Mortgage Free in Three Yrs

TheBees

TheBees are still in!!!:j

Hi Tall Girl. Sorry not to have been on for a while but we would still like to be part of this challenge.

Unfortunately we are only managing to pay off £1000 this year due to unexpected expenses.

Thanks

cozmic_power

i decited and i think i will afford to buy a home at last

firesidemaid

jobbingmusician wrote: »

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:

thanks for that - just did.

i also saw a post earlier in the week from a stoozer who had their money in an icelandic bank and is awaiting her money - meanwhile her 0% deal has come to an end and she is having to pay interest.

it makes you wonder re. stoozing over the next few months.

TallGirl

TheBees wrote: »

TheBees are still in!!!:j

Hi Tall Girl. Sorry not to have been on for a while but we would still like to be part of this challenge.

Unfortunately we are only managing to pay off £1000 this year due to unexpected expenses.

Thanks

Thanks for that I shall add you back on next time but don't worry if you haven't made any overpayments as we just count your current outstanding mortgage so any payments made incl the contractual ones will count.

If anyone else has come off the list but still want's to be part if this just PM me with your current mortgage balance and I shall add you back on.

Desperate_Housewife_2-2

firesidemaid wrote: »

thanks for that - just did.

i also saw a post earlier in the week from a stoozer who had their money in an icelandic bank and is awaiting her money - meanwhile her 0% deal has come to an end and she is having to pay interest.

it makes you wonder re. stoozing over the next few months.

That is scary, I got a bit spooked when the banks were on the verge of collapse as I was worried about my little stoozepot. Thankfully it wasn't in an Icelandic bank and things have calmed down now but it has made me cautious. I'm very risk averse anyway.

Firesidemaid...with regards to your stoozepot, could you not have transferred it over to a savings account with a different bank so they wouldn't know?

firesidemaid

Desperate_Housewife wrote: »

That is scary, I got a bit spooked when the banks were on the verge of collapse as I was worried about my little stoozepot. Thankfully it wasn't in an Icelandic bank and things have calmed down now but it has made me cautious. I'm very risk averse anyway.

Firesidemaid...with regards to your stoozepot, could you not have transferred it over to a savings account with a different bank so they wouldn't know?

it was 2-fold really, mainly related to the amount paid by us per month on 'debt'. i still have one card, but the min payment per month is v low. it is because the min payments on the 2 cards totalled £400 a month (even though i funded a lot of that out of the stoozepot). also can't remember if i mentioned but they are also 'ignoring' approx £1200 a month of our income. i still think it is very cautious, but that is just how it is at the mo.

as i said, the new mortgage rate is very good and an offset so there is still plenty of opportunity. but it pained me because i have 'lost' the money i have 'made' and will also 'lose' the money i planned on making IYSWIM! and as we all know every little really adds up x

Dithering_Dad

A-MS wrote: »

Can I join in please? i've just pm'd tallgirl.
We moved into our house in April 06 with a £50k mortgage, looking to clear it by next Christmas, I'd appreciate the moral support here!

I'll be using half our (me and husband) savings, leaving a 3 month emergency fund and using our normal wages to overpay. I'm also just starting on an Amazon and e-bay listing drive to add to it, not only saving money but ridding ourselves of rubbish, errr I mean highly desirable consumer items!

Incidentally this will be our second time mortgage free as my mother passed away and left us some money while we were living in our previous house, enabling us to pay that off early too. What a nice lady!

Hi there. Congrats on starting your mortgage free journey, but I'm afraid that this challenge is closed to new members because it has a fixed end date (3 years) and it's now over halfway through.

There is a brill support thread for new MFWers here: http://forums.moneysavingexpert.com/showthread.html?t=1259563

Dithering_Dad

A-MS wrote: »

Ok, thanks anyway!

No probs, and good luck with your MFW goals!

Sorry about the challenge being closed - I always feel bad when I tell people they can't join. We're not trying to be exclusive, it just didn't seem to make much sense having a three year challenge that was only 2 years long (we closed the challenge after it was going 1 year) and now only 17 months long.

However, look out for the "Mortgage Free in Three - The Sequel" challenge coming your way in 2010!

Or perhaps it'll be a "Pension Worry Free in Three", though the title isn't as catchy.

StuartGMC

Dithering_Dad wrote: »

Or perhaps it'll be a "Pension Worry Free in Three", though the title isn't as catchy.

Surely with the Government attitude to retirement age and pension scheme performance you mean "Pension Worry Free in Three Thousand and Three"? :rolleyes:

ailuro2

I think the Ailuro family will be going for the 'Purchase Our Perfect Property Without A Mortgage, In Three Years' or POPPWAMITY for short, which is a bit of a mouthful, but the acronym is better than the one for 'Save Hard In Those Three Years'