Mortgage Free in Three Yrs

Superfast_Gran

Mortgage balance as of 1 June £-46453.15
12 month 0% Kitchen loan in savings (NS&I ISA & ICICI) £3970.00
12 month 5% car loan £-10685.01

Superfast_Gran

PS
Next Mortgage payment 25 June 2007
Kitchen loan due 1 April 2008
1st car payment due 29 June 2007

ailuro2

Carlsberg- check out your mortgage provider's terms and conditions, they may allow you to build up an overpayment fund which you can later withdraw- this provides a very good home for your money, and makes your monthly mortgage payment worth a bit more while you have that overpayment fund.

Head over to the moneysaving oldstyle for a complete lifestyle that revolves round doing things the older fashioned way- it saves a big amount of money, and a lot of it is healthy too.:T

cazmanian_minx

Questee number 55 reporting in!

My offset savings balance hit my trigger point of £8,000 again this morning, so I was able to pay another £1,000 off the mortgage :j :j

The amount outstanding is now £30,928, so a total reduction of £1,054 since I joined the challenge :beer:

Caz

groatie_queen

Way to go, caz! great progress!! You're really hitting that mortgage this year!

Good to hear about your new contract Dithering Dad, where will you be for this one?

Dithering_Dad

My contract is in Manchester so I'll be home every night. Great news as I've been missing my family while I was away so much.

groatie_queen

Glad to hear that, I guess you're not missing the extortionate prices in Norway either?

GreenNinja

Hi,

I would really like to join this although I won't be able to pay off the mortgage in total. Am limited to only making a 10% payment for the next 2 years so my aim is as follows:

£30,000 owing
£3,000 pay this year
£3,000 pay next year
£4,000 pay the following year (or more if at all possible)

which will bring it down to £20,000

Know it looks lame but I don't earn a huge amount of wonga!

Saved so far for this year, £600
Plan next month salary is to save £400 which will will mean I will have to live very frugally indeed for the month! will let you know how I get on.

CaroB_2

I wonder if it's possible to join in this challenge? I made myself the goal of paying off around £5K this year but haven't made too much progress, but think joining this challenge might keep me more focussed. An excellent place for mutual support and encouragement!

Mortgage balance on 01.04.07 was 83955.77
Mortgage balance on 03.06.07 was 83122.74

I doubt I'll be able to pay the whole lot off in 3 years as my OH is currently unemployed and we both tend to be on fixed term contracts in our work, so for now I'd like to aim for £20K paid off in the 3 years and I can then revise this as circumstances change.

I hope I can join in at this late stage :rolleyes:

cupid_s

Hi all
DD - it's great you've got another contract lined up. Especially one near your family.

Welcome to everyone new.
GreenNinja - I'm have been limited to the overpayments I can make, and will be until july this year when I will hopefully make a huge dent in what I owe - I can't wait.

Could you instead save money in a regular saver paying 10-12% and then pay it all off at the end of your fixed term?