Mortgage Free in Three Yrs

Mudbath

Eeeek really sorry I didn't update this time....DS has been poorly and I'm really behind with everything .For what it's worth i'm down to £79005 now so pleased with that.

Well done everyone xx

ailuro2

#61 MFi3,Mudbath, well done!:T

PM your figures to Tallgirl, then at least you'll be more up to date next time if you forget

£79k from a starting point of £110K is a great amount of mortgage to be rid of.:D

Desperate_Housewife_2-2

:beer: :j :money: :beer:

well done everyone it all seems to be going well, I spy quite a few mortgage free bods on the chart which is inspiring.

I have just popped in to update my sig. Now stands at £2.5k which should be paid off at the end of November, OH had some trouble at work so got a kind of severence deal and also got a new job so we have managed to pay off £2.5k this month with the extra.

It will be a nice early xmas pressie to get it paid off. I am easing off a bit with the extreme money saving and scrimpind and even off on the xmas works do this year for the first time in years! Starting to get a life now but I will still be a thrifty person...

Keep it up everyone!

hughmungas1986

Just a quick update. We've managed to reduce the balance down to £23997. Still need to keep over paying to reach our target of £20000 by the end of the challenge.

Good luck to everyone, only six months to go

setmefree2

hughmungas1986 wrote: »

Just a quick update. We've managed to reduce the balance down to £23997. Still need to keep over paying to reach our target of £20000 by the end of the challenge.

Good luck to everyone, only six months to go

nice milestone :T

setmefree2

Desperate_Housewife wrote: »

I have just popped in to update my sig. Now stands at £2.5k which should be paid off at the end of November,

Fatastic :T

TheBees

Evening everyone

Just popped in to say good luck to everyone as Christmas approaches. It's tempting for me to overspend and get carried away with presents.

I started my evening job at a supermarket for 3 months over Christmas. I'm planning to throw all the wages from this extra job into the mortgage account.

Superfast_Gran

Desperate_Housewife wrote: »

:beer: :j :money: :beer:

I have just popped in to update my sig. Now stands at £2.5k which should be paid off at the end of November, OH had some trouble at work so got a kind of severence deal and also got a new job so we have managed to pay off £2.5k this month with the extra.

It will be a nice early xmas pressie to get it paid off. I am easing off a bit with the extreme money saving and scrimpind and even off on the xmas works do this year for the first time in years! Starting to get a life now but I will still be a thrifty person...

Keep it up everyone!

Just a thought DH - does your mortgage have an early repayment fee? Don't mean to be a misery but I know several people who do - including me!

ailuro2

ailuro2 wrote: »

Update from us - Mr Ailuro has finally agreed we could make more money from our overpayment fund by putting it in higher interest accounts.
So we have taken our mortgage overpayment funds out, and are putting them into fixed rate savings and ISAs. By doing this we will make an extra £200 next year if the interest rate stays the same, and stand to gain even more if the intrerest rate drops, which of course it is widely anticipated that it will drop again soon.it did indeed drop, we ended up paying 0.99% interest on the mortgage and earned over £1400 interest on the savings:D

So - I'm still going to be mfi3, just a slightly different path - I'll take the money in our savings accounts off of the outstanding mortgage balance for the next updates, as the money is still earmarked for paying off the mortgage, hopefully before I'm 40!made it! my 40th is two months away

whether we end up really mortgage free, or just notionally mortgage free and decide to keep making extra money from the savings accounts we will have to wait and see.;)

UPDATE
We have decided to pay it off, this quote is from October last year, I phoned up the Co-op today and paid off a big chunk, they are sending out a redemption letter for us to pay off the mortgage officially. I'm so excited.

tattycath

ailuro2 wrote: »

UPDATE
We have decided to pay it off, this quote is from October last year, I phoned up the Co-op today and paid off a big chunk, they are sending out a redemption letter for us to pay off the mortgage officially. I'm so excited.

That's fantastic!!! well done!!!

and well done to everyone for managing to reduce their mortgages too!!!