Mortgage Free in Three Yrs

financialbliss

Financialbliss #20 reporting in...

Mortgage @ 1st April: £73,217
Mortgage @ 4th June: £71,886

Total paid: 1,331

Good news is that I've cleared a credit card today. 0% but was ending at the end of June. Not expecting to make serious inroads into the debt until my car loan ends - Jan 2008!

Regards,
FB

Kaz2904

So I bit the bullett and paid off the £11.13 to bring myself back into September 2013. The best bit is though that it is my Mum's loan which is due to end then and is at 0% but I put the money to the mortgage thus saving myself another £3.75 in interest.
So at present I have a final payment amount/date of £1326.25/Sept2013.
I will gradually squirrel away enough to clear this off but each time I get any extra money I will pay it to the mortgage as that is the only debt I am paying interest on.
I have made a deal with DH and we are going to allow the interest earned and no more than £100 per month to repay his savings. The money I owe my Mum is in a savings account too so we ought to earn about £25 a month in interest. I then said that anything earned on his inheritance (once it is back up to £15K) can stay in that account but any interest earned anywhere else has to be removed each time it hits the account and go towards mortgage repayment. Mainly because the accounts pay a crummy interest rate above £2500 and any time I take off the mortgage is less time for my Mum to wait for her money. At present our mortgage free date is January 2013!
I feel bad about it but she is insistant that she doesn't need it and will only pay tax on it so would much rather we did it this way. She loaned my DSister some money too but DS said she can't repay it until her son (6 months) goes to school because she can only just afford to survive. I hold slim hopes of her ever repaying it anyway.

Mushy61

Number 38 reporting in.

Balance @ 1st April £15,503.90
Balance @ 5th June £13,493.37

Total paid off £2,010.53

amazamum

I feel really bad now everyone is managing to pay off 1000's a month I have only managed to pay a couple of 100.
I need to think of ways to pay more,any ideas?.
Doesn't help that oh seems to be spending money like it is going out of fashion(70 pounds over the weekend on nothing:mad:),yet is going in a mood with me for spending 150 on a wooden wendyhouse for the kids.

Sorry I needed to have a rant and couldn't think who else to rant to.
Thanks for listening
Amazamum

Superfast_Gran

How do you change the "money Saver" thingy under your name? Mine has me as a newbie but I've been a bargain hunter since becoming a single parent in 1980, and continued doing so after getting higher paid jobs and re-marrying - lol!

Mushy61

I think it has something to do with the number of posts on the forum rather than any personal data Superfast Gran.

cupid_s

amazamum - 100s is better than nothing. And certainly better than me.

Checking my mortgage account yesterday to give you all an exact update of my progress I found that the normal monthly payment had been returned!

It went in fine on the 1st so I didn't think anything was wrong. Turns out DH 'forgot' there wasn't enough money in the mortgage account to cover this months payment since he withdrew money at a cash machine on the wrong card and didn't replace it!

He got into work early this morning to sort it and the £39 'not enough money in your account to give to the HSBC' charge has kindly been refunded. Luckily for him. There was only £32 less than what was needed so £39 is a bit steep IMO.

Anyway when the payment goes through properly I'll give a better update.

On a positive note I went to visit my family over the weekend and came away with a cheque for 10k towards my mortgage. I'm waiting for this to clear in my savings account and it will get paid off the mortgage in july along with all our savings.

LJD1_2

Hiya
Is it too late to start this challenge? I'm going to be debt free at the end of month and want to start with the mortgage so this looks ideal. Hope it's not too late!

sarmia

sarmia - number 54 (i think)

Mortgage @ June 1st - £117,289

Payments will slow down now as had to buy new car (though paid cash so no extra debts so to speak, though didnt like handing it over)!

Good luck everyone.

Dithering_Dad

amazamum wrote: »

I feel really bad now everyone is managing to pay off 1000's a month I have only managed to pay a couple of 100.

I wouldn't worry about how much you're paying off your mortgage amazamum, your mortgage is much lower than most people's so you're already ahead of the game.

I dropped 10k on mine without causing a ripple. Talk about depressing