Mortgage Free in Three Yrs

withabix

The new challenge should be to see if you can become mortgage free before your house drops in value to the price it was when you originally bought it :rolleyes:

'Equity Free in Three'

Bargain_Rzl

Or in the case of those of us who bought more recently, the longer-term project of seeing if we can become mortgage free by the time our houses regain the value at which we bought them :rolleyes:

Thing is, when you get to the mortgage-free point, it makes very little difference either way!

ailuro2

:j:j:j

We transferred our overpayment to a fixed interest rate account last week.:D

Not often I'm smug, but today merits it!!!!:p

It's all going to pay off the mortgage eventually, now it will be even quicker!

p.s. We went with a fixed rate bond at 5.60% nett for basic rate taxpayers, our new mortgage rate will be 3.49%, so we're very happy tonight.

minimoocow

hmm . . . I keep doing the sums to see if I missed something but even if the full cut is passed on we'd only save £6 a month!!!!

When the guy on the news said the AVERAGE person would save £175 a month on their mortgage some people must have some scary mortgages - actually the average figure makes a mortgage of about £140k which is scary enough for me!

Which actually I guess is what this challenge has been about - I'm pretty much insulated from interest rate changes now - more concerned about jobs given the implications of the cut but I'm still better off than most - I calculated we could manage about 3.5 years on our offset whilst maintaining our current payments so again - this challenge has been great for me!
MMC

cupid_s

withabix wrote: »

The new challenge should be to see if you can become mortgage free before your house drops in value to the price it was when you originally bought it :rolleyes:

I passed that point a while ago

Desperate_Housewife_2-2

Hi everyone!

I am feeling quite positive at the mo so thought I'd share it with you. I scrapped my car last month as it wasn't worth investing the cost of fixing it up and I got £40 scrap for it and £50 back on the car tax and £20 back on the breakdown so I am putting it towards a bike! I got my old cycle out of the garage and have been riding round on it but the brakes don't work and the gears are dodgy, plus its a kids bike (I'm only 5'' 1' though ) so I went to the local bike shop today as they have 2nd hand bike sale on a Friday and got myelf fixed up with a spanking new one which even in its unserviced condition is better than mine!

It cost me £55 and the guy is going to service it, I splashed out on some paniers and a rack so I can get bits from the shop and hubby doesn't have to spend the rest of his free time in the supermarket, I'm really excited! I'm off to pick it up tomorrow. Hopefully it will save me money on shopping as I will have to meal plan around what I can get in the paniers not to mention the cost of motoring...tax, insurance, petrol, breakdown...the list is endless.

I know its small potatoes to but I feel so happy about it, riding on my bike reminds me of when I was a student and I feel quite carefree, I can stop when I want if i see a shop or something I want to look in without having to worry about parking all the time. I am even going to work on it and its actually quicker door to door than the car was!

I can't wait for my new one to come! yippee! this cunning new plan has really shifted my MFi3 plans up a gear! lol!

firesidemaid

well, my worries about stoozing affecting my mortgage offer was correct!

the lender rang (very nice of them though) to say no due to the amount of borrowing/stoozing - even though i explained that it was all sitting in the savings accounts as per print-off. they said that if i paid them off then we can have the mortgage.:j

although it pains me to pay them off, i have done as the benefit of the mortgage outweighs the value of the stoozing.

the other problem was that for one reason or another, they will not allow approx. £1200 of out monthly income to count (even though we have had it for the last 10 years)

it's a funny old world at the moment;)

ailuro2

Well done for making the best decision firesidemaid, it couldn't have been easy.

Of course there won't be anything stopping you stoozing once the mortgage has gone through!

firesidemaid

ailuro2 wrote: »

Of course there won't be anything stopping you stoozing once the mortgage has gone through!

ooh, you read my mind!;)

jobbingmusician

firesidemaid wrote: »

well, my worries about stoozing affecting my mortgage offer was correct!

the lender rang (very nice of them though) to say no due to the amount of borrowing/stoozing - even though i explained that it was all sitting in the savings accounts as per print-off. they said that if i paid them off then we can have the mortgage.:j

although it pains me to pay them off, i have done as the benefit of the mortgage outweighs the value of the stoozing.

the other problem was that for one reason or another, they will not allow approx. £1200 of out monthly income to count (even though we have had it for the last 10 years)

it's a funny old world at the moment;)

I hate to burden Martin with emails, but think you should email him and tell him about this, as it's an important point that stoozing might affect mortgage applications..... :rolleyes: