Mortgage Free in Three Yrs

Desperate_Housewife_2-2

Keep it up everyone!

Bit of bad news for me though, heard a rumour that where I work might be closing down. I won't get any redundancy pay or anything as I am a temp worker. When my mate rang me to tell me what she'd heard everything else went out of my head, I went straight on the internet and started looking. Dropped lucky and have an informal visit lined up for Monday and the job application is done online (just waiting for 2 people to agree to be a referee for me then I can send) Fingers crossed as I only want part time and its a full time job. I'm not worrying though but keeping positive. Redone the budget and can jiggle things about as I have always budgetted on hubbys pay only (with me being a temp).

All I can say is thank goodness I don't owe much on the mortgage and can even not pay anything if it gets bad. It means I may have to drop my overpayments but we'll see how it goes.

keep yer peckers up!

ailuro2

Desperate Housewife - you're doing the right thing jumping before it sinks if you're not entitled to any redundancy money.

good luck with your interview.

Mudbath

Good luck with the new job desperate housewife xx

AnW'sMum

Hi Guys

Sorry for not posting recently, I need to work on the stats side of things and post an update. It has been manic round here recently! But the kids are back at school now so things 'should' calm down to the usual tearing round trying to be all places at all times type of schedule!

I hope to post my update this evening.

Desperate_Housewife_2-2

Thanks for the supportive comments, informal visit went well, looks like a nice place, spent 50 mins chatting with manager and application in. I've got some temping work through today from another company I work for (not as much money but ok) also off to a jobs fair on Saturday so all positive stuff.

Feeling good

setmefree2

Desperate_Housewife wrote: »

Bit of bad news for me though, heard a rumour that where I work might be closing down. I won't get any redundancy pay or anything as I am a temp worker. When my mate rang me to tell me what she'd heard everything else went out of my head, I went straight on the internet and started looking. Dropped lucky and have an informal visit lined up for Monday and the job application is done online (just waiting for 2 people to agree to be a referee for me then I can send) Fingers crossed as I only want part time and its a full time job.

with that

Kaz2904

I need to have a rejig of my totals. I got my mortgage statement through yesterday and I actually owe £601.35 more than I thought. I went through all my payments with my online banking and it's correct. I've realised what I've done and it's linked to the council tax muck up. It will be sorted and paid back this year but it's going to cost me more in interest in the long term. I also need to get my ISA statement. Hopefully it will finally arrive this week!

Lovely to see so many people doing so well. We'll be at the end soon enough!

sallyb17

Just had a credit expert alert to advise me of a 'signficant change to an existing balance'. I've been grossly overspending this month due to business trips (expenses expected soon) and some spending on the house and other stuff. Turns out it's my mortgage - I paid off an extra thousand last month with my bonus so now it's just £107, 043 :j

setmefree2

sallyb17 wrote: »

I paid off an extra thousand last month with my bonus so now it's just £107, 043 :j

well done :T:T

AnW'sMum

For this update I have looked at the figures based on two main groupings.

There are three groups:

1. active members, those who have given an update since January 2009 update currently standing at 48

2. inactive members, those who have not updated since January 2009 currently standing at 15

3. dormant members, those who have no given an update for the last two charts. These members have had their figures removed from the calculations so that we have a true reflection of what is going on. Currently standing at 69

So.......

The results for Active members only:

Based on the info DD and TG have in their charts and by my reckoning the total of mortgages plus pension pots other savings of the 48 active participants is £4,106,543.25 with a collective aim to reduce this by £1,938,633.63 during the course of the challenge.

So far the total amount repaid is £1,658,886 or 85.57% of total pledged. To be bang on track at the end of month 24 (ie end of March) we should have repaid 66.66% so collectively we are ahead of target by £366,592.82 :j

The results for Active and Inactive members:

Based on the info DD and TG have in their charts and by my reckoning the total of mortgages plus pension pots other savings of the 63 active and inactive participants is £5,457,027.55 with a collective aim to reduce this by £2,446,316.18 during the course of the challenge.

So far the total amount repaid is £1,978,707 or 80.89% of total pledged. To be bang on track at the end of month 24 (ie end of March) we should have repaid 66.66% so collectively we are ahead of target by £364,138.32 :T

I am sure if we had had an update from the current 15 inactive members then we would collectively be even further ahead of target. So if you are one of the 15 please PM Tallgirl with your figures so we can keep track of how everyone is doing. The next update will be July 2009.

I shall report each time in the same style. So anyone who did not report in this time and does not report for the next chart will become dormant and everyone that does report will be classed as active. I hope this all makes sense!

31 people so far are ahead of target so an extra pat on the back to you all, currently 19 people are 100% or more of their targets.:j :T

Just for a bit of fun I have also looked at how many of these mortgages we would have paid off now if we started with the smallest active mortgage and worked towards the biggest! Those who would be MF now in this scenario would be: sparklymessygirl, Mushy61, freedomgirl, ailuro2, cazmanian_minx, jobbingmusician, ~daisy~, Desperate Housewife, karmacat, amazamum, shazzany, lunasaver, tallgirl, superfast_Gran, minimoocow, bargain Rzl, Gallygirl, taka, hughmungas1986, LookAfterThePennies, Chickadee, MoneySavingNovice, Redbedhed, Cupid_s, CFC, financialbliss, OverlandLandy, catowen, CaroB, Dumbledore55 and kaz2904.

And finally the best news saved til last huge congratulations to sparklymessygirl, angelavdavis, Cazmanian_minx, MoneySavingNovice, minimoocow and 1274 on becoming MORTGAGE FREE :money:

Well done to everyone, keep going 24 months down only 12 to go

Some people have taken on new mortgages since the last update. I do have a note of their new outstanding amounts but have not used them in the above so we maintain consistency in reporting.

Looking forward to the next update