Mortgage Free in Three Yrs

Dithering_Dad

Quick update. I've just moved £6000 into my offset account and have reached my "Three Month Goal" of having £18,000 in the offset account (this is the equivalent of 6 months of the Dither household outgoings).

I can now finally :rolleyes: start actually paying off the capital of my mortgage. Yayy! The next "Three Month Goal" is to reduce the interest only part of my mortgage to £18,000 so that it is the same amount as my offset account - effectively wiping out that debt as far as interest repayment is concerned.

I'll then tackle the Home Extension mortgage.

do_it_today!

Brilliant news DD :T :T :T

do_it_today!

hi :hello:
just got off the phone with my bank my balance currently stands at... £127,821.10 apparently it works out at £18.84 interest per day I have set up arrangements to make overpayments so am ready to rock n roll

TallGirl

Well done DD for reaching your target you are really racing ahead.
Also well done to Do it today are you going to overpay by £18.84 a day or is it already offset with your mortgage?
I have been trying to reduce my mortgage before I saw this thread but had it not been for here I would not even had attempted at paying a extra every month as I did not know I could do it online.
Not doing too bad this month got tow months worth of expenses (too busy to claim) so stuck £500 in my savings account. Got about £500 stoozing on my new 0% Tesco credit card just need to work out with the free period is up.
Problem is we have that inspection trip to Turkey coming up and I am desperate to book a holiday in the sun for Christmas/New Year it is just so expensive.
Off to Peterbourough in a mo at least with staying away so much I dont spend much on food at home.

do_it_today!

Hi Tall Girl,

still banging down the plastic (about two months to go) so will only be about £100 overpayment per month to start with.... BUT knowing that interest is charged at £18.84 a day is a good motivator especially when spending when not required!

do_it_today!

Hi Tall Girl
only £100 pm until plastic is dead and then will go for it!

good to know that the mortgage cost me £18.84 interest everyday though!

drenbo

1 drenbo (#72)
2 £126814.41 @ 1st April 2007
3 End of June 07 - £125.920 + Offset=£2149.37

I have taken £2000 for holiday from my offset but added another £1350 since

mojo_jojo

Just put another £500 overpayment into my mortgage. Expect my overall monthly payment to go down another £3.20 approx! Doesn't seem like much but it's since I started overpaying I've taken around £20 a month off my payments so that's £240 a year or £2400 every 10 years

I also found out that the max payment is per calendar month so I will make another payment early next month...

hosebergine

Hello Dithering Dad

We've done really well overpaying and now we've decided to extend our house - Doh!! Interested by your separate mortgage for your house extension - why did you do it that way? We have the One Acct Mortgage (doesn't include a current acct) and have the money available to us as a draw down facility so we don't need to arrange further finance but I'd be interested to hear why you had a separate product.

Cheers

Hosebergine

TallGirl

Just a quick hello from me to let you know that we now have 47 people on the chart so a lot still missing but we have pledged nearly £4 million in mortgages and paid off nearly £176,000 since we started 3 months ago. :j :T :j :T :dance: :dance: :grouphug: :wave: :hello: :hello:

Next big chart update is August unless lots of you post. So come on those who have not PM'ed me give me your figures (see post 2) by early August and we can count you too.