Mortgage Free in Three Yrs

Trying_to_be_good

Kaz2904 wrote: »

I did this too! DH has always said he didn't want to stay in this house forever and I said I was happy here. Now I've found a bungalow with a mahoosive garden that's lush but he won't even look at it. Initially when I mentioned it to him he said to go and look at it but he's not interested now. It would mean doubling our mortgage at the very least. It would also cost about 60k to do it up. So I don't think it's going to happen. It's nice to dream though!

Thanks Kaz - that makes me feel better! I'm still playing with figures, but a post may have come up with work that would have me transferring to the right location, and I'm a big believer in fate (and jumping in when the opportunities present themselves).

Had I not been overpaying the mortgage, the figures wouldn't be possible.

The house is new (small developer, not big estate) so wouldn't need ANYTHING doing to it (in my opinion) - good build quality etc. Fingers remaining crossed.

Well done everyone on the updates, looking forward to seeing the chart.

tattycath

tattycath wrote: »

Hi. I'm a bit confused... I've just been reading some documents for our mortgage (It's in OHs name) and it reads something like...'you may make extra payments any time and it will come off straight away, however, interest will still be charged until dec...' ??? so am I right in thinking I'm not really doing us any favours by making extra payments unless we do it end of November time?
Any advice/comments greatly appreciated
Thanks

Anyone??? Please???

Trying_to_be_good

Tattycath

Sounds really weird and contradictory, not surprised you're confused. If I were you I'd give them a call and see what's right - do they deduct it immediately (including for calculating interest), or not.

They don't want to make our lives easy, do they?

TallGirl

Just wanted to say thank you for all the update - please please keep sending them we need loads more. We now have 5 Mortgage Free people on our chart so obviously I don't expect updates from them.

Updates due by 16th April - please PM me.

LookAfterThePennies_4

Number 92 reporting in - just updated my latest figures - Started quest with £56,000 owing, now down to £11,805.
And just booked a holiday to celebrate our mortgage free date which will hopefully be end of August 09 all being well.

RosieTiger

Hey what a great read this is, congratulations to you all for leading the way !
The MFW's 2009 salute you !

Trying_to_be_good

LookAfterThePennies wrote: »

And just booked a holiday to celebrate our mortgage free date which will hopefully be end of August 09 all being well.

What a fab idea!:j

financialbliss

Well, as others have mentioned two years have passed now. Rather than just a PM to Tall Girl, I thought an update from myself would possibly be a good idea as I post here fairly infrequently…

Mortgage at start of this challenge was £73,217. Mortgage rate throughout the challenge is 4.79% (5 year fix) and not due to come off the fix until 2011. During 2007 we were paying off a car loan and made little inroads into the mortgage.

We fared much better during 2008, but this year we’re currently finding things a little tough due to price rises, eg council tax, water, electric and gas, food etc, plus some unforeseen spending. We’re currently aiming to pay at least £1,000 per month towards the mortgage and any spare amounts are also going towards the mortgage.

Where am I now?
With the April payments clearing, the mortgage currently stands at: £55,599.90 This represents 46.1% of the reduction required against my original goal.

Where do I hope to be in April 2010?
I’m now hoping to hit £45,000 come April 2010. Including estimates of mortgage interest between now and April 2010, I’ve calculated that the mortgage interest and remaining reduction required to attain 45k is £13,289 or about £1,107.50 a month.

Why £45,000 and not £35,000?
Well, my original £35,000 target was massively optimistic. We’re a single wage family of four - I (gu)estimated a monthly amount I could afford for the mortgage, projected that forward to April 2010 and them took a further 5k off to make it a challenge. In hindsight, if I’d added 5k on and aimed a little lower, I’d probably be hitting my target.

Success or failure?
I guess it’s possibly a bit early to be discussing this, but I feel that this journey was and is still a success story for me. Should I hit the 45k target, that will be a £28,217 reduction in mortgage capital plus £9,010 in mortgage interest paid, ie £37,227 paid towards the mortgage over the three years.

And finally, on the holiday front, aiming to go to Florida in 2013 should we attain mortgage free status in 2012.:D

Financial Bliss.

ailuro2

Seems like a really good hoiday is the reward of choice round MFi3 parts...

We're booked up to go to Florida this Christmas - it's a big holiday, but OH and I are 40 within 8 months of each other, DD will be 11, so will still appreciate the 'magic' of Disney AND we should be mortgage free. What better way to celebrate?:j

catshark88

Hi there,

An update for the Catsharks (have pm'd Tallgirl).

Mortgage is now sitting at £120,539. Would have liked it to be a bit lower but we have made a couple of big (but carefully thought about!) purchases in the last 3 months.

This may be the last update where our figs go down though as we are about to start large scale building work to our house. :eek: It is going to be absolutely gutting to see the mortgage rise, but we hope to end up with a really nice family home (it is a bit of a shed at the mo.!).:rotfl:

Best of luck to everyone for the next 3 months!

Catshark88