Mortgage Free in Three Yrs

FrugalNotTight_2

Paid £150 off this week. Aiming for sub £70,000 current balance is approximately £73,000. Will update at end of May

sparklymessygirl

Hello all,

I would like to join this challenge although my figures are very modest in comparison to everyone else. As at 1 April my balance outstanding on my repayment mortgage was £10,554.19. I have been overpaying for a year but have just stepped up overpayments. I live in a very poxy terraced house in a downmarket area hence the low mortgage - but hey - it is home :rolleyes:
I am now making payments of £300 per month by DD (the required payment is £115 - the rest is overpayment). I am even more determined to pay it off because I am currently paying 7.25% and am yet to be notified of the increase inevitable after the base rate increase. Re-mortgaging isn't justified for such a small sum. I currently have 11 years 1 month to run but will pay it off within the three year challenge all being well - although I would love to move but cannot afford to on just my salary. You never know what good stuff is round the corner though!

I will PM these details to Tall Girl too

Thanks guys
Sparkly

cupid_s

Hi sparkly

welcome to the thread.

I got a leaflet from A&L through the post the other day and pointed out to the OH we could 'get a loan for 5.9% - you'd be lucky to get a mortgage for that now.'

could you look to get a loan to pay off the mortgage? there's got to be loads at a better rate than what you're paying.

just don't say it's to pay off your mortgage

sparklymessygirl

Thanks Cupid,

I have actually toyed with the idea of a loan but haven't really looked into it - I do remember seeing a thread on here on the subject and I seem to remember there was a reason why not to do it - but I can't remember what exactly! I could make capital payments from my ISA savings but may need to use that money on something else. Maybe I'll have another look at the thread though...

Sparkly

tigtag02

well chaps & chapess' - I am going to have to quietly *bow out* from this challenge for the forseeable :(

OH was made redundant today with nothing but a poxy weeks notice :eek: as the main breadwinner all my wage does is pay the bills!!!

Off to the OS for me it looks!!!

I will follow the thread with the same intrerest and with a bit of magic fairy dust should be back on with you all soon

tigtag

comping_cat

Oh tigtag, what horrible news, i hope your OH finds something soon xxx

jobbingmusician

Many condolences, tigtag. But remember money isn't everything - the folks on the OS board have a great time doing really positive things at minimum cost....;)

Dithering_Dad

Hi TigTag, sorry to hear your news. I hope your hubby finds a job very soon - keep us all posted on how he's getting on. You're still paying your mortage off, albeit at a normal rate, so you still qualify for MFiT (Mortage Free-er in Three). You can't get away from us that easily!

pink_fairy_7

Hi tigtag.
Really sorry about OH's job. I hope he finds a job really soon.
Like DD said you can't go.

pf xx

AnW'sMum

Fingers crossed for your OH tigtag, hope something turns up soon.