Mortgage Free in Three Yrs

TallGirl

Thank you for all the updates. I still need 31 out of 70 so please can you PM me. It would be nice to have almost everyone updated for the 2 year anniversary. I shall extend the time until WEDNESDAY 15th APRIL

ailuro2

RBH - well done that's a terrific amount of money to put away in a quarter! Well done, and Congrats on the new job, too, sounds great!

FreedomGirl

Hi guys,

Well we're still going backwards at about 1k/month, whilst we're both studying...

But there is a silver cloud lining as the 1K covers all the house running costs and his day to day costs! All my costs are covered by a grant. So, a MFiT way for both of us to be studying? That's what I keep telling myself

Anyway, do feel bad as I'm taking the total the wrong way - sorry MFiTers

Hopefully in the next 3-6 months we will start taking the balance the right way again"

But the OH has now started job hunting, and getting JSA

ailuro2

TallGirl wrote: »

Thank you for all the updates. I still need 31 out of 70 so please can you PM me. It would be nice to have almost everyone updated for the 2 year anniversary. I shall extend the time until WEDNESDAY 15th APRIL

Remember that today is Tuesday 14th, so last chance to get those figures in to TallGirl.

Can't wait for the new chart.:o

Jonesy_Bonesy

Really looking forward to the two year update - has it really been that long?

I've already PM'd Tallgirl, but my balance is unchanged at having knocked 80K off my 95K mortgage, thus leaving 15K outstanding.

It was this figure last time I updated, but I have still been actively bettering my financial position and have cleared an 8K stoozepot that was coming to the end of its interest free period. With the low interest rates on savings its just not worth the hassle to me of stoozing any more. I have switched to a cashback credit card instead which is much more simple.

I'm on target to clear the mortgage completely by the end of the challenge

Bonesy

setmefree2

Redbedhead wrote: »

So, balance at
17/10/07 (house move date) £205,000
at 5/4/09 £193,412
Paid off £11,588
Paid off in last quarter £3,178:T

well done on that :T:T

setmefree2

Jonesy_Bonesy wrote: »

I'm on target to clear the mortgage completely by the end of the challenge

Bonesy

with that :T:T

Jonesy_Bonesy

Thanks setmefree2

My initital target was to try and pay off 80K over the 3 years! This was a realistic yet difficult and challenging amount at the time, and required the whole family to adopt a more frugal way of life. We don't go without by any means, but any purchases or expenditure are carefully considered before being made.

A lot has happened over the 2 years. I had all overtime cut in my previous role which almost doubled my salary before it was cut, changed jobs within the same company and got a pretty decent promotion and shift pay on top, had a beautiful baby girl, sold off an extensive and high value collection and realised some serious profit from this ( can't be a collector whilst being frugal ), discovered matched betting, applied for voluntary redundancy and was refused.

Every time I put the TV on and watch the economic doom and gloom I am just so pleased I challenged myself to do this and am in the position I am now. I couldn't have got this far without the inspiration of this thread and participating in it. I'm not a big poster but I do check in daily and just wanted to say a big thank you to all :beer:

Bonesy

ailuro2

I agree jonesy Bonesy - I'm 39 and remember the doom and gloom of the last recession, but this one feels a whole lot scarier this time round.

Being in the position we are with the mortgage though makes us feel we can ride most things out, and keep a roof over our family which is the most important thing to DH and me - security for our family is priceless, going without an extra weekend away here and there is nothing compared to knowing we've "done good" for our family.

(Not that we've missed out on too much, for us it's more about getting what we want for the best price on the monthly bills that save the most money)

cupid_s

Jonesy_Bonesy wrote: »

Every time I put the TV on and watch the economic doom and gloom I am just so pleased I challenged myself to do this and am in the position I am now. I couldn't have got this far without the inspiration of this thread and participating in it. I'm not a big poster but I do check in daily and just wanted to say a big thank you to all :beer:

Bonesy

What a lovely post, and I feel exactly the same way. Another house on our road (which only has 12 houses) was repossessed recently and it made me realise how lucky we are to not have to worry about things like that.

We've been adopting a similar approach to a lot of people here. We don't go without but we think three times before we spend money and we shop around to get the best price.

I'm really looking forward to the update. We're about on track to complete the challenge (so long as we don't decide to buy this house we're going to see at the weekend) and I hope everyone else is too. And I'm so pleased for, and ever so jealous of, the 5 who have paid off theirs already.

Freedomgirl, when your OH starts working don't forget to apply for working tax credit. DH was employed for 3 months whilst I was still studying and we got nearly £1000 in this time which really helped.