Mortgage Free in Three Yrs

pinky8

Hi,

Challenge Member number 34.

Mortgage remaining 1st May 2007 - £138200.13
Debt at 1st June 2007 - £136782.96

Total debt cleared so far - £1417.17

Thanks

xxx

ailuro2

Signature updated

ailuro-member 19

May 1st balance 26859.52.

Dithering_Dad

Hello questees and newbies. I've been away on holiday and have just caught up with the thread. I've just added the newbies to the list, welcome to the challenge!

Miss_Penny_Pincher_2

Questee number 5 reporting!

During May my mortgage has dropped from £86,020 to £85,300 so have paid £720 off mortgage this month so a total of £1,400 paid off since the challenge began

heckmondwike06

Hi all,
Can I join your mortgage free group. I have £63149 left on my mortgage after paying £7000 today! I am looking to pay off my mortgage within next 10 months.

I am hoping to make next payment on 13th June for £7000.

---

Plan to become mortgage free
02.06 pay off £7,000 leaving a balance of £63,149 - Achieved
13.06 pay off £7,000 leaving a balance of £56,149
13.07 pay off £7,000 leaving a balance of £49,149
13.08 pay off £7,149 leaving a balance of £42,000
13.09 pay off £7,000 leaving a balance of £36,000
13.10 pay off £7,000 leaving a balance of £29,000
13.11 pay off £7,000 leaving a balance of £22,000
13.12 pay off £7,000 leaving a balance of £15,000
13.01 pay off £3,500 leaving a balance of £11,500
13.02 pay off £7,500 leaving a balance of £4,000
13.03 pay off £4,000 (incl. early pay off mortgage fees)

14.03 Claim early exit fees back! £80!!

benbenandme

Wow !!!! Could you give us all a clue how you do it so we can all clear ours too!!!!

AnW'sMum

Woohoooooooooooo 60 challengers, that is fantastic.

Well done everyone, month 2 of the challenge is now over.



We are already starting to show those banks and BS whose boss

Moon~Shadow

I don't know if anyone can advise but my morgage is endowment (interest only) and currently stands at £32, 000 ish. One endowment (for £25,000) is due to mature in 2009, the other (£15,000) in 2013.

My interest is calculated yearly and I originally paid an extra £100 a month off it but didn't see the benefit of it. We now save the £100 in an E-saving which we will use towards the end of the year as a lump sum.

We looked at changing morgage but are quite happy with the rate and our contents/building insurance has no excess with it.

We could in theory pay off the £32,000 from our savings, ISA's etc which would wipe most of our savings - (hubby got a gratuity payment on leaving RAF) but the BS as advised against and said we should just pay a lump sum off.

I only work PT at present but finsih Uni in 4 weeks so could be back into FT soon with poss take home salary around £1100.

Any advice or similar stories would be helpful. Thanks

Lotta_Littlies

Hi Moon~Shadow,

I'm not sure what to advise but I think you may get more help if you started a new thread of your own in the forum as your question may get lost in this one.

Good luck and I hope you find the answer that'll help.

Lotta

gallygirl

No. 11 reporting in .

£166.07 reduction in balance thanks to monthly payment and £1598.87 in offset movement, total reduction £1764.94.

New balance £50,535.49.

Hmmmm, will be 50 in 50 months..... :eek: :eek: :eek: . Methinks another challenge lurking :money: :money: :money: