Mortgage Free in Three Yrs

hughmungas1986

I've just rung Barclays for our latest balance which now stands at £ 19567.96. :j:j:j

That means we have achieved our target for this challenge. The next challenge is to be MF before October next year.
Its been hard going after extending our house and remortgaging but we've managed to pay off over £ 51000 in 51 months against an original target of £71000 in 70 months.

So my thanks to everyone who has posted some great money saving tips over the last few years, they have certainly helped spur us on to reach our goal.

We're still hoping to get the total even lower before next months final chart, Good luck to everyone

hugh :beer::beer::beer:

ailuro2

Hughmungas - does your name refer to the amount of overpayments you've been making - that's very impressive, well done, keep at it.:beer:

minimoocow

Hey everyone and well done to everyone who's paid off their mortgages or met their targets . . . not been about for a while as . . . we've bought a new house! Its amazing and although it wasn't what we planned as it came up in the area we wanted we thought we should go for it or we'd always regret it.

It does mean the MF status has been blown completely with the mortgage now standing at twice our starting figure 3 years ago however we now have over 40% equity and are starting over at paying off this mortgage. We'd never have been able to move had we not have paid off the mortgage on the last house so the challenge wasn't in vain!

We are still sitting here asking how we managed to pull this one off nearly 6 months down the line as the house is amazing and I can't see us wanting to move ever again.

gallygirl

That's great minimoocow! So glad paying off your debt meant you could take on even more :rotfl:. Seriously, I love to hear how paying off early means you can then get your dream house, have another baby, go part-time etc. Well done :T

PS - go on then, tell us about the house

hughmungas1986

ailuro2 wrote: »

Hughmungas - does your name refer to the amount of overpayments you've been making - that's very impressive, well done, keep at it.:beer:

Er no not really.... we've just been lucky enough to have a few pay rises and a few bonuses from work between us.

Good luck to all

hugh :beer:

Superfast_Gran

Hey everyone,

Just wanted to let you guys know that I'm doing much better - I've been going to a pottery class and made quite a few small things AND I even applied for a job recently. Not heard anything yet, but it's a first step right? :j

Mortgage balance today stands at £36,384.44. It doesn't seem to be going down too much but we have been concentrating more on CC debts over the last year which we've reduced from over £12K to £7.5K, and even that will be down to less than £4K by the end of June, and hopefully paid off completely by the end of this year. Whew! So overall debt is being severely hit on the head, for us that is considering my health etc!

As I think I said recently on the forum pages, we probably wouldn't have made as much effort if it hadn't been for MSE and this particular challenge. Many thanks go to DD & especially TG for her hard work with the spreadsheets of how we have all been doing. :T:T:T:T:T

I've joined the newer one to keep motivated to continue chipping away at the mortgage but have set a lower aim - although I do think it's definitely manageable this time.

Thanks again to everyone who took part, posted and generally cheered us all on and good luck for all our futures COMPLETELY DEBT FREE - MORTAGES AND OTHERWISE XXX

:money: :beer::beer::beer::beer::money:

financialbliss

Dithering_Dad wrote: »

The challenge ends on the 1st April 2010!

Hi all,
As per DDs post #1 above - this challenge ends on 1st April.

How about we make 1st April the last day anyone can make a payment / overpayment for this challenge?

Once these have cleared, we send a final update to TallGirl for a final chart - published once people have supplied an update - ailuro2 suggested 16th Arpil as a final chart date?

Financial Bliss.

[Deleted User]

I've already made my last payment for this challenge, so I'll declare my final total as £6,885.50 (115.23% of target)

(Okay, there'll be another few pence to add tomorrow and Thursday, but it's hardly worth counting them for this exercise)

Kaz2904

I've made my last payment, all that stands for me to do now is root around all of my collective savings accounts etc and see how much is in there and get a final total from my mortgage co. I'll have to ring them because I never seem to get my statement through until around the 16th April. I'm hoping I get my ISA statements through quickly enough because they have made money over the year (probably only about 20p mind!) and it will all go towards the final total.
I'm not sure whether or not I'll hit my target but I somewhat doubt it. On the plus side, look at how much I have paid off woop woop!

Dumbledore55

Just sent in my final total - £61,680 - started at £92,000 - I did twice as well as I predicted - so my thanks to this thread for the inspiration - I need to find a new way to motivate myself now!

DD55