month without being overdrawn was challenging enough. Kids are a very expensive pastime.

financialbliss, I've updated your new mortgage start point!

Sorry to hear that you're down Kaz, it's awful news about your work colleague. *Hugs*