Mortgage Free in Three Yrs

TallGirl

FrugalNotTight it is better to ask so don't worry. I have an offset mortgage it means my current account and my savings accounds are offset agains my mortgage so I only pay intest on what is outstanding. Currently I have an £45000 mortage but £12,000 saved so I only pay interest on £33000. I am not going to count that towards the mortgage challenge for the moment so sticking wiht the £45,000 but towards the end when I am mortgage free by offsetting then I will. Hope this makes sense otherwise look on Barclays websire or Virgin as they so them.

It makes sense for us to have an offset mortgage as my DH is a higher rate taxpayer and hopeless at putting money into a savings acc. He would just leave it in a current account earning hardly any interest which is why we swapped. We have also used the loan facility to buy his car only paying 6% on the loan until it was paid off. Same rate as the mortgage ofcourse.

FrugalNotTight_2

Makes perfect sense and an excellent explanation. THANK YOU! (Clicked thanks too because you are :A )

:cool: :cool: :cool:

AnW'sMum

From the figures declared to so far (ie 26 members who have updated TG) we have repaid 1.95% of the total pledged woooohoooooo well done everyone

amazamum

Welcome to all the newbies to the challenge.
I would just like to say to Angelavdavies please could you find myself or my oh a job like yours then I could pay my mortgage off within the year lol.
Tallgirl,when do we have to give our next updates by(when are you changing the spreadsheet again),I am due to be paid in the next couple of days and intend to payoff something next monday morning and it would be great to see it on the chart,at least I could see myself getting somewhere that way.

Thanks Amazamum:T

TallGirl

I will do an update of the chart before the 24th May as that is when I go on leave. Going over to Denmark to a friends wedding and hopefully meet my new niece or nephew.

Just booked in for the £49 inspection trip to Turkey it is over the bankholiday so dont need anytime of work :j

However it could seriously impact on the MFiT :eek: :eek: Why is life full of temptations.....

comping_cat

My mum has just rung me - she opened a letter addressed to me (havnt lived there for 18 years) and ive won £50 on the premium bonds!!!!
Its only taken 35 years to win something, and i didnt realise i still had them (i had about £5 worth bought for me when i was born!!!)
This will be going straight into my mortgage pig!!!!

AnW'sMum

fantastic news catowen now they are the best kind of suprises

Karen_L_2

How do I join the challenge?

FrugalNotTight_2

Give mortgage details and aim over 3 years and also PM TallGirl with the same details. :hello:

Trying_to_be_good

Can I join, too, please?
I'm re-mortgaging on 1 July - 137,000 (40,000 of which is interest only)
I hope to reduce it to 90,000 (25,000 of which is interest only) by the end of April 2010. Don't think I can go lower - it's enough of a challenge as it is with just me paying!