Mortgage Free in Three Yrs

gallygirl

ali007 wrote: »

Can I join please .

I need to pay off around 5k of 'debt' as OH has contributed more to 'pot' than me & I'm stubborn & independent :rolleyes: .

That WILL be done by 31st Dec, then OH will match me £ for £. But, my commitments are increasing in other areas in Sept :think:. Hmmmmmm......

OK, 2 full years @ 200 a month x 2 of us, £9600. Plus Jan - March 2010 @ 200 a month x 2, £1200. Plus the 5k I'm paying this year, = £15,800. Plus all the extra odds & sods & peefer the mortgage pig & pigsback & quidco :think:.

OK - my detailed financial analysis gives me a target of £20,000 please DD! (Which is pretty pants compared to some of you _pale_)

OK DD, please update. Forgot to take into account that we already overpay by £200 a month (not the same £200 as above, keep up folks ). So, 27 months @ £200 a month is an additional £5,400. SO, I will reduce by £25,400 please DD.

Hurry up before I find another £1.68......

Kaz2904

Okily Dokily (do I watch too much Simpsons? NOOOOO!)
Today I updated my whats the cost thingies and paid an extra £106.37 (my cash back from my mobile). I haven't updated my sig yet because my mortgage interest is taken on the last day of the month.
What I need to do now is to phone up my mortgage company on the last day of the month to find out 1: the remaining balance and 2: the interest paid.
For some reason, since whats the cost updated their website it doesn't add the interest automatically any more so my snowball is showing my DFD as August 2013 which I know is untrue.
Over the next few months I need/want to get my mortgage payment so that it goes in to their account on the 1st of the month. I have a feeling that this is going to involve an extra months payment somewhere but I will just have to add this to money owed from the savings.
We are in a bizzarre position whereby My DH (and his brother) were left £15000 a little while ago. This is the savings that we owe money to as we are not allowed to touch it (I don't know why but that may change as we get closer to our DFD) so this £15000 does not appear at any stage during this challenge.

DD- shame on you for your comments about ladies bits. Humph!

Seriously though doesn't it make the challenge easier knowing that we are all aiming for a goal and we have a good leader?
I kept hanging around on the DFW board thinking their challenges were great and wondering why we didn't do something similar but I was too shy to do something about it knowing my date is soooooooooooooooo far away.
See ya soon, K.

Dithering_Dad

Kaz2904 wrote: »

DD- shame on you for your comments about ladies bits. Humph!

Hey! What's said on DFW stays on DFW!!!

Kaz2904

I have to post now because I'm so excited but my DH has just given me Dolly Partons greatest hits for my birthday and I'm boogying away to it!

AnW'sMum

ThankYouAndEnjoy! wrote: »

Hello To All

Re my personal thread we have decided to pay all monies received for Child Benefit and Tax Credits into our ISA, increasing contributions from £150 /month to £250 /month. First increased payment will be June, when our first months Child Benefit and Tax Credits are received.

Our goals therefor are simple

• £500 OverPayment Of Mortgage - per month
• £150 Payment Into ISA - May Only
• £250 Payment Into ISA - June until End Tax Year

We are hoping to also raise £200 from Ebay sales (when i get time to list all items) which will be swept, along with any positive balance in our current account (month on month), to our savings account We currently only have 1 ISA (in my name) but will probably opt to open a further one in my Girlfriends name for these monies.

Working out the maths :think: (took me a while completing this post by the way .. lol) we are contributing between 55-60% of our after tax take home pay to paying the mortgage (contracted payment), overpaying (£500 per month allowance) and saving toward paying (when fixed rate finishes) toward our mortgage per year, hopefully for every year of the 3 year mortgage challenge.

Cheerleaders ... please do your thing!

Give us a 'T' give us a 'Y' give us an 'A' and 'E', way to go, soon you will be mortgage freeeeeeeeeeeeee

That is all excellent news TYAE, well done

Dithering_Dad

One month to go before I am unemployed!! :eek: So I've started making moves to secure my next contract.

I've just update my CV on a few jobsites and have emailed a couple of former colleagues who deal with resourcing to see if they need any contractors. I'll now check each day for new projects.

It's still pretty early as most employers seem to want to you to start ASAP, but a few start looking early when they're trying to resource a project so I am hoping to land something like that so that I can stop worrying about where I'm going next.

I still haven't been paid for March's work so I emailed my agent and surprise, surprise they were just running it that day - three working days before the end of the month and the last day they could possibly hold onto my money for (and gain interest on my money) and still get it to me before the end of the month. :mad:

Jeeze, I hope that I get work (soon), my whole MFiT strategy is relying on it!!

EDIT: HI Kaz, that's a weird coincidence because I was listening to Jolene by Dolly as I walked to work today. I had a few dark looks from the Norwegians I passed while I was singing ".. I'm begging of you, please don't take my mayn".

Shineyhappy

Hi everyone :j

Well done to everyone!

Not much to update for me I am afraid, except looks like the transfer from my ex and I to just me should be completed on Monday so :T

It is a huge relieft to think it might finally be done after 8 months of waiting so fingers crossed!

So this month I have been saving and paying off other debts as still have solicitors to pay. So no progress on paying off the mortgage except that hopefully it will pretty soon be just my mortgage to pay.

I have sold about 150 quids worth of stuff on Amazon and Ebay and am generally becoming more organised.

To do next month:

-See how finances are after paying initial mortgage and solicitors fees (might be quite high due to timescale involved).
-Apply for cash back credit card to be paid off in full when due.
-Set up my mortgage payments to a standing order so they dont go down when I pay off chunks.
-Look into matched betting
-Look at the rental market and see what I would get if I rented it out
-Pay off something off my mortgage even if its only a little.

I think I will feel a lot more settled when all the money I have sitting in my account has been allocated, as at the moment I have plenty of money just sitting there waiting for the solicitors bill and any other unexpected transfer costs and the money to give to my ex. It has been pretty hard not to go and blow the lot but that would be bad.

Still pay day is on Monday and then I will have even more cash!! One thing is for certain though, this month will be bye bye Egg card month if it kills me!

Best of luck to everyone for May :T

comping_cat

HAPPY BIRTHDAY KAZ - its my DDs birthday today as well (shes 9) and we will be dancing to High School Musical later, not Dolly!!!

amazamum

Hi everyone,just a quick up date from me and a little advice needed please.
I have just phoned our mortgage company and our interest rate is 6.2 % and the interest is calculated on the 1st of every month.
As I said earlier we pay monthly(26th of every month),when I asked about paying weekly as this would bring the mortgage down quicker he said that weekly payments wouldn't make much difference as interest is added the 1st of every month,is this right?.
Does anybody know which banks etc that offer weekly payments that the interest comes off as soon as payment is made,that also offer the flexibility of overpayments when we can afford them.

Thanks for any advice you can offer,its appreciated.:T

SloppySaver

amazamum wrote: »

Hi everyone,just a quick up date from me and a little advice needed please.
I have just phoned our mortgage company and our interest rate is 6.2 % and the interest is calculated on the 1st of every month.
As I said earlier we pay monthly(26th of every month),when I asked about paying weekly as this would bring the mortgage down quicker he said that weekly payments wouldn't make much difference as interest is added the 1st of every month,is this right?.
Does anybody know which banks etc that offer weekly payments that the interest comes off as soon as payment is made,that also offer the flexibility of overpayments when we can afford them.

Thanks for any advice you can offer,its appreciated.:T

I'd look for a different provider if I were you love. Find one who will calculate on daily interest and allow overpayments whenever you want, even if they are up to a certain percentage, like 10%. That way you can make your normal monthly contribs but then make fortnightly ones with any spare cash you have. I would imagine that threatened with losing your business your current provider would suddenly find you a product that has daily interest rates