Mortgage Free in Three Yrs

pink_fairy_7

Hello to all the newbies and well done to all the questees.

My mortgage payment comes out tom. so I've updated my signature as I can't post because of work. My total debt has reduced by over a £1K since the start of the challenge so I'm happy.

pf x

sweepster

Thanks thankyou,
When its all down on every post you realise how you are doing and makes me stick at it.
sweepyxx

togashi42

Just checking in with an update as I have been quite busy having the kitchen refitted the last few weeks and then I have been in bed with man-flu for the last week....

I finally got the new mortgage details through and with the fees it now stands at £98,028 and the offset fund stands at £50,980.

I have updated my signature to reflect this....I seem to be going backwards!

However! I am now able to transfer money around more easily with the Woolwich/Barclays offset reserve account as well as normal online banking so I should be able to pay off lump sums pretty easily now, especially as the mortgage account allows you to view your outstanding balance online, which is a great bonus for this challenge!

I'll try ot stay in touch a bit more often, but until the house is finished it could be just the monthly check in!

sparklymessygirl

Hi all,

I'v phoned the BS and the balance outstanding has dropped from £10,554 to £10,079, a difference of £474 (which I don't quite understand as my mortgage instalments during this period total £550 - is it because part of my payment was interest and so didn't get taken off the capital? )

I have cashed in my premium bonds so will make a capital repayment later in the month (after I have won tomorrow's million ) and I've increased my DD payments by a further £50.

Hope everyone is keeping motivated and welcome to recent joiners,
Sparkly

juliejim

Can I join in with please?

My balance today is £52910.32 and I want to reduce it by £7000.

I've applied for Internet banking today so I can see what my balance is each month but my fixed rate ends at the end of July so I'm not sure what I'm going to do with it then.

Thanks

Jue

lakes_saver25

auntie_brenda wrote: »

Are Lloyds doing this again (where your change from transactions is put in a separate account and they will match itQUOTE]

They are not matching it anymore, but its a good way to save without even trying :T

sweepster

lakes_saver25 wrote: »

auntie_brenda wrote: »

Are Lloyds doing this again (where your change from transactions is put in a separate account and they will match itQUOTE]

They are not matching it anymore, but its a good way to save without even trying :T

Hiya,
I dont think they are at the moment just easy to do if you have online banking. I am pleased only doing it 3 days and already have £5.92 so it soon adds up.
sweepyxx

Kaz2904

I just phoned up to check my mortgage balance today. I did it yesterday so that the interest would have been added but it hadn't been. I've been updating my snowball regularly and can't understand it but I seem to have paid £670.49 in interest this month (Double my usual).
The only thing that I can think of is that when I had my statement in March and went from that they hadn't included the interest from the 1st April and then when I phoned up on 30th April the figure I got then must have not included the interest.
It's annoying though because I asked when I rang and they told me on the 30th that the interest had been added that day.
It means that I am effectively £327.96 behind where I thought I was and my DFD goes back again to September 2013 I think.
I'll just check snowball and see and drag my feet over to update my siggy.
OMG- It now has a DFD of OCTOBER 2013 (all be it a final payment of £12.05).:eek: :eek:
So I have to try and save £12.05 out of my already stretched shopping budget to try and clear it back to September 2013.
Then I have to keep working away at it to get it sooner still! I think I'd be happy with a date of January 2013 as it's DH's 36th birthday but would be happier with January 2012.- Hell I'd be happiest with July 2007!:rotfl: :rotfl:

My total repayment now looks really pathetic- £1339.70 since 16th April.

hypno06

Challenge Member number 15 reporting month one success at this challenge.

Debt at 1st May 2007 - £45247
Debt at 31st May 2007 - £43107

Total debt cleared in May 2007 = £2140

:j

brummiebabe

I know I'm a bit late coming to this...but is it still ok to join????

My mortgage is currently £76609.91 with just under 16 years left to go!! It's a repayment mortgage, with a fixed rate of 4.97% for the next 18 months!

There's no way (with 3 little ones) that we'll be able to pay it off in 3 years, but I would like to reduce the amount owing as far as possible....as in around 2-3 years time, we'll probably be looking to move - and will have to massively increase our mortgage and probably go back to 25 years!!!!! This is because of needing to move near some good senior schools - the houses where we want to live are v. expensive!!!

I'm currently on unpaid maternity leave...so we're topping up our shortfall with our savings:mad: , however, I'm aiming to pay an extra £2500 off by the end of the challenge (along with regular payments!!) Doesn't sound like much compared to everyone else...but it'll be a challenge for me!! Hope this is ok...could I be added to the list please???????:D