Mortgage Free in Three Yrs

inkie

I have been following this thread and have started to make plans for making inroads into the mortgage, but joining in will keep me focussed. The outstanding mortgage is £29,344.62, and have arranged for regular overpayment of £200 per month. When I rang up about increasing, the lady informed me that by doing this the term will drop from 10yrs and 8 months to 5 years and 8 months!! So, my aim for 3 years? I doubt that I will clear it completely (bearing in mind that I am only allowed 10% overpayment without penalty), but to have as little remaining as is physically possible.
In addition to the regular overpayment, I am to pay off lump sums from Quidco/e-bay/carboots etc.....will see how I go.

daleyd

Hi all, No 16 reporting in.

Quick update on my situation.

Managed to pay another £1000 off for June, so total paid off since starting is £2000.

Had an updated mortgage balance of £100,300 after this.

Will update sig to reflect this soon,



still no sign of bathroom being done though:o

ailuro2

Well done daleyd- looks like you're going to break through the £100K barrier this month!

groatie_queen

Ailuro2, well done, with the big payment - I managed a £4,000 payment off my mortgage last year and I can still conjure up the bliss I felt walking into the Woolwich and handing over the cheque!

DD, enjoy the new TV - something in daily use which will give you and the family a lot of enjoyment. Enjoyed your confessional post - thanks for making me laugh! You've been powering ahead with your repayments/savings so the telly is well-earned. And it's nice you're at home to enjoy it on your current contract.

Newbies, welcome and happy mortgage-thrashing!

Great progress everyone, that's the first £100,000 repaid within the first 3 months! Way to go!!:T :T

GQ xxx

Bluelad_2

Hi,

If it's not too late to join, please add me to the list.

Mortgage as of April 2007 - £99338
Mortgage as of June 2007 - £99064
Would like to reduce by at least £7500 by April 2010.

The oustanding balance looks frightening, but then I just looked across at our 7 month old dog who's just had his marbles chopped off. Live ain't so bad after all.

At least we won't have the CSA chasing us for money!!

Thanks

Bluelad

MoneySavingNovice

Hi,

Just like Bluelad, if its not too late I would also like to join.

I only bought my house on the 10th March. I always had the intention of paying it off as quickly as possible, so I got a Mortgage which did not have any exit fees or charges for paying all or part of it off early.

The down side to this is that while its on a reasonably low variable rate, every letter from the provider I get seems to inform me of a rate rise.

So the sooner I can pay this off the better.

Regards
MoneySavingNovice

Dithering_Dad

Welcome Newbies! MSN - I love that signature! I never did understand why other MFiT members haven't used it, I think it's great!

amazamum

How do we get that signiture on the bottom dd ?

Dithering_Dad

amazamum wrote: »

How do we get that signiture on the bottom dd ?

Highlight mine and then copy it (CTRL C) then go to "USER CP", then "Edit Signature", then Paste the signature into the "Edit Signature" box (CTRL V), Change the details to reflect your own goals and finances, then "Save".

While you're in "User CP", go to "Edit Options" and scroll down to the "Thread Display Options" and put a Tick in "Show Signatures" and "Show Avatars".

Then goto "Edit Avatar" in "User CP", select "Use Custom Avatar" and load up a JPG or GIF file as your avatar (do a google search for AVATAR) to find a nice one.

Pandora123_2

May I be added to the list please?

Mortgage as of 01 April 2007: £38,150
Goal: To completely pay off mortgage in three years.

We are switching from a current account mortgage, which has an interest rate of 6.74% and penalties for overpaying too much, to a mortgage with an interest rate of 5.8% with no limit to the amount of overpayments, no setup fees and no fees for early payoff of mortgage.

We plan to make regular overpayments of (hopefully) £500 per month. We'll be switching our utilities to a cheaper provider, tightening our grocery budget as well as keeping our spending under control in general. I've also been perusing the "Bit on the Side" thread and have made a shortlist of possibilities.

:A