Mortgage Free in Three Yrs

Dithering_Dad

LJD1 wrote: »

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!

Hi LJD1, no worries. Just state what your mortgage is now and what you want it to be at the end of the 3 year quest (now 2 years and 10 months!)

Dithering_Dad

heckmondwike06 wrote: »

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.

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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!!

Hi, sorry I missed this post. You're welcome to join but as you'll be finished 2 years before the end of the quest, are you sure it's worth your while?? Maybe you could look at what your next financial goal will be and then include that?

Say for instance, "Mortgage free and 100k in pension pot in three years"?

pink_fairy_7

No 45 reporting in

Total debts and mortgage start £160,592
Total now £159,439

Reduced by £1153
At least i've broken the £160K mark:eek:

OH and I managed to reduce the utilities/ins costs by £62 a month so this will all go towards an overpayment at the end of the year.

Well done to everyone

pfx

LJD1_2

Hiya
Thanks for letting me join. My mortgage is £110000 and i'd like to be down to £70000 by the end of the three months. This is just what I need to motivate me into getting mortgage free. Fantastic thread.

Dithering_Dad

hmnnn, my mortgage repayment this month might not be very good. I think I've just agreed to having a patio added to our extension that will cost anything up to 2k. Still, it'll make the back garden look much nicer and so might either add a bit of value to it or make it a little more saleable should we decide to move (or both), so it's not all bad news.

Carlsberg

Hiya there, ive only just found this site, but i ,must say, its my new bible. Me and my partner would love to be mortgage free, we are 1st time buyers and have had our house 1 year and 1.5 months. We had to borrow an extra 18k when we bought as my other half had 18k debt from being a bit loose pocketed. Thankfully he knows his faults and therefore im completely incharge of the money. I save £360 a month, but its quite a push, but this at the moment is going on our wedding, we are manageing to do it for about £3k. After the wedding in August, I would really like to join your mortgage free challenge, i dont think we'll be debt free as we dont earn that in 3 years, let alone be able to save it, but id like to start over paying. Can you give me any tips for making my money go futhur? What is everyone doing to maximise their savings? Id really love to know. Best of luck to all of you x x x:A

Carlsberg

LJD1, you are doing sooo well, can i have some top tips?

Burlesque_Babe

I'm going to join this challenge when I get the finalised figures of my new mortgage.

I can't see I will make a big dent in it, but i'll sit and have a think about a realistic amount.

I'll report back in about a week DD!

heckmondwike06

Dithering_Dad wrote: »

Hi, sorry I missed this post. You're welcome to join but as you'll be finished 2 years before the end of the quest, are you sure it's worth your while?? Maybe you could look at what your next financial goal will be and then include that?

Say for instance, "Mortgage free and 100k in pension pot in three years"?

Hi Dithering Dad,
Once paid off, I am looking to save £100k for a deposit on £450k house. This may take me around 3 years so I hope you'd accept me as a member. Everyone is so much full of and drive to become debt free, I'd give my right arm to be part of this!

Looking to pay an additional £149 as this figure really sticks out and also because I like to work with whole numbers.

Plan to become mortgage free of £71,149.00 in 10 months!
02.06 paid off £7,000 leaving a balance of £63,149 - Achieved
05.06 paid off £2,000 leaving a balance of £61,149 - 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!!

Dithering_Dad

Hi heck, I've added you to the list - I hope you're getting all that money by legitimate means!

I've just had confirmation of my next contract, so will be starting Monday. Home and garden improvements notwithstanding, I should still be on track for the quest