Mortgage Free in Three Yrs

Dithering_Dad

hughmungas1986 wrote: »

Is anyone looking at what to do when this challenge ends?

The main focus will of course be to continue to pay off the mortgage. We're hoping to be sub £ 20k by then. After we have finished that, then a holiday or two ( see previous posts ).

Our latest overpayment has been credited to our mortgage account so our new balance is £ 31878 :j

hugh

My mortgage will (hopefully) be down to about the £70k mark and so I think I'll sign up for another 3 yr stint to get it paid down further. I am also interested in building up our savings and increasing Mrs Dither's pitifully empty pension pot.

I guess my aims for when we finish MFi3 will be to futher reduce our mortgage, hopefully to the £50k mark and build up the savings in our offset account to anything upto the £50k limit that I'm allowed - this would effectively mean that I am mortgage free, but I will have the security of a £50k lump sum available at a moments (well, 3 day) notice. I'd also love to get Mrs Dither's pension pot upto the £20k mark.

Phew, a lot of work still to do!

setmefree2

ailuro2 wrote: »

Superfast Gran - it's really good to see you so cheerful and optimistic - hopefully you can leave 2008 behind you and 2009 is going to be a great year for you and your loved ones.:beer:

All the Best

SMF2

setmefree2

hughmungas1986 wrote: »

Our latest overpayment has been credited to our mortgage account so our new balance is £ 31878 :j

hugh

That must be a great feeling

setmefree2

Dithering_Dad wrote: »

Phew, a lot of work still to do!

It's never ending

MoneySavingNovice

hughmungas1986 wrote: »

Is anyone looking at what to do when this challenge ends?

I’m already working on my next challenge!

I started out with the target, from having an overall debt of £65k - funded by the mortgage to no debt at all, but also no savings!

Today my position is that I still have debts of £31k - £3k at 0% on a number of Credit Cards and £28k in a flexible mortgage - current rate 2.39%, but also £34k in the bank paying 4.5% interest in an ISA

i.e. £34 k savings less £31 k no debt and a positive balance of £3 k


Hence it does not currently make any sense for me to actually pay off my Mortgage


I have decided that as a new target , and given the current economic climate, to increase my ISA’s to £38 k and to pay off £18k mortgage by the end of the MfiT challenge.

This will leave me with £38k in Savings and £10k in debt - overall £28k better off (or ahead of original target!)

This is going to be difficult - but worth a go!

hughmungas1986

Quote:
Originally Posted by hughmungas1986
Our latest overpayment has been credited to our mortgage account so our new balance is £ 31878 :j

hugh

setmefree2 wrote: »

That must be a great feeling

It certainly is, we have decided that after two fantastic holidays to Florida in the last three years that we would concentrate on paying off some of our mortgage balance while the rates are low and holiday in the UK for the next few years.
This has allowed us to use our bonuses from work and any spare cash left over from christmas to pay off a lump sum.

Overall we are now 72.03% towards our MFiT target. But more importantly we have paid off 55% of our overall mortgage ( which was £ 71000 ) and hopefully on target to be MF by 2011. :j :j :j


hugh

ailuro2

A little quote for those people who are thinking of starting something else aswell as the MFi3 challenge -

if you chase two rabbits you will catch none

Let's concentrate on the task in hand - don't let it get watered down by anything else taking your determination away from your target for being MFi3- OK, I realise we're in the boring latter middle section when nothing much seems to be happening - we went through the doldrums just before halfway iirc - but remember our next update is our 2 year anniversary - lets get some great figures together to show for then! :T Those of us on trackers have a great chance to exceed our targets with mortgage rates being so low - let's make the most of it.:D


Lecture ends here.:p

setmefree2

MoneySavingNovice wrote: »

This is going to be difficult - but worth a go!

with that

setmefree2

ailuro2 wrote: »

A little quote for those people who are thinking of starting something else aswell as the MFi3 challenge -

if you chase two rabbits you will catch none

Let's concentrate on the task in hand - don't let it get watered down by anything else taking your determination away from your target for being MFi3- OK, I realise we're in the boring latter middle section when nothing much seems to be happening - we went through the doldrums just before halfway iirc - but remember our next update is our 2 year anniversary - lets get some great figures together to show for then! :T Those of us on trackers have a great chance to exceed our targets with mortgage rates being so low - let's make the most of it.:D


Lecture ends here.:p

I'm not sure what you mean tbh? Are you telling posters they shouldn't be saving?

firesidemaid

i totally agree! i'm not joining or starting anything else until this challenge is finished.

the last year - just as i thought rates were going to go up etc - has shown that anything can happen in the financial world. it's had its bad points and its good points.

what i'm trying to say is that none of us know how close we'll be to our targets (or past them) at april 2010. i for one am very excited:j