Mortgage Free in Three Yrs

AnW'sMum

Now now children, play nicely

kiwi88_2

Hi could I join please ?

We have a Natwest One account and as of 25/06/2007 our morgage balance is £98,506.89 @ 6.70%.
However because DH has been really good and payed off 2 credit cards :T he has only paid the interest on this so we are behind the plan by £2,238.89 :eek: I am only working on a temporary contract till xmas and will then be qualified so am hoping to get full time employment then. We have one credit card left to pay off and have recently switched to a 13 month 0% transfer.

So my short-term aim is to pay off as much of the "behind plan" £2,238.89 as possible. When I get a full time job I am hoping to overpay the morgage by £500 thus reducing the term by 13 years and saving me £57004.64 :j

angelavdavis

Thanks for all the updates TallGirl.

Well I made the last credit card payment last week and got my new £0 statement through yesterday so I can officially embark on the MFW path now!

Onward!

LJD1_2

Well done Angela, doesn't it feel great!

jobbingmusician

I've just paid another £500 in :D:D:D:D:D

But I don't dare mention the figure this leaves me with, because I know the rules of this thread mean I have to pm TG..........;)

cupid_s

I'm still watching what's going on here. We managed to sort the non-payment of last months mortgage ok. I'm now holding out on updating until august when I will pm tallgirl with an update. We have £24399 saved to pay off so far so luckily we wont notice the interest hikes too much.

But I received my last bout of funding at the beginning of this month and so wont get paid again now until I actually get a job. Which is likely to be 9 months plus so I don't know what we'll do for money until then. Any ideas about how I can make money that doesn't really take much time?

We'll have to try to manage on DHs funding alone until we both get jobs, but even that runs out at christmas so out 3 year plan may become a slightly longer one.

However DH is applying for jobs in other cities and if he got one we'd have to sell (and couldn't afford to buy in london or oxford) and so might actually be mortgage free within the year, but paying ridiculous amounts of rent instead.

firesidemaid

it's amazing where extra money can be found just when i thought there was no more extra to pay off this month......

my mum had a policy mature and gave us £200:j . then i remembered that i was owed £35 in expenses plus some money from surveys and ebay and before you know it, another £300-£400 will be paid off.

my sub 100k date is getting closer. it was to be christmas, then end of nov. now i hope it will be the end of oct.

i will keep updating my sig and pm tallgirl at the start of aug if that's ok.

keep it up all:T

Batgirl

I am feeling really narked, I tried to pay some money off today again because the last payment they took it off my monthly payment rather than capital repayment, and they said they couldn't take it off the term unless it was a full months amount. So they could only take it to reduce my monthly payments by 20p but surely if it reduces my monthly payment I don't save any money. I am really confused. And I know that not paying off the mortgage isn't a big deal because we could just put it in a savings account but I liked it being off the mortgage then I couldn't 'borrow' the money when things are tight, or we need something, when its off the mortgage its permanent.

Sorry I know I am moaning and its only a very small payment anyway but at least it would have been something and I don't think I have the will power to keep the money until I have the full month.

Batgirl

Ps I went to do a mystery shop today and it wasn't meant to be today I had the wrong day written down, so that narked me too. but other than those things life is rosy

Kaz2904

Batgirl wrote: »

I tried to pay some money off today again because the last payment they took it off my monthly payment rather than capital repayment, and they said they couldn't take it off the term unless it was a full months amount. So they could only take it to reduce my monthly payments by 20p but surely if it reduces my monthly payment I don't save any money.

I can see where you've got yourself muddled but it reallly doesn't matter. Next month when your payment is due send off the same as normal and there will just be a £0.20 overpayment.
If you pay by direct debit then they will alter the amount accordingly but there is absolutely nothing to stop you from phoning them to get their account number and sort code and setting up a standing order. That way you control how much goes in each month.
It can be a pain if you are on flexible and the rate goes up because you have to increase it but when it goes down you can keep it at the same!
When you phone them just say that you want to set up a standing order to pay your mortgage and they will either tell you or send you the details.
This makes it really easy to chuck in overpayments when you do online banking because you just go into make a payment and transfer accross the amount. I have transferred £0.69 before!
It won't matter then if they reduce your monthly payment because you will still be paying previously.

This may matter if you are only allowed to overpay by a set amount of your monthly payment (mine is 5 times my monthly payment) but as your monthly payment decreases you are more likely to be able to overpay by a months amount and thus reduce the term IYSWIM.

drenbo

Am I wrong if I say that I should be on the #7 position rather then #5?

01) Batgirl (£200,000)
02) Pinkfairy (£158,663)
03) Pinky (£136,782)
04) AngelaDavis (£129,551)
05) Drenbo (£125,920) - 1700 Offset
06) jimobc (£126,100)
07) Keren29 (£126,000)
08) Trying to be good (£123,993)
09) sarmia (£117,289)
10) Dithering Dad (£117,135)
11) sallyB17 (112,965)