Mortgage Free in Three Yrs

benbenandme

Aha, a mention in the weekly email would explain the sudden questions asking for advice Welcome to all the people who've come here via the email, maybe we'll get a mention once the challenge is over too?

tallgirld

Good luck to all of you.

I currently pay 3p a month on my Abbey National Mortgage as I made loads of overpayments and basically run it down to a £1.

They did try to talk me into clearing the measly debt but I refused. My attitude is I am in no hurry to pay the so called 'EXIT' fee nor am I in a hurry for the deeds. I will officially clear November 2011 at which stage they can have their so called "EXIT" fee.

ailuro2

benbenandme wrote: »

Aha, a mention in the weekly email would explain the sudden questions asking for advice Welcome to all the people who've come here via the email, maybe we'll get a mention once the challenge is over too?

Ah, now I see - I wondered why people were popping in asking kind of random questions.:D

I second the welcome, would suggest any visitors look at page one to see how well we're all doing, then have a good read through the first few pages. Really, the hints and tips aren't on page 240....;)

Overpay by a little each month if you are in a position to do so, then raise the amount when you stop noticing the first overpayments.

It really is as simple as that if you're on a mortgage rate that's higher than any money you might earn putting the money elsewhere.

Make sure your pension is sorted out and you have a few months emergency money stashed where you can get to it.

Finally, find a balance between overpaying the mortgage and living life to a suitable standard - stale bread and water isn't worth it to get rid of the mortgage, but shopping around for things you need, and not frittering money on things you don't need is a very easy way to find some extra money.:D

ailuro2

mister_bojangles wrote: »

Things are getting better now, but I can't help feeling that I've missed the boat!

It's never too late to start overpaying.;)
Well, maybe in year 24 you won't have such big savings, but you can overpay from halfway through a mortgage and still save...

dawnylou

When does my update need to be in? We are making another overpayment tomorrow and am hoping to squash it in before the update! lol

setmefree2

JBFAN wrote: »

We repayed our mortgage this year.

Enjoy

setmefree2

tallgirld wrote: »

Good luck to all of you.

I currently pay 3p a month on my Abbey National Mortgage as I made loads of overpayments and basically run it down to a £1.

They did try to talk me into clearing the measly debt but I refused. My attitude is I am in no hurry to pay the so called 'EXIT' fee nor am I in a hurry for the deeds. I will officially clear November 2011 at which stage they can have their so called "EXIT" fee.

setmefree2

to the Newsletter readers

Can I direct you to the rest of the board
http://forums.moneysavingexpert.com/forumdisplay.html?f=98


and also the MFi3 challenge part 2 if you would like to join
http://forums.moneysavingexpert.com/showthread.html?t=1402631

Starts in December

tattycath

well i'm now trying to chip away at our mortgage with the PAD thread (as well as getting down a few other bills). thoroughly inspired by the posts about how to pay off extra etc. I've already made payments since I updated TallGirl-but I'll just put them in the next update to save messing about.

jgtk1559

Hi, Is it possible to overpay when you have an interest-only mortgage? I thought you only paid the interest and then had to clear the capital in one go at the end of the term.