Mortgage Free in Three Yrs

Miss_Penny_Pincher_2

Hi Battleaxe

If you give me details of the length of your mortgage left to run and your interest rate I can work out for you how much you would need to overpay each month to reduce the term by 18 months, if you like?

Or you can play around with the figures here to see how close the mortgage free dream is

http://www.bankrate.com/brm/mortgage-calculator.asp?unroundedPayment=1097.749117045651&loanAmount=107000.00&nrOfYears=9&nrOfMonths=108&interestRate=6.00&startMonth=9&startDay=25&startYear=2006&monthlyPayment=+++++%3D%3D%3D%3E&showAmort=Show%2FRecalculate+Amortization+Table&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=1&oneAdditional=0&oneAdditionalMonth=1&oneAdditionalYear=2007&paidOffDate=Feb+25%2C+2037

FrugalNotTight_2

Catowen,

Thank you (Plus the thanks button clicked )

This is exactly what I've applied for myself. I checked it earlier. This is great stuff as I hate phoning call centres.

I must admit, I do like speaking with Geordies though. I don't know why, but I do! :T

NFT

FrugalNotTight_2

I'm new to this forum really and this is the first sign of naughtyness I've seen.

FYI - I have a friend who gets bonuses that are ALWAYS in excess of £15,000 so it really isn't difficult to believe that someone can pay off £20,000 on their mortgage.

If you read my posts I have updated them with FACTUAL information about my financial position. It is very strange for me to have sums of money to play with, but I have infact got £9,000 to do with what ever I want. This is because I sold some shares. There is a distinct possiblity that I could well pay a considerable (Considerable to me anyway) amount off my mortgage with this cash.

The best comment is from CatOwen stating that it really doesn't matter whether someone is telling the truth.

As for this "daft mortgage path", I think this is an unecessary comment and actually doesn't really have too much substance. In my case I have been overpaying on my mortgage for the past 3 years. My aim is to become mortage free as quickly as possible. Due to financial constaints there is no way this will be within 3 years. I find that quite frustrating and a little disconcerting.

I think what you'll also find is that most people were already overpaying and that they are just joining in with the fun. The fun of knowing that the term will not actually be the whole nine yards.

How about we all just agree that there are many many different people in this world and we all have different opinions, goals and views.

One final comment for you sloppy_saver:

If in 6 years I do not have a mortgage because of this "daft mortgage path". Will it be so daft then? What I could do with £800 per month.


Mmmmmmmmmmmmmmmmmmm :beer: :j :T :bdaycake:


NFT
(Back to this stupid mortgage path! :rolleyes: )

Dithering_Dad

Hi Everyone, we had a bit of an attack last night from a troll who questioned whether I really could pay 20k off my mortage in one month (well, in fact called me a liar) and questioned the merits of us doing our mortgage free quest. Luckily the moderators have deleted the original message, but for the trolls information and for anyone who may have seen the troll's posts...

On the first point.. £10,700 of the 20k was an endowment I cashed in that had been running 10 years - not so difficult to believe. The other 10k is in my offset and is comprosed of two month's payments of 3k and 7k from my company. There are two months payments because I started my personal quest mid March, but then was joined by my MFiT pals and so moved the date to the start of April because that was when most people joined.

I normally wouldn't be able to afford the 7k, but I was holding money back for VAT and didn't have to hold back as much as I thought, so onto the mortage it went. I don't know how I can prove how much I earn, except by people looking at this link: SAP Payroll Contract Rates and this SAP HR Contract rates. I do both of these, and it has taken about 8 years of working in both fields to get the experience and confidence to be able to try freelancing.

As far as the decision to pay off our mortgages is concerned, I think this is a "no brainer". How could it not be a good thing?

Thanks for your support guys, it's really appreciated. Had a bit of a rough day yesterday and today and then to log onto that lot... :rolleyes:

ta.
xx

gallygirl

We're just upset we didn't get singled out for abuse aren't we tigtag ... ho hum, can't even attract a troll these days.....

Superfast_Gran

As always there is always one - who shall remain nameless and with no name called as they're not worth the effort - who ridicules others attempts at achieving their goals - regardless of what those goals may be and or the merits thereof. What is worth the effort is reminding everyone else "worthwhile", that be encouraged by such outbursts. It's their problem, not ours. Ours is to do our best at whatever we want to achieve. Some days that will be better than others but to keep on keeping on is what makes us winners regardless of the outcome. I'm rambling a little but it's late and we've just spent the last three hours trying find new homes for our old belongings that we kept, into our brand new kitchen - that we could not have afforded but for moneysaving tips and support from forums like this!

AnW'sMum

Hi Gang

I didn't see the post in question as I was ahem watching eurovision last night. But I just want to add that everyone on here is a winner because they are doing something to reduce the term of their mortgage. It may be that only a few weeks are shaved off the term but as a result of this quest many months and indeed years will be saved. So well done to all those that have joined the gang and for those lurkers come on and join in let's really show those banks who is boss

It almost doesn't matter how much anyone's mortgage is as the challenge is to be mortgage free as soon as possible. But seeing the pounds saved/repaid adding up is a great motivator. Plus if anyone did want to lie then as far as I can see they are only lying to themselves which is rather counter productive.

So to all those detractors in the words of Scooch 'the emergency exits are here ^^^^ here <<<>>>> and here \/ \/ \/ \/ enjoy the trip' :T :j :T :j

groatie_queen

WELL DONE everyone who has given TallGirl your updates, the table's looking good!:T :T

Welcome to everyone who has joined in the past week. Iy's brilliant to see progress being made, every amount is helping keep money ultimately in your own pocket.

That's the power of compound interest, it can work for you or against you, and seeing your 'Paid so far' amounts listed in the 2nd post - what an incentive for everryone!!

2-4-6-8 well done with your payback rates

4-6-8-10 mortgage free in 2010
GQ

odds-n-sods

HI all! My OH + I can't join yet.... as we dont' have amortgage until May 21! But when we will do..... can you add us, please??

Mortgage as of May 21: £142,000
Payment: £863.29 monthly
Overpayment: £499 per month for 2 years.
Interest Rate: Fixed for 2 years: 5.34%, variable after

Can also pay up to 10% of the principle in an overpayment each Jan. Will do that as well.
The £499 is the max we can overpay each month; otherwise they then charge us 3% of amount overpaid.

We will look at changing mortgages in 2 years to keep the best rate/repayment type.

We don't have any debts other than a bit on our credit cards that we are waiting for insurance claim money to come through and pay off.

TallGirl

Morning All
Seems like I Missed the action too last night. THe chat is looking great by the way 23 people have given me their figures and that totals up to

£1,840,609.53
we are looking to reduce.

Total paid off since 01.04.07 is £32,793.94


I am not going to post the chart again until we get a few more. I think people have different dates they pay thier mortgage and interest is added so maybe by the time I come back of holday on the 5th June we will have a clearer picture.


Anyway might have done something really silly yesterday which could seriously put me out of the MFiT. We booked an inspection trip to Turkey to look at golf properties. Not very MSE and it is country we know nothing about. The plan was actually to pay off the mortgage then look at buying abroad. Well it only cost us £49 each and it is 4 days so maybe it is not too bad. What do you all think - am I mad.

Off to play golf today. It is raining really badly here and I am in a team so dont think I can wimp out. I feel like wimping out as it is so horrid.