Mortgage Free in Three Yrs

AnW'sMum

TG I would love to see the updated chart if you have the time to post it. Nothing to my mind will motivate more than seeing the total's go down

It's great to see so many newbies climbing aboard the wagon, thanks to DD having the original idea to start the thread. A lot of people are going to benefit financially by being a part of the team and that has to be a bonus.

freebird65

Even though I haven't been officially let in yet, I've made a start. Have dug out Daisy the Mortgage Pig from her cupboard and added a lucky penny. My Mum thinks I'm mad but gave me a tenner to kick-off the challenge. See...lucky penny's are magic and everyone should have one!

I WILL make it! :j

FrugalNotTight_2

That's exactly how to do it! A little piggy bank and count it at the end of the month. Then transfer the same amount to the Mortgage account and use the piggy bank for the usual shopping etc. i.e. No need to go to the bank to pay in those pennies.
:T

Trying_to_be_good

Good news! My close-on two year battle with my old mortgage lender is complete, they have admitted that I owe them over £1,800 less than the original redemption statement they sent, and my remortgage went through today. Together with savings that I'd been refusing to pay over to the (incompetent, in my opinion) old lender, I should be able to reduce the new mortgage by some £7,000.

Will let you know when I find out how to overpay on the new mortgage - they have to send me the paperwork first!

TallGirl

OK guys here is the chart - it is a work in progress but I am hoping most people will be able to update me by the 5th August ready for the next posting of the full chart.

I can't belive the figures it is looking so good.

Kaz2904

Time to add a mini update for July.
See my sig for the totals.

AnW'sMum

That's fantastic TG, thanks

I have done a quick update to my spreadsheets based on the info DD and TG have in their charts and by my reckoning the total of mortgages plus pension pots other savings is £7,093,298.02 with a collective aim to reduce this by £3,012,708.49 during the course of the challenge.

So far the total amount repaid (as reported to TG) is £211,211.17 or 7.01% of total pledged. To be bang on track at the end of month 3 (ie end of June) we should have repaid 8.3% but like before there are 35 people still to advise (40% of challengers) their current totals.

Just for a bit of fun I have also looked at how many of these mortgages we would have paid off now if we started with the smallest mortgage and worked towards the biggest! Those who would be MF now in this scenario would be: sparklymessygirl, Mushy61, pariskate, MancBrel, Angeldelight, ailuro2, inkie, GreenNinja and cazmanian_minx (we are only a tad under £7k short of 'repaying' jobbingmusician as well )

DD I do realise that 'repaying' mortgages in this order would mean that at the moment your mortgage would be last but one to be repaid :eek:

I'll keep updating both spreadsheets and reporting if you are all interested, let me know.

And by the way

*woooooooohooooooooooooooooooooo* well done

FrugalNotTight_2

I THINK TG AND ALL MUST BE SICK OF SAYING THIS SO I'LL SAY IT FOR THEM.

IF YOU ARE GIVING AN UPDATE - PM TALL GIRL!!!!!
IF YOU ARE GIVING AN UPDATE - PM TALL GIRL!!!!!
IF YOU ARE GIVING AN UPDATE - PM TALL GIRL!!!!!
IF YOU ARE GIVING AN UPDATE - PM TALL GIRL!!!!!
IF YOU ARE GIVING AN UPDATE - PM TALL GIRL!!!!!
IF YOU ARE GIVING AN UPDATE - PM TALL GIRL!!!!!
IF YOU ARE GIVING AN UPDATE - PM TALL GIRL!!!!!
IF YOU ARE GIVING AN UPDATE - PM TALL GIRL!!!!!
IF YOU ARE GIVING AN UPDATE - PM TALL GIRL!!!!!
IF YOU ARE GIVING AN UPDATE - PM TALL GIRL!!!!!

If anyone doesn't understand why, just try and find the last updates for 3 people on the list in this thread. You'll understand then FOR SURE!!! :rotfl: :rotfl: :rotfl: :rotfl:

Well done everyone. Things are going very well from what I can see.

sparklymessygirl

Hey all,

AnW's Mum - I wish we had paid off my mortgage !
I've cashed in my premium bonds and am now down to £7,837 approx because of this and my normal monthly overpayments. I'll pm Tall Girl at the beginning of August after the July payment. It's a bit like wishing one's life away but I love seeing the balance go down.

Sparkly

pinky8

pinky8 (No. 34) reporting in...

Mortgage @ 1st May 07: £138200.13
Mortgage @ 1st July 07: £136019.04

Total paid: £2181.09

Thanks,

pinky xxx