Mortgage Free in Three Yrs

wisewoman

minimoocow wrote: »

Hi everyone,

Just a quick note to say I'm still here - so please don't cross me off! I am sitting some accountancy exams over the summer so I won't have much time to post but also not much time to spend money so hopefully come September we will be ahead in the challenge!

Had a manic few days as I live in Sheffield - thankfully we are fine and house and car survived but getting anywhere has been impossible and we were without power for 30 hours so all food has been eaten or thrown away and no shops appear to have any more as they are in the same boat (no pun indended)!

I really feel for those who have been flooded out, lost possessions and are still not able to get back into their homes. Unfortunately it seems to be the poorer neighbourhoods that were worst affected so I really do hope some government funding is available to help people get back on their feet. We have got off lightly but it must have cost us about £100 in replacing food, extra transport costs, meals out as we were stuck and couldn't get home and we are very lucky we can afford this - others can't.

Sorry if it's a bit sobering but the devastation in some places is terrible. But to end on a positive note there are some lovely stories in the local paper of people going out of their way to help others that brought a tear to my eye.

MMC

So sorry minimoocow that you have been affected by the flooding...I do hope something positive comes out of it for you. Good luck with the exams.

firesidemaid

Dithering_Dad wrote: »

I wouldn't worry too much about that, by the time you have factored in tax, daily interest compounding on mortgages and the extra incentive of seeing your mortgage go down (which can encourage you to try and find more cash to make overpayments), the difference between mortgage overpayments and high interest accounts are minimal.

thank you for that DD - i feel so much better now! i am with RBOS, and therefore daily interest so i know it makes a difference.

on a more pants note, i have just checked and i haven't won any big prizes on the premium bonds.....roll on next month (p.s. it's not my money and i don't have an offset o/wise it would have gone off the mortgage)!

taka

Nope... didn't win it either :rotfl: I only have £100 in them ... instead of lottery!

dawnylou

I don't think I have been given a quest number?

Dithering_Dad

dawnylou wrote: »

I don't think I have been given a quest number?

Oops, sorry. I didn't realise you wanted to join when you did your original post. I've added you to the list!

Good luck with the challenge!

sachsaini

Hello everybody I have just joined this website today. I saw this thread and thought I have to try this I just overpaid my mortgage by £500. But the £500 made very little difference. I was hoping to join your little group so that I can keep motivated is this still possible.

my mortgage on 1/April/2007 = £92000

hoping to bring it down to £79000 in 3 years


Thanks Sach

TallGirl

sachsaini wrote: »

Hello everybody I have just joined this website today. I saw this thread and thought I have to try this I just overpaid my mortgage by £500. But the £500 made very little difference. I was hoping to join your little group so that I can keep motivated is this still possible.

Sachsaini welcome onboard. It surprises me you have seen little difference by paying £500 extra. If you have a look on the MFW main list you will find some really good mortgage calculators and you can work out what difference it makes. I think this is the link to the whole thing http://forums.moneysavingexpert.com/showthread.html?t=155707

I overpay anyway but have decided to keep my mortgage to a nice round number so last month I took it down to £43000 by paying the monthly interest of £156.09 and this month the monthly interest is £148.04 so I do feel I can see the difference.

Dithering Dad will give you a nice shinny quest number and then I will add you to the chart if you tell me what your mortgage is now (by the 5th August).

By the way perhaps we could get DD to add the mortgage calculator links to the first post as a motivation for new and old members? There were some nice ones for offsetting, interest only etc etc.

I don't want to hogg this thread but would you like me to post the chart as it is now? We have paid off wait for it £206k and pledged over £4 million.

Dithering_Dad

Welcome sachsaini! I've added you to the list.

TG - I have added the mortgage calculator to the OP. I have also added links to member's MFW diaries - just click on the members name if it is coloured blue and it will take you to their diary.

I don't really use mine anymore, but it does provide historical information on how the MFiT thread and club were formed!

If anyone has or intends to start a MFiT diary, PM me with the link and I'll associate it to your name on the OP.

Cheers,
DD.

Dithering_Dad

Hi TG,

I think an update of the progress spreadsheet is a good idea as it is really motivational to see how everyone is doing. As you are the one making the effort in updating the spreadsheet, I think it's up to you how often you want to post it into the thread.

freebird65

Hi there....I've got a horrible huge mortgage and this challenge would be a great incentive to try and pay it off, so can I join too please?
Mortgage as of 1st April 2007 was £146,088. :eek:

I've got money in ISA's invested in various funds. Should I leave them there or cash in and pay some off the mortgage? ISAs earning ca £5K more than than mortgage is costing so I'm inclined to keep them for now and then cash in just before the end of the challenge.

EDIT: My target is to pay off the mortgage completely! In for a penny, in for a pound!