Mortgage Free in Three Yrs

Batgirl

Anw's Mum Your figures are fab, I think it would take me the 3 years to work out the figure!!!!!

Also BenBenandmum well done your £61k in a month must be a record for this challenge and if it is not I want a cut of the lottery winnings.

I am still planning on succeeding with my measly goal of £5k but I'm going to be paying very little off this year as we really need to change our kitchen cooker ( roats beef was a disaster today as the cooker is near enough dead and I refuse to cook another expensive xmas dinner in it to come out pink :mad: ) and redo our minging bathroom ( it has ben minging since we moved in 2 and a hlaf years ago and I have finally had enough). So all spare pennies are going towards those 2 things then next April we be all set to beat the hell out of our mortgage as I will be back at work and my husband should get a £5k pay rise minimum.

Batgirl

do_it_today!

its ok Batgirl something is better than nothing!

pariskate

I've been busily listing stuff on ebay and it's all ear marked for the mortgage. I have even got the children interested and my middle one has put up some of his old toys - I'll let him keep the cash though;)

all the little bits will add up I hope

sturgeon62

Ok sorry to be dense here but when you give Tallgirl your updated figures in the repaid amount do you just put the amount that you have overpaid by or do you include what has been repaid including overpayments and anything thats come off as a result of your usual monthly mortgage payment?
Thankyou, I only get a statement once a year so will ring for the outstanding balance each update.

TallGirl

sturgeon62 wrote: »

Ok sorry to be dense here but when you give Tallgirl your updated figures in the repaid amount do you just put the amount that you have overpaid by or do you include what has been repaid including overpayments and anything thats come off as a result of your usual monthly mortgage payment?

I have access to my mortgage online so I can see my balance at anytime but I know some will have to call up to get it. Next update is early August so if you get the balance then it should show how much you have paid off since 1st April incl regular payments and interest added. I think it would be too difficult to work it out if we had to take interest saved into account. Some people have worked out what they have saved and used that as an "virtual offset" thereby lowering their mortgage immidiately. I personally not going to do that until the very end.

Hope that makes sense.

CountryWife_2

Hi gang,
I am still with you but have not made any overpayments yet. We still have not completed on the purchase of our field so until we do that I cant allocate any money to the mortgage. I am going to try to do better with the housekeeping though and maybe put any savings into overpayments...........every little helps.
I will contact my mortgage provided nearer the date of the next update and let you know how we are doing

togashi42

I have just managed to get my new balance and have updated my sig to show the new amount....A little behind target, but there's plenty of time!

financialbliss

Hi,

I don't post too often, so a quick note in reply to DD to say I'm totally totally committed to this challenge. Why?

Had to revert to a 25 year term in 2004 for this (my 2nd) mortgage to make initial payments comfortable. Not addressing this at all would have meant that I'd be 59 (2029) when my mortgage completed. Want to address and alter my 25 year term to 10 years or less. Despite being a single (standard rate) earner in a family of four, I genuinely feel this is achievable through sensible financial planning.

I've already taken 8 years off my original term!

My 2007 year end target is a mere 70k - once car loan ends (Jan 2008), I'll push straight onto mortgage and the serious overpayments begin!

FB

sallyb17

I checked my mortgage balance yesterday for the update and it is now down from £114,109 to £112,965 - I put in a lot extra last month - I won't be able to do this regularly (I sold some company shares) but it's great to see the balance diminishing! :j :j


I've swapped current accounts to the Halifax so I'll get 6.17% interest and the £100 bonus, which can all be used towards slashing the mortgage :j

angelavdavis

Hi everyone,

Having read Martin's article about the mortgage, I thought I should investigate further.

So I am trying to understand my current mortgage situation in real terms.

I am tied in until December on my 2-year fixed deal. After December I plan to switch to an offset as my income structure has changed which means I am able to overpay a lot more.

I had planned to start overpaying from July on the mortgage, had set up my direct debit and sent through a tester £100 to check the dd was OK.

On checking with Britannia today, they said that my interest is accrued daily, this is then reviewed and set annually and calculated from 1st Jan to 31st December.

I am therefore guessing that it might be worth my putting the money away in a high interest account as there won't be any benefit before December in paying anything toward the mortgage?

Anyone have any ideas???