Mortgage Free in Three Yrs

woostoon

Hi TallGirl
Am I ok to join the list?
I owed £145k in April and have paid nothing off yet.
Me n the missus have really bought into this and we are determined to pay it off in under 5 years.
thanks

TallGirl

Hi Woostoon
You are welcome to join, we will get DD to add you to the front list and I can then add you onto the chart. What is your 3 year goal then?
Welcome on board

Kaz2904

I don't think £26 is sad- I think wasting £26 is sad which is what could have happened if it didn't go to the mortgage.
£88882.88 repaid in 2 months OMG! Hey maybe we should get into the pyramid scheme DD suggessted?! We would be over halfway through his mortgage by now. Maybe we should look at it in terms of houses bought?
In the space of 2 months we could have bought between us: A 1 bed flat in Weston super mare! Or some plot of land somewhere. This is great, the power of the people. Bet the banks are sweating a bit with all of the interest they are losing!

Batgirl

Thanks again everyone, and auri ( sorry couldn't remember the spelling ) thats fab news £89. I know for a fact that if I hadn't transfered the £26 we would have gone out for lunch or spent in on some *$*$ so I am pleased and even more so after what you guys have all said. I also have £4 towards next months payment in the pot already.

woostoon

Hi
Im hoping to get my £145k mortgage down to £80k by end of yr 3.
We left the 9-5 rat race in 2002 and bought a seaside BnB.
We make a decent profit every wk but we usually fritter it away on xtra advertising etc.Im going to trim all my costs and put excess and part of weekly profit straight off the mortgage.
Well done with the £26.Youve made that 1st move.I emptied my loose change pot last night and bagged up £31!Every little bit counts.

AnW'sMum

Hi everyone

Sorry I have not been around much this last couple of weeks, been busy with personal stuff.

I have been reading though and you have made fantastic inroads into the mortgage mountain, well done one and all.



Great to see so many people taking up this challenge and remember every penny overpaid is a move closer to being mortgage free

Burlesque_Babe

Well, deep breath, here goes.

No longer a DFW, now a MFW!!!

I've PM'd tallgirl but my situation is

Mortgage of £126,284 over a 25 year term.

I can't make overpayments but I want to be in a position to have £10,000 put away by the end of the challenge.

I will also be able to review/change the term at that point so would like to also be in a position to reduce the term by 3 years.

the savings accounts I've just set up from my redundancy will pay more than the rate of my mortgage interest rate so should yield more.

I can't see me having dramatic amounts to put in but i'm just going to do what I can.

Drop in the ocean compared to some, but I've just gone self-employed so i'm going to be conservative and hopefully exceed my goal!

wisewoman

Well done, Keren29, for all your hard work and being able to move from being a DFW to a MFiT. Every little helps, plus you have the support of a great gang of Questees. All the best.

jackomdj

Hello all - can I join you please?

Our mortgage was £80,811 at 1/4/07
It is currently £79857 with offset of £22.5k and another £15.6k of my parents money being offset (C&G let you use other peoples money & we pay my parents £40 "interest" a month) so net £42k

In 3 years we plan to have the mortgage down to £58k with offset of £41k of our money, £17k in my parents account & an extra £9k in a non offset account. so the net amount of our mortgage (excluding M&D's money) is £8k.

This may change however as we may put our house on the market in 2 years & buy a larger property. If we do this we will start chipping away again!

Nicky

Batgirl

Going on my Hols tomo so won't be on here for just over a week, going to have lot of fun and think about our mortgage again when we get home. Keep at it hthough you guys and see you all when I'm home.

Batgirl