Mortgage Free in Three Yrs

Kaz2904

chloecat wrote: »

£90834.74

Hoped to have it under £90k for start of 2009 but fate conspiring against us. Hubby changed jobs (and is self employed) and i am unable to work due to illness so on IB.

Its a Halifax repayment mortgage and we pay £630 per month. Any suggestions of what i should aim for for Jan 2010 and how to get there?

Ta, Tiddleboo ♥

The only way really to know where to set your target for 2010 is to look at either a snowball ( www.whatsthecost.com ) or a spreadsheet (no links :rotfl: ). Look at what it states for the end of the year and then see how much whatever extra you can pay off will do. That gives you a target. I reckon if you aim a little lower you are sure to get there!

dawnylou

Gutted to see that 6 payments of £650 has reduced our mortgage by £400 ish

TallGirl

Thank you so much for all the updates my inbox was overflowing when I got back today. I am still waiting for 20 regulars to update me but you do have until Saturday as I plan to post the chart on Sunday. We now have 4 proper MF people on the chart, well done to all.

We do have 7 memebers who I am going to take off as we have not heard from them since March 2008

They are:

drenbo
freebird65
HammersFan
heckmondwike06
kiwi88
Pandora123
sarahe

I shall be sad to loose anyone but it has been far too long really. Hopefully they will see this a PM me.

chloecat_2

Kaz2904 wrote: »

The only way really to know where to set your target for 2010 is to look at either a snowball ( www.whatsthecost.com ) or a spreadsheet (no links :rotfl: ). Look at what it states for the end of the year and then see how much whatever extra you can pay off will do. That gives you a target. I reckon if you aim a little lower you are sure to get there!

:T Thanks Kaz

FrugalNotTight_2

OMG - I have three months to decide what to do with my mortgage. I am on a fixed rate with the dreaded Northern Rock. Current rate before this latest drop in rate is 3.99%. Rate will be 5.56% on variable if I don't move from Northern Rock.

Help help help.

What should I do. Find the best fixed rate now and bang five years on it? Wait until the death and hope I'm OK.

I've sought advice from a FA but they've said wait until the banks decide what they're going to do. I'm pooing myself as interest rates shout up 7% in one day in the eighties and if that happens, well OUCH!!!

Any thoughts from the MF players???

LookAfterThePennies_4

No:92 reporting in,
My mortgage now stands at £19,067, it was £56,000 at the beginning of the challenge.

Trying_to_be_good

FrugalNotTight wrote: »

OMG - I have three months to decide what to do with my mortgage. I am on a fixed rate with the dreaded Northern Rock. Current rate before this latest drop in rate is 3.99%. Rate will be 5.56% on variable if I don't move from Northern Rock.

Any thoughts from the MF players???

Hi FNT

Could you afford for rates to go up much? I'm on a tracker and love it, but I'll be paid off in a couple of years so could always extend the term if I needed to, giving me some flexibility.

You have a (relatively) diddy mortgage, so you may find you need to borrow at least £50,000 to be eligible for the main deals. Also, arrangement fees will be high compared to the value of your loan. NR's SVR will probably reduce at least some from today's base rate cut, so might be worth just sitting on the SVR for a while? Max flexibility for overpayments, I'd think.

Well done on all the overpaying so far!

Superfast_Gran

FrugalNotTight wrote: »

OMG - I have three months to decide what to do with my mortgage. I am on a fixed rate with the dreaded Northern Rock. Current rate before this latest drop in rate is 3.99%. Rate will be 5.56% on variable if I don't move from Northern Rock.

Help help help.

What should I do. Find the best fixed rate now and bang five years on it? Wait until the death and hope I'm OK.

I've sought advice from a FA but they've said wait until the banks decide what they're going to do. I'm pooing myself as interest rates shout up 7% in one day in the eighties and if that happens, well OUCH!!!

Any thoughts from the MF players???

Check out Martin's Remortgage Guide - use the company mentioned there and they are great, let me tell you. I was going to say good luck but if you do use the guide, you won't need it - lol!!

FrugalNotTight_2

Two great replies, thank you!

I was on 6.09% for about 4 years so I can definitely afford that rate should I have to. I would prefer to get the safety of a fixed mortgage so that I don't have to worry but I also want to port my over payments across just in case that redundany axe swoops over me.

I'll check out the guide, re-contact my FA and consider asking the other FA as discussed by SFG.

Thanks again.

FNT

:-D

angelavdavis

LookAfterThePennies wrote: »

No:92 reporting in,
My mortgage now stands at £19,067, it was £56,000 at the beginning of the challenge.

Well done, sounds like a real result!