Mortgage Free in Three Yrs

Dithering_Dad

This month's mortgage update from me:

Mortage Overpayment: £498.13
Cash into Offset: £2000.00

Total amount into mortgage for June: £2498.13.

TheWaltons_3

Thanks to everyone on this post for your fascinating information!

I am now thinking of ways I can increase our mortgage payments without missing it!!!


Can I ask, how do you work out what the offset is?

Kaz2904

DD I just read your sig for the 1st time in ages and nearly had kittens when I saw the 100K in pension pot until I got down further and saw you were already 3/4 of the way there. Phew!
Do you realise that it's a little over 2 months since you came on here and you have cleared your debts and put >£25000 into your future? Well done you!

I have a confession to make, I've had an expensive month so don't know what the damage will be to the savings but am hoping to recoup it all by the end of the year. I've just paid for our holiday so will total it all up at the end of the week because I know how much SiL has to give me and it's payday!

sparklymessygirl

My update is that I have cashed in £2000 worth of premium bonds (I used to buy £100 each month) and paid a capital sum off the mortgage so now it is down to £8,106.43. Now my monthly overpayments will make a bigger impact :j

Sparkly

Curv

Can I join even if I won't be MF in three years?

Today I called our lender and changed from IO (with no repayment vehicle... ahem!) to C&I, increasing my payments by £249.00. Our next plan is to use DH's December bonus to repay an unsecured loan, thus freeing up an extra £234pm, which we are planning to save until Oct 2010, when our fixed rate ends. We are also planning to save £10k from each of DH's future December bonuses and then repay that in Oct 2010 too.

BUT, I'm wondering if it will be worth paying the repayment fee in order to reduce the interest charges, given that the fees we are likely to pay will be 3%, reducing to 2% and then 1%. It feels like a no-brainer as we are being charged interest at 4.99%, but then I'm not best known for my maths and it just feels wrong to willingly pay the charge, IYSWIM?

Sorry that's a bit rambly, all views welcome

Cheers

Curv

Dithering_Dad

Kaz2904 wrote: »

DD I just read your sig for the 1st time in ages and nearly had kittens when I saw the 100K in pension pot until I got down further and saw you were already 3/4 of the way there. Phew!
Do you realise that it's a little over 2 months since you came on here and you have cleared your debts and put >£25000 into your future? Well done you!

Hi Kaz, yes I've come a long way in a very short time, mainly due to my contracting lark turning out so well. Barring any stockmarket crash, I should meet the pension pot target without too much hassle - being 3/4 of the way there means that just an annual 5% return on my current investment will go a long way to helping me reach my goal.

I decided to do both the pension and mortgage things at the same time as I like the idea of my immediate future being sorted with the house repayment and my long-term future being sorted by having such a large pension pot, with 25 more years for it to grow.

do_it_today!

Dithering Dad Doesnt really dither does he?!

firesidemaid

hi all

i caught this thread early on and didn't realise it had kept going! i too would love to join this motivational goal.

we remortgaged at the start of march, paid off a lump sum and reduced the term from 28 to 17 years.

i am 40 in 3 years and will also have exactly half (20 years) a good nhs pension. at that point i would ideally like to be mortgage-free so i can work at what i want when i want (if only.....).

at 01/04/07 we were at approx. £105,675, at 14/06/07 we are now at £103,324. down by £2350 in 2.5 months (that includes o/payments of £950 during that time.

my real goal is to try and pay off £25k in total by the end of the 3 years - more if we can.

by reducing outgoings, using online banking, stoozing into premium bonds (0% purchases) etc etc.

wishing everyone well for this challenge!:T

Dithering_Dad

Welcome sazzacat. Curv, can you let me know what your current mortgage amount is and what you would like it to be in 3 years time?

Thnxs

Curv

Our current mortgage is £145,499.00 and by 1st July 2010 we'd like it to be £107,000.00

If that works out, we'll be on track to be MF by 01-01-2016, just in time for DH's 40th