Mortgage Free in Three Yrs

taka

Move_To_Portugal wrote: »

Thanks for doing the chart Tall Girl and well done to everyone:D

We're saving instead of overpaying at the moment as we're better off this way, however I'd much rather see the mortgage coming down.

Is anyone else saving instead of overpaying at the moment?

I'm going the other way! I have a fixed rate mortgage (5.78% ) so it no longer makes sense for me to save rather than overpay. I am however upping my emergency savings and my renovation fund so am not actually overpaying at the moment but should be later in the year.

Jonesy_Bonesy

Hi All

Ashamed to say I never updated this time round. I am still active and fully committed to the MFi3 quest though. My mortgage figure is unchanged from the last update, but I have been paying down my £15K stoozepot as I am getting out of that game now due to the intersted rates not making it worth the effort.

So glad I started this challenge though given the state of the economy at the moment.

Keep up the good work everyone.
Bonesy

hughmungas1986

Is anyone else saving instead of overpaying at the moment?

Our main priority is getting the mortgage paid off, however we are managing to save some money by using our bonuses from work ( which we get around Feb / Mar ) to pay into my OH's ISA in April of each year.

We have also just finished paying off the car and intend to save this for a cruise to celebrate being MF !!!

hugh

ailuro2

where you going to cruise to HughMungas?

Have you been before, or is it a first of many treat when you're Mortgage free?:D

StuartGMC

hughmungas1986 wrote: »

Is anyone else saving instead of overpaying at the moment?

Well we've increased our OP by reducing the amount we put into S&S ISAs each month, plus we save for immediate and longer term in offset savings. However the figures are:

Minimum required mortgage payment £269
Actual payment £650
Stocks & Shares ISAs £220 (total in 2 accounts, reduced vs. previous year)
"Target" savings required each month (short & long term needs) £912
Ratio of mortgage:savings 650:1132 (0.57:1) or 36.5 % to the mortgage

Hope to be MF in October this year then it's all savings and investments, plus fun thereafter (holiday to Mexico in the meantime too)

hughmungas1986

ailuro2 wrote: »

where you going to cruise to HughMungas?

Have you been before, or is it a first of many treat when you're Mortgage free?:D

I have always wanted to visit the many islands of the caribbean and thought a cruise around the islands would be a great way to see them. Although I may sort an island hopping holiday as oppose to a cruise, it makes the holiday that little bit more special if you sort out as much as you can yourself, doesn't it ???

I would also like to go back to some of the other places I have visited over the years. I may even take my OH !!!

Seriously though these are still plans, we have to become MF first

hugh

ailuro2

My s-i-l went to the Turks & Caicos Islands a few years back, the pics are stunning.
Better hurry and get MF and make it to Cuba before Barack and the gang remove the trade embargo and all the classic 60s cars are replaced by Chryslers.

I agree sorting out the destinations is part of the thrill of going on holiday.:D

Desperate_Housewife_2-2

Hi Guys!

Just got paid (early) and through thrifty, cunning planning over last year saving for xmas and January have managed not to get overbudget and can put £1K towards mortgage balance making us now £13k !!!!! yippee!!!! I get a buzz as its not been easy these last few weeks due to less work around.

Keep up the good work everyone, good luck, we are nearly there.....

hughmungas1986

ailuro2 wrote: »

My s-i-l went to the Turks & Caicos Islands a few years back, the pics are stunning.
Better hurry and get MF and make it to Cuba before Barack and the gang remove the trade embargo and all the classic 60s cars are replaced by Chryslers.

I agree sorting out the destinations is part of the thrill of going on holiday.:D

The list of places to visit will be huge by the time we are MF !!!!!!!!!!!!

Hoping my overpayment cheque will have cleared by next week, looking forward to changing my sig again.

Have a great weekend everyone

hugh :beer:

TheBees

Evening everyone - Just signing in to say TheBees are still TRYING to pay off as much of our mortgage as possible.

We have an interest only fixed rate at the moment. I've opened an internet saving account which we're going to set up a standing order for £180 per month. That means each year we will be able to pay of £2000. IF our endowment pays out £20K then the mortgage will be paid off in 16 YEARS !!!!!! :mad: Just before we retire!!! Scarey to think it's going to take so long but really can't think of any other way of clearing it faster. Any ideas? During that time we'll probably have to pay for our two children to go to Uni (hopefully) and have a life!