Mortgage Free in Three Yrs

Dithering_Dad

Wow, the way you girls manipulate your menfolk! tsk tsk! Rest assured though that DD wears the pants in his household and cannot be manipulated. Oh hold on, missus is saying something...

*shouts to missus*

"What's that dear, you're going having a day of pampering at the salon? Hmnn, is that conducive towards out mortgage quest?",
"Oh it was my idea? Well I don't remember it being, but you're probably right and it is a good idea to have a pamper now and then"
"Off you go then!!"

Sorry, I'm back now. What was I saying? Oh I forget, but anyway you get the idea.

comping_cat

Ok, my April update (know i wont be paying any extra in until May now). Added up all the bits, dribs and drabs ive sent in (via online banking) and its £235.51, so ive passed my target this month!!!

Lotta_Littlies

Well done Catowen and good luck to all of you on the quest. I won't be joining in I don't think, but will be behind you all the way (and providing tea, cakes and biscuits in the MFiT Tea-hut)

Lotta

groatie_queen

WELL DONE for all your updates so far, great progress , and a great start to the quest. Isn't it a great feeling knowing progress is being made? Take a bow!:j

Thanks DD for your kind words and for putting my health aim on the OP - much appreciated!

I have chucked £1830 into the offset this month - £1500 from a credit union account, plus the lodger's rent money. My health aim for the next few months is to keep working if I can until Oct, so till then I aim to put £400 min into the offset each month (lodger's money plus a bit extra). Also, will check my current account the day before payday and sweep any surplus into the offset. I've mentally set a 'no unnecessary spending' challenge for myself, too.

Thanks Lotta for the welcoming party when everyone reaches the MFiT finishing line... We'll all have some tales to tell by then, and many financial and other adventures along the way.:T

All the best, and looking forward to reading more MFiT updates/goals:T :T
GQ

ThankYouAndEnjoy!

Hello To All

Re my personal thread we have decided to pay all monies received for Child Benefit and Tax Credits into our ISA, increasing contributions from £150 /month to £250 /month. First increased payment will be June, when our first months Child Benefit and Tax Credits are received.

Our goals therefor are simple

• £500 OverPayment Of Mortgage - per month
• £150 Payment Into ISA - May Only
• £250 Payment Into ISA - June until End Tax Year

We are hoping to also raise £200 from Ebay sales (when i get time to list all items) which will be swept, along with any positive balance in our current account (month on month), to our savings account We currently only have 1 ISA (in my name) but will probably opt to open a further one in my Girlfriends name for these monies.

Working out the maths :think: (took me a while completing this post by the way .. lol) we are contributing between 55-60% of our after tax take home pay to paying the mortgage (contracted payment), overpaying (£500 per month allowance) and saving toward paying (when fixed rate finishes) toward our mortgage per year, hopefully for every year of the 3 year mortgage challenge.

Cheerleaders ... please do your thing!

groatie_queen

WOW, TYAE!! Way to go - what a great commitment and won't you feel amazing watching those figs in your sig go down - well done!:j :j

Think I'll need to go hunt for some more encouraging smilies for everyone!

GQ

TrikerAndBiker

Lotta_Littlies wrote: »

Well done Catowen and good luck to all of you on the quest. I won't be joining in I don't think, but will be behind you all the way (and providing tea, cakes and biscuits in the MFiT Tea-hut)

Lotta

Oh my goodness Lotta you are bad for my diet! :rotfl: can I have a WW cake please? the one point oh so yummy ones (said with just a tad of sarcasm)

Well this month is turning out to be a disaster for savings, wedding last week (not ours I hasten to add :eek: ) this weekend we are away for a birthday party (though we staying in a £15 travel lodge room, oh how I long for a 5* hotel) OH's sons 21st and a visit to his other son at Uni which will probably result in a trip to the local Asda to stock up his ever so slightly empty cupboards and, of course a donation to the beer fund..... ah well, such is life and I never.... well ok rarely begrudge spending a bit out on family and friends.

Next month should be better...... :laugh:

minimoocow

Can I join in?

this is my 1st post so hope this works (oh no - need to edit already!!)

Me and OH decided in January to try to pay off our mortgage in 3 and a half years (i.e. June 2010) but I think we can move this forward by a couple of months if it means we can join in the fun!

So far we have:

Mortgage of approx £60k. We have the One Account with savings of nearly £15k with about £5k allocated for new kitchen and holiday this year (both overdue by 3 years!!!) so the challenge is to pay off the remaining £50k.

In order to achieve the challenge so far we have got One Account - I *know* there are "better" options - I had one of those (i.e fixed rate and high interest savings account) for the previous 2.5 years and didn't do anything with it.

Also last year we bought a buy-to-let which gives us approx £100 - £150 a month to throw at the mortgage at the minute.

Our motivation is to get the mortgage paid off so we can have children and me not have to work even if we then need to get a bigger house (so another mortgage!). Also I took a big pay cut last year in order to do the job I have now and we want to have the freedom to be able to do this in the future, not having to continue to do jobs we don't like that much just because the money is good.

So is that ramble enough to justify my application to the club - thought I'd better give you something to go on - I am under the height requirement but don't have any facial hair ;-)

MMC
xxx

Lotta_Littlies

TrikerAndBiker wrote: »

Oh my goodness Lotta you are bad for my diet! :rotfl: can I have a WW cake please? the one point oh so yummy ones (said with just a tad of sarcasm)

Certainly not! Nothing but full fat, home made cakes for this quest. And don't you dare ask for caffeine free tea and coffee either.

Lotta

Dithering_Dad

Welcome to the club minimoocow!!