Mortgage Free in Three Yrs

hosebergine

Thanks DD
Mortgage on 1/4/07 = £100,104.53
Three year challenge = down to £75,000
Balance 16/5/07 = £96,868.95

phil7445

betsanboots wrote: »

by the way DD - can you revert my gender to female? the y-fronts are just not comfy ....

Have you tried Ginch Gonch? ;-)

http://www.ginchgonch.com/web/Ginch~Gonch/Ginch~Gonch~Site/web/EN/shop/shop/women/60396/87055.html

betsanboots

phil7445 wrote: »

Have you tried Ginch Gonch? ;-)

http://www.ginchgonch.com/web/Ginch~Gonch/Ginch~Gonch~Site/web/EN/shop/shop/women/60396/87055.html

now, they are WILD!!!:j

betsanboots

wwwwwwwwwwwo hooo! had a letter from Nationwide this morning - overpayments, SO FAR only, have reduced my term from 18 years to 7 years 8 months!!! Better get that big setee, Richard and Judy ...

angelavdavis

Hi all,

I wasn't able to commit to the challenge back in April, as I still had £8k of credit card debt to clear, but this will be clear by June, so I want to sign up for the challenge if I may?

I have paid into my ISA allowance now, so the remaining "savings" will go into the mortgage. I switched jobs in October last year and as a result, have almost trebled my salary :cool:

I currently have a 2 year fixed rate of 4.24% with Britannia which runs out in December 2007 and allows overpayments. I have been happy with Britannia as I have received about £200+ of member bonuses from them over the last two years. Hopefully if they can offer a fairly good fixed rate deal when this one expires I will stick with them for the next 2 years. If anyone has any more information relating to offset mortgages - it would be gratefully received as if Britannia don't come up trumps this is likely to be my next move.

I owed a total of £130806.84 as at April 2007 and have been making payments of £847.87 every month since I remortgaged in November 2003.

I intend to start making overpayments every month now and started today with a test overpayment (to check the standing order details are OK) of £100. I will then pay in any excess salary at the end of the month regardless.

I intend to increase my overpayments of £3000 per month as from July 2007 with the hope of reducing my overall term from 18 years, down to 3.1 years saving me almost £45.5k in interest (although until I know what the new rate will be come December it is hard to work this out - its likely to be higher so I might be nearer clearing in 4 years but who knows?)

Anyway, hope I can join and have provided enough info.

Well done to the progress made so far by everyone.

Dithering_Dad

Welcome Angie. I'll put you down as completely paying off your mortgage by the end of the 3 years, but we can change that once you have your new rate and have more of an idea of what you can achieve by April 2010.

Is that OK?

TallGirl

Just to let you know that we now have 47 memebers 26 (thanks to Togashi) of which I have been able to add to the spreadsheet.

We have now reached £2 millon and paid off over £37,000 since 1st April so come on the rest you let me have your details and I can add you to the spreadsheet. If you haven't got anything to report just let me have your start figure as of 01.04.07 and then at the end of July we can get your next update.
Also a very warm welcome to all our new members - good luck with your overpayments etc.

togashi42

Dithering_Dad wrote: »

I just deduct my offset from the mortgage total. Although the money is not actually "paid off", it is going to be used for that purpose eventually, so it makes sense to just deduct it now.

Ok, I can do that.

I just sent TallGirl a PM explaining that my new offset morgage won't complete until 1st June so I am going to amend the figures in my signature to reflect the extra we have added to the savings to offest the mortgage.

What a cool way of looking at the offset mortgage! If I subtract the savings from the mortgage balance I have achieved 5x my goal in the first month! :rotfl: :rotfl:

FrugalNotTight_2

angelavdavis wrote: »

Hi all,

I wasn't able to commit to the challenge back in April, as I still had £8k of credit card debt to clear ...

... have almost trebled my salary :cool: ...

... I currently have a 2 year fixed rate of !!!!!!!!4.24% !!!!!!!!!!!! with Britannia ...

... £200+ of member bonuses ...

... I owed a total of £130806.84 ...

... I intend to increase my overpayments of £3000 per month ...

I think Angela :A qualifies as the GOLDEN member in my book! :T

My word, I know the phrase "You make your own luck" is very true in most respects but ... DANGEROUS TEMPTATION TO USE SWEAR WORDS HERE ... my word, talk about landing on your feet!!!! :cool:

Well done and welcome to the group. I hope I'm allowed to say that as a member and not founder.

I'm going to really enjoy watching the progress of this. I hope I can achieve more than I set out.

FNT :j :j :j

FrugalNotTight_2

P.S. To everyone and apologies for being stupid but at least I'll know once I'm told.

People are using the term offset. What do they mean by this in terms of mortgages???

FNT