Mortgage Free in Three Yrs

taka

I only opened my 2008/9 fixed rate Nationwide ISA in mid March 09 but got interest at the end of the tax yr (all £4 odd of it lol). I guess it depends on your provider!

angelavdavis

Hi all,

Got back from hols at the weekend, so missed all the action with the latest updates so thought I would drop a quick line to congratulate everyone on their progress! Keep it up!!! :T:T

Desperate_Housewife_2-2

welcome back ang, hope you had a nice hol.

Are we doing more regular updates now? Or will it be too much number crunching for TG?

ailuro2

TallGirl wrote: »

Well if you are all up for updating more towards the end of the challenge then I suggest the following schedule:

17th July 2009
16th October 2009
15th January 2010
15th February 2010
15th March 2010

and then a final 16th April 2010.

Let me know if you think it is too much. I don't think it matters if everyone does not do it for all of them but we might more to update which would be great. Also the people who have dropped off along the way might come back. Who know.

I am up for meeting up I guess we have people all over the country so might be tricky but it could be fun.

This post form the previous page is what you're looking for, monthly updates as we near the end of the challenge.:D

Dithering_Dad

Given the huge falls in house prices, is anyone else thinking of taking advantage and moving to a new place?

When we bought and extended our current home (4 bed detached new build style) we had pretty much decided we'd stay put until the kids left home and then downsize (or move sideways) into something like a 2 bed stone cottage.

After checking out some of the houses that are up for sale in our local village and surrounding countryside I'm starting to wonder if we should start thinking about moving up the ladder again. Opportunities like this don't come around often in your life - the last time I bought in a crash was 1995 and that was pretty lucrative.

I can't see us doing anything for the next 11 months of the MFi3 challenge because we're locked into our current mortgage deal until April 2010, and I'd really like to continue to pay down our mortgage as much as possible.

I am thinking that the timing would be perfect - we should be coming out of recession and things will be picking up economically, house prices may be bottoming out and we'll (hopefully) have reduced our mortgage down to the £80k mark.

We could look at buying a beautiful stone property with large gardens, get a fixed rate mortgage for safety and then have another period of mortgage overpaying MFi3 style for the next 15 years.

By that time the kids will (maybe) be off our hands and the housing market will (maybe) be within the next boom. It'd be a perfect opportunity to buy in a bust and sell in a boom, with a large amount of tax free equity released on the downsize to help feahter the retirement nest.

I guess I just need to have the nerve to take on a large mortgage once again. :eek:

gallygirl

You spent too long looking at that lovely house you posted on the house price thread DD - serves you right :rotfl:.

No plans to move, although Right Move does keep mysteriously appearing on my computer , I must admit I too found a nice stone house HERE, albeit not in the same price tag as yours. Am steering well clear of the area

Desperate_Housewife_2-2

I'm not moving but I am happy here and will be more so when its paid for! I have been so obsessed with paying off the mortgage that the thought of extending my debt to move gives me the heeby jeebies!!!

Having said that, if its right for you DD then have a good think and do the numbers, talk to your family etc and then decide. No-one knows how the economy will perform in the future so work within the framework of 'worst case secenario' and you can't go wrong. Good luck!

ailuro2

I'd love to move to our dream home, but our house isn't ready for the market - the driveway needs done, new doors and skirting, roofline, some parts aren't double glazed, the list goes on...

But if it were done, then I'd consider selling up and move to a stone build cottage, 3 beds, has to have an open fireplace, southerly aspect or south facing conservatory, and be on a hill.Also has to be near to good school, not too far from workplace for DH and myself, have a garage, not be too out of price range, definitely not near a main road, would prefer not to be next to railway lines either. It also needs bedrooms remote from the main living area, downstairs loo and dlower floor study/playroom, because DH is a shift worker....

trouble is we have most of this already, so it would take an immense property to get us to shift our heels (DH's especially - he's really loking forward to having no debt!)

Trying_to_be_good

My place is already on the market. And the spreadsheet for the new potential mortgage is very scary, so I'll just have to wait and see what the housing market holds.

In the meantime, I continue to try to get the erroneous stuff taken off my credit file (just over one month's effort so far).

TopCashBack now offering £7 cashback for the 30-day free Equifax trial. If anyone wants a referral (I get £2.50 towards a ridiculous mortgage 'arrangement' fee, you lose nothing), PM me!

shazzany

Well as of today I am resigning from my teaching job so I can spend time with my daughters while they are little. :eek:

I feel quite scared by the massive drop in income but I couldn't have done it if we hadn't been overpaying our mortgage and I do know it's the best decision for us as a family. I keep telling myself I won't get their early years back and I can always re-start my career later....

So for now I have at least 2 yrs (apart from doing occasional supply work) of being with my girlies and getting up each morning knowing I will be enjoying their company. It also means I will be looking for lots of ways to make a little bit of extra money. I already do survey sites, pigsback and am dipping a toe in mystery shoppping but any other suggestions welcome! Thankyou!:T