Mortgage Free in Three Yrs

Kaz2904

Just thought I'd say what I did last month and have done again today (Because I forgot to yesterday the 1st working day of the month!).
I phone up my lender and ask what my balance is and what my interest was for the last month and check that it has hit. I then go to my snowball calculator to update my snowball.
As I have put in my payment on the 25th it takes my debt free date from August 2013 to October 2013. Only ££s over though. This month I would have £5.23 to clear 10/2013 on an interest free loan. I then go to my online banking and put this money onto my mortgage and update my snowball again. It not only takes me back to September 2013 it takes me under a final payment of £1330 which is what my monthly debt repayment is.
This month my £5.23 has worked out to be worth £16.99. I'm hoping that by doing this each and every month I will gradually come forwards through September 2013 to August. Hopefully to April or even January.
Now that I am down to owing £90139.66 I am virtually determined to find that £139.66 and get it off the mortgage to bring me under the £90k mark.
I ought to be able to do this as DH has had a 5 week pay and he has opened an A&L account and I have a mobile bill to claim cashback on etc etc!
I love this challenge and the positive effect it has had on my life.

I was chatting to my uncle the other day and he said that he'd told my cousin I'd be a millionaire by the time I retire and I said- "Yes probably"
I think the benfit is that I have not embarked on a get rich quick scheme but a get RICH slowly scheme which should work.
(Watch me set myself up for a fall now!)
Bye everybody peeps, Kaz.

Dithering_Dad

I've just started a new thread "Mortgage Free Roll of Honour" to copy the one they have in DFW (that I was proud to add my name to back in April). I reckon it's going to be just as hard, if not harder to get rid of our mortgages and that anyone who manages it should be recognised!!

Hopefully the board guides won't object to it and may even turn it into a sticky like they have the DFW Roll of Honour (I suspect that ours won't be updated too often and will sink out of sight if it's not a sticky).

I'm looking forward to seeing a load of MFiT names on there in 3 years time !!!

comping_cat

Hello everyone, number 9 reporting in!!!!

Got my mortgage figure this morning -

start of challenge - £80,204.61
balance today - £77,766.55
paid off - £2438.06

Really proud of how ive done (not sure i can keep that rate up tho, running out of things to sell on ebay!!!) - not sure if im meant to pm Tall Girl, its getting confusing, as she has said on her posts that she will be doing the next update in August, but some others are saying to pm now - what should i do???!!!!

pink_fairy_7

01) Batgirl (£200,000)
02) Pinkfairy (£158,663):eek:

Congrats Batgirl you beat me:D

pf x

I'd pm her cat

freebird65

Dithering_Dad wrote: »

I've just started a new thread "Mortgage Free Roll of Honour" to copy the one they have in DFW (that I was proud to add my name to back in April)...........

I was proud to be about No 4 to add my name to that roll....I worked SOOOO hard (AND even sold my house and traded down to get rid of my debt) and was shocked at how easily you shifted a lot of debt in a very short time (oh for your monster earning potential!) - it took me 2 years and not two months! It was seeing your name on this thread that made me come and have a look - this isn't a board I normally stray onto - so your post on DFW has had a bit of a knock-on effect - so any other DFW lurkers, come and join in!

AnW'sMum

Dithering_Dad wrote: »

Hi AnW'sMum, thanks for all the stats, they always make interesting reading and liven up the thread! You are wrong on one point though. If we did work backwards, mine wouldn't be the last mortgage to get paid - either at the start of the quest in April or currently.

At the start of the quest, Batgirl and Pinkfairy both had larger mortgages than me. Now that we are 3 months in, the standings are as follows:

01) Batgirl (£200,000)
02) Pinkfairy (£158,663)
03) Pinky (£136,782)
04) AngelaDavis (£129,551)
05) Drengo (£125,920)
06) jimobc (£126,100)
07) Keren29 (£126,000)
08) Trying to be good (£123,993)
09) Dithering Dad (£119,635)
10) sarmia (£118,223)

So I'm now 9th largest in the rollcall of mortgage-ateers. Not that it's a competition or anything of course, this list was produced just for fun. But watch out sarmia - I'm on your tail!!! :drool:

*cough* I'm sooo competitive!!

DD sorry I should explain, I have added the £100,000 that you want to put in your pension pot to your figure (also done the same for a couple of other challengers). Hence your 'ranking' on my spreadsheet

Redbedhead

Can I have a number please?

AnW'sMum

You are number 81 Don't forget to PM TallGirl with your updates

TallGirl

Thanks for all the updates - sorry if I have confused people - this chart was just a sneak preview for the many new people and to remind people to get their figures to me by 5th August if they want to be on the next one.

Some people are on holiday in August so they have got their figures to me now.

Also welcome to all new members if you post on here with your mortgage balance as of 1st April 2007 and by how much you want to reduce your mortage in 3 years.

Dithering Dad will see this post and give you a quest number and add you to the list in post 1.

Then please PM me with your current mortgage balance and I can add you to the chart ready for the next update 5th August.

I have tried to explain this in post 2 but many we need to make it clearer in post 1 too.

Love the idea about the Mortgage Free Roll of honour DD can't wait to be on it.

Take care

LJD1_2

Hiya
I got my statement today which now reads 106,000.00. Yeah!!!!!!!! I'm so pleased. This thread is fantastic as it's really motivating me xx