Mortgage Free in Three Yrs

setmefree2

well done everyone and to all

Kaz2904

I've got £3, anyone got £88640? :rotfl: .
The weather here is blooming awful, grey and wet. It makes me all maudling when it's like this and I'm not at work. I tend to mull over things and look at challenges I have and think I'll never get there boo hoo!
Anyhoo, looking at the chart today was great because so much has been paid off the overall amount.
I've been wondering how I was going to catch up on my shortfall espescially as I have had to spend out money this month after the budgets were done. I also realised after I did the budgets that I would still have an active balance on my daily spends credit card.
My plan is (please tell me if it won't work!) to not use any cards for spending from the 19th so that come the 22nd I have an accurate picture of what I've spent. I can then total it up and deduct it from what I have left in my savings pots. I should then know my exact balance. I'm expecting the savings to dip even further into the negative this month because I have car tax and insurance due at the end of the month. However we have only spent just over 1/2 of our revised petrol budget and as the cost has fallen we should keep under budget each month. I am also hopefull that we will be able to come in under budget on our grocery shop this month as we only have 10 days left.

I have also just come to the shocking realisation that I might be better keeping my money as a positive balance on my egg card than in any available savings accounts as it pays 4%. How scary is that?!

~daisy~_2

damn im too late ..................everytime i rang the bank there was over a 20 min wait on hold so i kept giving up - today i persevered - 34 mins !!!!

illl just post here then my outstanding balance is £20,884.55
we havent made our 10% captial repayment this year as we think we shall prolly try and move in the summer so things have slowed down somewhat but still paying double our payment each month

ailuro2

Just paid off another £1000, the forecast I've done means we'll be MF free before the end of the year, all going well. Even if we were to be made redundant due to the economic downturn we'd have a small mortgage every month to pay, or the redundancy payments would be enough to pay it off.

More announcements at work today to see where our factory is going in terms of production figures in the future.

Dumbledore55

AnW'sMum wrote: »

Perhaps that is how we should tackle it, we need £88643 to pay off Dumbledore55 who is next on the 'hit' list

Ooh, please pay off my mortgage - I'm already excited because I've beaten my target very easily to be MFiT mortgage-free would just make my day!!

Kaz2904

Dumbledore, one would hope that we'll have paid yours off by the time we've all made our next monthly payment!
Ailuro, I was looking at your sig and I forget if you mentioned how your mortgage took such a large jump? (November).. Did you pull savings out of an offset into a higher rate fixed savings account or was that someone else?
If it was you (I'm being nosey now) are you planning to pull them all back out again to clear your mortgage when you get there or do you think you can do it by overpaying alone? TTFN, Kaz.


I've just worked out that I need to find an extra £390.53 each month in order to catch up with my original target. This is starting to look very dodgy now as to whether or not I can make it. I'm going to give it a damn good try though!

Desperate_Housewife_2-2

Thanks TG for doing the chart, it looks great doesn't it?

ailuro2

Kaz2904 wrote: »

Ailuro, I was looking at your sig and I forget if you mentioned how your mortgage took such a large jump? (November).. Did you pull savings out of an offset into a higher rate fixed savings account or was that someone else?
If it was you (I'm being nosey now) are you planning to pull them all back out again to clear your mortgage when you get there or do you think you can do it by overpaying alone?

No, there's no way we could do it just by overpaying - neither of us earns more than the UK average wage:rolleyes: HOwever, we did put a £29K overpayment fund into fixed rate savings in November - some is in an ISA earning 6.25% for a year, the rest is earning 5.64% nett - meanwhile the outstanding balance is costing us B of E rate plus 0.49% :j

Not a bad day's work, that one - DH wanted to do it, so it turns out he timed it just right - we were talking last night about how we'll pay off the mortgage ahead of the challenge when originally he kind of laughed at me for joining MFi3. We've come a long way in how we use our money over the past few years to be in this position- i.e. paying off our mortgage before the halfway point in the usual 25 years.:beer:

tattycath

Thanks for update TG. Sorry I haven't submitted my figures yet. we're waiting for our annual statement to come through-some time this month and then I'll e-mail you with my update if that's ok?
Well done everybody you're all doing really well!!

TallGirl

Thanks for the late updates just PM me when you are ready and at least next time you will be up to date.

Not doing great myself in terms of MFi3 just about to commit to having a new front door. The ones we like are ofcourse the most expensive ones but I have just looked on Ebay and there is a company 1 hour from us who makes similar ones at much less. Don't really want to spend £1200 for a new front door.

Also worked out that i earned £275 from Quidco alone last year plus I have several other sites I use. However the biggest amount we manage to "save" into our holiday fund were from loose change. I estimate we got about £700 this way just by chucking it in a box.