Mortgage Free in Three Yrs

TallGirl

Well done everyone we have some great stories on here keep it up everyone. I have had to lower our mortgage payments from £1000 to £420 which is a bit sad but I shall still clear the mortgage by 01.04.10 and we only have £2580 left to pay considering we started this challenge at £45k.

Cannot wait for the next update please send me your figures it makes it so much easier than me having to find them in here.

Next update deadline is 11th Oct

Desperate_Housewife_2-2

I have just sent TG my update which now stands at 5k. I was hoping to pay off the lot this month because DH has a new job and a bit of a severence package from his old job (not sure exactly what due to tax etc) but it should be around 4-5k. He will get it in 2 instalments at the end of next month and the month after so it looks like we will have to wait a bit longer.

I haven't paid much off this month due to booking a holiday for next summer! yippee we haven't been abroad for 5 years, just having holidays in the UK so it will be nice. We also had a take away last night and seem to be slipping into a mortgage free mindset already!

Hope everyone is ok, looking forward to the update

TheBees

Evening everyone -

Been selling a few things on ebay to raise some extra cash and went for an interview for a temporary supermarket job for 3 months - Oct to Jan. As I work pt in a school I can only manage a weekend day and maybe one evening but anything I can earn will be thrown at the mortgage and maybe they'll keep me on (if I get the job!).

I will be checking the balance of my "Pay off the mortgage account" tomorrow and will be sending a PM to Tallgirl so she can update our "virtual" figures. Although we've saved nearly £3K it's not actually sent off to the mortgage company until the beginning of December for the capital repayment.

ailuro2

Good Luck with the job, The Bees Hope you get it, and like it!

Dumbledore55

Just paid my September mortgage payment so can update where I'll be on 01/10/09 - much slower paying off now due to a complete change in circumstances. However, I hit my target a while back so any overpayment is a bonus.

Target was to overpay by £15,000 - I've now overpaid by over £10K more than that. I now owe £66,602!

Money is tight but I will do my best to continue overpaying even if its small amounts.

Keep going everyone, we're nearly there.

DD55

[Deleted User]

I'll report in when I can but I'm waiting for my September payment to clear - assuming it actually clears in September: we changed our regular transfer date to the 27th some time ago thanks to my wife's change of employment, and neglected to take a weekend and 30-day month into account this month.

UPDATE: The payment cleared in time after all. So our balance at 30.9.2009 stands at £19,296.73 - we've paid off £47,199.20 in 30 months and have £4,528.60 left to pay off in order to hit our original MFi3 target, which we should do three months early.

ailuro2

Tallgirl I just PM'd you our update for 11th October figures.:D

Susiesue

Hi everyone. I don't post much but I do have a read through this thread as often as I can to keep me inspired on my MFI3 quest.

My challenge was to reduce our mortage to about 64,000 from a starting point of 95,000. We have an offset tracker mortgage with IF. The interest rates have been very kind to us in the past year or so and as a result, the balance owed has started to drop quite dramatically. So, I'm really chuffed to be able to say that we've acheived our target already!!! Yippee! It doesn't stop here though - the bug has well and truly taken hold. I think we are about 4 years away from being completely mortgage free. So we'll be pushing hard to make this happen.

I just wanted to say thanks to you all for your ideas, support & inspiration. Without it, we would probably have given up trying after a few months and blown the money on wine, clothes, holidays, etc. Now that I'm here, the pull of being mortgage free is too strong to resist and I don't doubt that we'll be mortgage free in just a few years.

Thanks everyone
SS xxx

gallygirl

MFiT no. 11 Start £53300.48 , now £31,755.63 - £21,544.85

Oops, debt slightly larger than last month & I am behind target :eek:. However, have paid for new boiler (2.6k) and only £330 behind so back on track by December & WILL still meet target .

Sorry for now peeps

Have emailed TG.

Looking forward to update & analysis :T

AnW'sMum

October already!

Keep going guys there are some great figures already, let's get as many updates to Tallgrill as possible in time for this months update.