Mortgage Free in Three Yrs

groatie_queen

On behalf of all questees I would like to give big CHEERs:beer: to TallGirl for all her efforts updating the table.

Well done everybody! £77,000 down in two months is BRILLIANT progress!!

Collectively we are getting there. Every £ paid back early saves £££££'s of interest - so then it's in our own interest and doesn't become the banks'....:D

Happy mortgage busting!!

GQ

cupid_s

Free money -
If people here don't have the alliance and leicester current account you should really consider it - then tell everyone you know how great it is. I have recommended 3 of my friends/family now and got £150 as a result. And DH got £50 as well when I recommended him.

Tallgirl. I'm working on my update - with stupid OH missing the payment everything is out by about a week but I'll get you my figures asap. Thanks for all your work

TallGirl

Thought it was about time I posted my own mortgage update instead of just talking about that spreadsheet.

While I was in Denmark I looked at the possibility of moving my investments into something that pays better. I got £550 from £13500 invested in bonds but I will loose £500 if I sell them so it is not really worth it.

It was nice though not to have to spend any money while on holiday as I regard the money I have there as my extra money. We took the family out of dinner and treated ourselves to a few things for the house plus lots of nice Carlsbergs of course.

Some good news from Denmark too apparently I do not have to pay any tax now due to a new agreement between UK and Denmark. I was paying 30% of all my interest and returns to that will be nice.

Also made a change to the way I will tackle making extra payments to my mortgage to keep myself more motivated. I overpay by about £580 a month but it is still not enough to pay it off in the 34 months we have left. So I will now continue with my normal £1000 a month repayments and then every month pay off the interest added. So May I owed £45,000 so with my £1000 it took it down to £44,000 then £156.85 was added in interest, which I paid off to day leaving me with a nice balance of £44,000. That way I can feel I am really paying off a £1000 a month!!!

Anyway this is getting far too long and I need to do some work. Lots of emails sitting there waiting for me from when I was on leave. Hope you all have a lovely day it is nice and sunny down here.

taka

Hi everyone!!

Wow the numbers of questees is growing hugely!! Wonder how many we will have by the end? Welcome all!!
Well done TallGirl for all your updating hard work! :T :T :T :T

Ummm..... I've got an admission to make... my mortgage is actually going to go UP in the next month or 2 (depends when it can be arranged in time for 1st July or not!).:mad: :eek: It'll be up to 55k instead of under 54k!

My neighbours have finally got their act together so we are having a stair meeting (I live in a flat) about the communal roof repairs later today. It looks like we may have enough people responding to be able to go ahead with the work soonish and I now know how much it's going to cost. :j

Unfortunately... I've being doing lots of figures trying to decide how to fund my bathroom overhall (long overdue ... bathroom falling to bits!!) as well as roof repairs and allow myself to be able to fund any further repairs. There are various things that I think (and some of my neighbours think) need doing in terms of general repairs to our building and the communal stair desperately needs painting too) so I know there will be other work to do in the next year or two so I need to factor this in too...

Outcome is that the mortgage is going up by more than I had planned. Am doing the further advance over a shorter term than my main mortgage so it means I'll not be able to overpay (separately) by as much so already I'm miles off my 11K off the mortgage quest though I will save interest overall :rolleyes:

Sorry!! this quest is for lowering the mortgage and mine is going the wrong way I guess it will lower but not as fast as I hoped!!

taka

In my case saving money towards the mortgage fund is being done by...

Reducing the cost of my broadband by £5/month (and got a faster connection!:p )
Changing to a high interest BOS current account (all interest to go towards mortgage)
Lowering gas and elec costs and got the D/D set to an amount that wont cause huge overpayment again! £15/month "saved" with £250 being refunded (bl***y slowly :rolleyes: )
Budgeting an amount that I can actually live on and should cover the odd birthday and unexpected random cost too so I don't overspend again!
Getting access to all my accounts online (tho i am getting a wee bit obsessed checking them way to frequently hoping a miracle has happened and the balance has gone up!!)
I paid off the last of my CCs in april 07 so now all the money that was being paid to that has been switched to the mortgage /savings - I haven't missed it so while debt repaying so I'm not getting used to having it again now!
Getting a pay rise in Aug so all the increase is going towards mortgage too!!
All extra pennies in my current a/c going towards the mortgage.
Using quidco, pigsback etc to get extra money back etc
Last months and poss this months £2 savings going to mortgage too!!
Oh and most importantly visiting MSE for more ideas and the support of all you lovely people!!

I'm going to shut up now... being hogging this thread too much today!! :rolleyes:

do_it_today!

Hi :hello:
No movement as yet still waiting for fixed rate to go through! so next month will begin in earnest

Kaz2904

No. 6 reporting for duty.
Having put through my window repayment my snowball is looking ok again.
Figures, Total debt 16/04/2007 £92727.75:eek:
Debt now 07/04/2007 £91270.77:mad:
Amount cleared £1456.98 or 1.57%:rolleyes:
Current DFD = 22/08/2013 :j (I count that as September 2013 because the wages it will come from are Septembers')
Oh and my mortgage company is The Principality.

Everyone is doing so well it's grand int it?
:beer: Tall Girl for your spreadsheet. It must have taken you ages.

woostoon

Hi all
Any chance I can join,cos just coming on here every day,reading everyones tips and updates is very motivating.
I left the 9-5 ratrace (retail) in 2002 and bought a small BnB with the profit from my house.
ive just consolidated my loans into 1 FBL with RBS (saving £250/month)
I owe £145k and am going to overpay £400/month.
My wife has bought into this Mortgage free dream!! so we are going to undertake the following;
a couple part time jobs (BnB work finished by 10.30am)to bring in an xtra £500+,a big piggy bank for all that loose stuff,continue mystery shopping and stocktaking..and build up my Ebay empire.
I also have another mortgage (house nxt door to BnB bought 2004) and owe £185k.i have let out 2 double rooms which pay the current mortgage and when the 1st mortgage is paid off,will lump everything onto the 2nd.
Confused? Me too! but if we can get to the end of the rainbow then wow!

FrugalNotTight_2

I paid £3,000 off my mortgage today. :T That'll definitely take me below the £70,000 mark. :T :T I'm quite happy about that as that was my first mile stone. I aim to get below £60,000 as my next milestone with the overall target to be below £50,000 after 3 years. So that's in fact 34 months to get to £50,000.

I'm bored so let's have a calculation.

At most current mortgage figure is £70,000
At most interest charge for 22 months @ 6.09% = £7,815.50
After 22 months of paying £800 per month my total will be no more than £70,000 + £7,815.50 - (22 * £800) = £77,815.50 - £17,600 = £60,215.5

So that's after 22 months which leaves 1 year (12 months) at an interest rate that I have no idea will be. I'm worried!!!!

To hit my target I need to reach £10,215.5 plus interest in 1 year paying £800per month. So that's £9,600 in payments plus interest at a rate I'll only know in 22 months time.

So I definitely need to up my payment if I'm going to reach my target. Well sort of. This is all a worst possible case if I've calculated correctly.

Isn't there a mortgage calculator that someone mentioned hanging around somewhere? I remember having a go but I struggled to get to where I wanted to.

I know some people like to number crunch here. Any chance of someone having a crunch for me?

Current balance: £70,000
Rate: 6.09% - 20 months
Payments (Including overpayments) = £800

Pleeeeeeeeeeeeeeeeease....

FNT

I just want the weekend to begin.

Superfast_Gran

Oops - everyone is being so goooood and I'm just not! We found out that our foster kids can come on holiday with us so we've spent a bit on them for the trip. Things that can continue to be used of course! Just not necessarily everyday. That said, I did shop around before making any purchases aaand, we should still manage to fulfill the challenge - it just won't look much for a while yet. Well done to everyone so far - big amounts or small, keep on keeping on!