Mortgage Free in Three Yrs

ailuro2

TigTag, I hope your OH finds something soon that will be even better than his previous job- sometimes these things happen and people find it ended up better in the long term- my fingers are crossed for you both.

Redbedhead

I would love to join the challenge but as we are about to take on a huge mortgage for our family home, I know we won't be able to be mortgage free in three.

However, we are going to try our best to be mortgage free in 10 years, by which time I will be early 40's and H will be late 30's. Then we can think about our holiday home in the sun:j

Good luck to all of you.:beer:

tigtag02

Thanks guys :grouphug:

Your support means lots and DD I love you way of looking at it, is your glass always half full

tigtag

Limeycat

Hi all, I've been toying with the idea of making overpayments to reduce my mortgage for a while, and this thread has encouraged me to take the plunge.

I took out a 25 year £100k mortgage about three and a half years ago, on a 5 year fixed at 3.89% (yay me! :j ), £85k on repayment and £15K on interest only. I'm not sure about what I owe right now, but will be checking that on Monday when the BSoc opens.

My monthly payments are currently just under £500, and I think I can afford to lob at least another £100 or so onto that per month. I need to do some working out to see how much impact that'll have, but I'm gonna start with an aim to reduce my mortgage by £10K in 3 years, and hope to improve on that quickly - as soon as I get everything else straight.

chickadee

Tigtag, sorry to hear about your OH's job. I hope he finds something soon. Redundancy can turn out to have a silver lining you know. Maybe he can consider that career change he hadn't thought able to before. I know its hard but try to look on it as an opportunity. A few years ago my employer made all 600 of its staff redundant. Factory, staff, management, the lot. I now know people who are doing things they never thought possible at the time. It was all doom and gloom, but looking back it was the kick up the *** many of us needed. Most of us had become far too comfortable.

Of course, I don't know your circumstances so sorry if this is way off the mark for you. Chin up. I'm sure things will work out. If I ever get made redundant again I'm going to become a plumber or a photocopier engineer. They'll never be out of work!

Good luck!
xx

tigtag02

chickadee wrote: »

I'm going to become a plumber or a photocopier engineer. They'll never be out of work!

Good luck!
xx

Thanks chick

OH is a plumber - well (why is there always a well or a but :mad: ) he does the work of a plumber but its all with experience and not qualifications!! Thats what makes it hard for him!!

This is the 4th redundancy we have notched up between us in 4 years :eek: :eek:

chickadee

Sorry to hear that Tigtag. I hope I didn't touch a raw nerve. Any chance of him getting the qualification to back up his experience? It shouldn't be too difficult if he has the experience. Have a word with the Jobcentreplus people. Isn't there some kind of arrangement where you get training and can claim benefits as well? Just a thought....

minimoocow

Sorry to hear your news TigTag - it is especially annoying if it is the 4th time in as many years - you obviously deserve a run of better luck but if you have dealt with it before you can deal with it again and perhaps come out in a better position than you were before.

As chickadee says get your OH to see if he can get the qualification while he's out of work - where we are if you are unemployed they will help you to get qualified much more than if you were in work.

Maybe if you get some tips from the OS board when he does get back in work you'll have even more the throw at the mortgage as it will all be extra!

Hope you get sorted soon and are back on here eliminating the mortgage asap!

Dithering_Dad

tigtag02 wrote: »

Thanks chick

OH is a plumber - well (why is there always a well or a but :mad: ) he does the work of a plumber but its all with experience and not qualifications!! Thats what makes it hard for him!!

This is the 4th redundancy we have notched up between us in 4 years :eek: :eek:

Hi tigtag, is your hubby Corgi registered? If he's not, is it an expensive qualification to get? Might be worth getting one of those study loans if he ends up with a better paid job or could start up working for himself?

TallGirl

sparklymessygirl wrote: »

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

DD can you please add Sparklymessygirl to the challenge I had actually promised her no 50.