Mortgage Free in Three Yrs

Butterfliesarepretty

Oh how I wish I could overpay my mortgage off more. I have three accounts with Nationwide totalling a mortgage of £46,000 over 20 years. One is £250, other is £89, and the other £47 each month. My mortgage was originally £30,000 but when working I had to add on £16 as advised by my ex boyfriend some years ago (he is self emp fin adv). anyway this year I left work on a voluntary redundancy £31,000 over 22 years payment. Since april, that has paid for £8k on my house, my monthly bills, petrol, food etc. Now house has new plaster in some room, new re-wire. In april I opted to pay £50 extra on my mortgage and I will keep it like that. Its repayment fixed rate till sept 09.

Also no job and still looking but hey ho I could always sell my house if things get really difficult. got around 5k to last me till next april but then trouble starts. My house was in a bad state with the wiring and ceilings and I had lived here since 02 and not been able to afford the work till I got redundancy pay. Now its nearly all gone. Money never lasts long and it does not help that I live alone and no other income.

1274

taka wrote: »

Well done 1274!! Thats a fair bit to manage in a year! I agree - there are so many painless changes that can be made that free up money that is otherwise wasted! Even choosing a couple of slightly painful changes help too - I guess its what is a priority to you!

A lot of the thanks must go to all on the MFIT and 4K challenges, which has really kept me focussed. Other challenges I've participated in as a lurker but not a poster include the DFW "payment a day" (but obviously this is only good if you have no overpayment limit, or keep a close eye on how much you're transferring), OS grocery challenge, the phones board has "batter down your mobile costs" and utilities board, "how much gas and electric are you using daily?" I've also sought (and received) good advice from the DIY forum.

I think my main message is that the rest of MSE can be incredibly helpful to us MFW peeps. I've adapted the challenges and advice to suit my lifestyle, and have lived reasonably comfortably (although I've not had a holiday this year) Still, if I clear the mortgage in October, I'm going to have a long one then, preferably somewhere sunny:j

setmefree2

1274 wrote: »

Just wanted to post to say I've cleared another 5K off my mortgage in the last couple of weeks, so I have now managed to reduce it by 100K in a year.

ailuro2

Since we have done a bit of a stooze on the overpayment fund (that's what we call it because we've borrowed from the overpayment fund to put the money in a higher rate fixed term savings bond) is it OK to post the notional balance to TallGirl -

so the total mortgage balance minus what's in the fixed interest bond?

dawnylou

Well done everyone!!
I can't wait til next May when we can start overpaying again! lol
We have to remortgage in Feb though I think as our fixed deal ends and NR sent a letter yesterday to let us know we will be able to get more competitive deals elsewhere...?!? Just hope it doesn't add more on in fees doing this...

Got flights and hotel booked for wedding now so just need to book chapel today
I was thinking of using anything leftover from the wedding as overpayment too but decided against it and if anything is left over we will treat ourselves as it's not often we have money to

ailuro2

Dawnylou - where are you getting married?

We went to Las Vegas - would do it again in a heartbeat, as long as I got another trip to the Grand Canyon.:rotfl:

TallGirl

Yes getting married abroad is lovely we did it in Mauritious just the two of us with a party in England and a church blessing in Denmark. Got to wear my dress 3 times very money saving. Dawnlou make sure you enjoy it it will be over in a flash.

Ailuro2 you can PM me what ever balance you want. Many people offset any savings so feel free to do so. Next update is mid January so don't forget.

sallyb17

Just checked my mortgage again and it's now £109,288. Such a great feeling to see the mortgage going down (probably in-line with the value of the home, but hey that's not important unless I need to sell quickly!). It's even more exciting thinking about how much I can overpay with the current low interest rates. They may not stay low for long, so it's best for people on trackers to make the most of it while it lasts! :j

esthomizzy

I've been lurking but not posting because I haven't got anything particularly positive to report. I've only been making my usual overpayments not any extra ones but christmas is a very expensive time of year

My lovely lodger is going back to Italy on sunday too. I'm really going to miss her and I'm going to be uber broke. Still long christmas hols and seeing my family to look forward to (I work at a uni).

Have a good christmas everyone

ailuro2

TallGirl, I will PM you the new balance when I get back from hols - we are off to Spain for a fortnight :snow_grin
:xmassign:
Merry Christmas :xmastree: and Happy New Year everyone :beer:- a bit early, but I won't be here when the time comes!:snow_laug:santa2::rudolf: