Mortgage Free in Three Yrs

mojo_jojo

Hi guys/gals,

I'd like to join this. I'm a newbie here.

I started my mortgage on 1 August 2006 at £124k About 50-50 interest only/repayment combo.

I'm trying to put in an extra £500 a month overpayment when possible. Trying to pay off an extra £18k in 3 years. My normal payments are £672 a month into the repayment mortgage + £150 into an Stocks & Shares ISA.

Each overpayment seems to take off £3.20 approx. off my next monthly payment. Reduced the monthly payment by £20 a month approx. already since 1 August 06.

Mortgage since 1 Apr 07 is £120k approx. As of 13 June 07 it's £119801.64.

CountryWife_2

Hi All,
This is my first post so forgive me if i do anything wrong. I have been lurking for several months now and decided its about time I join you lot, you are all such an inspiration. We re-morgaged in Feb this year to buy the field next to our Barn, and now have a morgage of 91,000 over 20 years. We cannot make regular overpayments but are due some lump sums over the next few months and would like to pay some towards our mortgage. Our three year aim would be to get the mortgage down to under £60000, as we are able to make overpayments of 10% per year.
I am really excited about this challenge and have even got my daughters interested in the site and becoming debt free themselves.

Dithering_Dad

Welcome to the newbies. I've added you to the OP, have a look and let me know if I got any details wrong. I'm currently on day 3 of my new work contract and it's going OK. I have to say that it's a welcome relief to be home every night and to only have a train ticket to pay for instead of taxi's, flights, hotels and food! If nothing else, it will make my monthly expense sheet less of a chore to fill in. I'm just waiting for my mortgage to be paid on the 15th before I do an update for this month, though I have paid a futher 2k into my offset account. It would have been more, but I accidently salted away too much corporation tax into my Company's high interest account and couldn't get it back without financial penalties :rolleyes:. However, this means that I should be able to put a bumper amount away next month, so it's all "swings and roundabouts" (whatever that means!!).

Jonmurgie

After having done some sums and showing them to the OH we'd like to go on the list please, sadly not for paying the mortgage completely in 3 years but our goal is to reduce our balance of £171499 @ 5.14% by £33500 by April 2010. Although I'm trying to push for more I think it sensible to at least put realistic goals and congratulate ourselves if we better them!

drenbo

Hi all,

I am another newbie here.. and would like to join...

1 drenbo
2 £126,814.41 @ 1st April 2007
3 £126,190.81 as of 01th June 2007. (20y and 4m left)

Currently paying £1000/m (OP £53.31) on minimum payment £946.69/m.

We have £2801.74 offset (which will be reduced in July due to our holidays :cheesy: ).

We are planning to reduce our mortgage to £100000 over the next 3 years (probably as offset rather then giving them money forever).

Nothing other on credit cards as we managed to clear all last year.

If more info required please let me know.

comping_cat

Morning all,

Having a really good month this month, managed to sell loads of stuff on eay, and had a small tax rebate (only £21, but better than nothing) so its all gone into the mortgage. Im looking forward to totaling it all up at the end of the month - mind you, i know i wont be having a month like this again (running out of stuff to sell) but its going to be great to see the mortgage going down.

do_it_today!

Hello :hello:
My mortgage balance today was 127,982 now it's £127,000 exactly! :beer: so now its time to get cracking with the overpayment account / arrangements :j

dawnylou

Hi all,
First of all I would like to say a huuuuuuuuuuuge well done to everyone already involved in this challenge! You have all done extremely well!

My Fiance and I took out a new mortgage in April for 109,320, this is a repayment mortgage over 35 years.

Our aim is to have paid £2,500 off in the next 3 years - I know this sounds a little pathetic in comparison to some others targets - but every little helps!

How will we do this?
* Mortgage Pig - he only eats £1 and £2 coins
* Large whisky bottle - will fill with 1p, 2p, 5p and 10p coins
* Cashback from Rpoints
* Rewards from surveys

We possibly decide to use other funds too - but for now this is our plan

Wish us luck!

Burlesque_Babe

It's not pathetic dawnylou - it all helps.

i've got just under £900 so far after starting a couple of days ago, it is going to be focus, focus, focus!

pariskate

Can I join you? I've just acquired a new mortgage as I bought a BTL property. We tend to have money stashed away in all sorts of places as we live abroad and pay tax in three countries. So I need motivation to focus on one particular goal (rather than the rather vague 'save up enough'). I would like to get rid of £22,675.94 in three years and only do this through offsetting and saving interest, extra cash from ebaying, careful budgeting and the rent payments - our income goes on other stuff.
I think it's doable - better get my spreadsheets sorted out!
kate