Mortgage Free in Three Yrs

Batgirl

I'm back from my fab fab fab hols and thought I better post quick for fear of the dreaded crossing out :eek: .

I have recently started doing mystery shopping again and had always kept the money I earnt through this seperate for any things we did with the house etc. I also get charcged about £27 every few months tax from doing myst shopping even though I only make about £30 a month most months. Sooooooo I am trying to decide what to do with the myst money now. I wanted to pay it off the mort as and when it came in but then thought I wouldn't have the cash available for when my next tax bill comes in, so thought about keeping hold of some of it but then thought about the daily interest I will pay on my mort because i have the money sat around for a bill that might come in.

What should I do ???????????????????? I know its only a few quid but I'm hoping that pennies will make pounds and make a differance eventually.

Thanks Batgirl.

inkie

DD - could you please add me to the 'the list'. Currently outstanding: 29344.62. MFiT aim, to reduce to completely pay it off - lets be ambitious LOL! Thanks Inkie

LJD1_2

Hiya
Well i'm officially one of you guys now! I've already got my number and set my challenge so time to get saving money on the mortgage. I also need to start feeding my mortgage pig who's called percy...highly original I know but it's on his name tag and I don't want to confuse him! xx

AnW'sMum

Over 70 challengers now wooohoooooo well done everyone.

For those just joining the challenge welcome This is THE place to be as it is a win situation all round (ok not if you are the bank or BS! but they don't count here )

Glad you had a great hol batgirl

AnW'sMum

I have been combined the info which DD and Tallgirl have collated so far and I reckon total mortgages (plus pension pots/other debts etc) outstanding are £6,368,543 with a total of £2,806,483 pledged to be repaid during the course of the challenge which is 44% of total owed!

As a collective we need to repay £77957 each month (2.8% of total pledged)

As at 9th June we have repaid £88782.88 or 3.16%

So it's official WE ARE ON TRACK TO MEET OUR GOAL :T:j:T:j

These figures will not be quite right as I do not have mortgage starting balances for 5 questees. Three have stated a reduced term rather than an amount and 34 have yet to report in to Tallgirl.

I will periodically update this spreadsheet and report in for those interested.

Way to go gang well done

firesidemaid

i have just had my latest interest payment applied to my mortgage account - it is one of the things i have been watching to come down.

i keep working it out as a daily amount! it's currently down to £15.35 a day and i'm looking forward to getting below the £15.00 mark.

i also am looking forward to getting below the 100k mark (3k to go) and it gets a bit obsessive - ie. every spare penny is going to pay off the mortgage.

is anyone else like that? i can't bear to put money in a savings account (even though it's probably the right thing to do).

also, got my new BT credit card through so i can move one balance and carry on my slow stoozing into premium bonds - i'll let you know if i win anything this month......

FrugalNotTight_2

I've tried to calculate my mortgage daily interest myself but I never seem to be too accurate! :rolleyes:

As for paying off every little penny. Yep that's what I try to do. Obsessed, of course I am, but isn't everyone on this thread? That's why we're here isn't it? :rotfl:

As for putting cash in a savings account, well that's easy. If the interest on a savings account is larger than the interest you pay on your mortgage, build up your savings. :cool:

Have a good weekend everyone and curb that spending! :T

AnW'sMum

Mmmmm I posted very late last night and whilst all the figures are correct 'technically' we are not quite on track (we should have repaid 5.6% by the end o May) BUT with so many not declaring payments to date I shall leave the post as it stands because I am quietly confident that if we knew the total repaid to date we would be in excess of 5.6%

Soz guys, that'll teach me to start these sorts of calculations at 11.45pm!!!!

I still think you are all amazing and am looking forward to the mammoth party we should be having at the end of this challenge

pink_fairy_7

Welcome to all the newbies and well done to all the fellow MFITers!!

I've been so busy working that I've hardly been on the forum lately. Anyway cleared a little bit more of the debt and still have the mortgage payment to come out next week. OH and I have been as frugal as can be as we are saving for our wedding also.

We have written out our financial goals for the next 5 years and placed them over the mortgage pig, this has really helped us to focus.

pf x

Start £160592.30 :eek:
Today £159191.00
Cleared £1401

benbenandme

Well, I finally moved house this week and my broadband won't be reconnected until 17th July :mad::mad: BUT ....I had to join our new library so I could come on here and update my total !!!

Last week my mortgage was approx £121,000 .... now its £60,000 !!!!! :j:j:j:j:j:j:j ..... Obviously I have downsized but am much happier in my new home and am now well on my way to meeting my target for 3 years (mortgage down to £50k). :D:D:D:D:D

I won't be around much for the next couple of weeks again (unless I drag my little un down the library again ), but needed to share with you all !! £61k cleared off it in a week !!! Woo-hoo !!!! :beer::beer::beer: