Mortgage Free in Three Yrs

Batgirl

At the moment we pay £904 a month and that is only 25% repayment 75% interest only and I have just worked out it is £1151.00 a month just to be 100% repayment :eek: :eek: :eek: :eek: :eek: :eek: .

Don't really know what else to say ( ...... or do ).

catshark88

Have been squirreling money into our mortgage like a mad thing this month. DH found my new found MSE obsession a bit hard to deal with at first but he's now getting quite into it.

Anyway, I phoned the Woolwich today and got them to recalculate my mortgage term (they only do it automatically in November) and we have knocked 1 year off our mortgage! :j

Lord knows we have a long way and 22+ years to go, but it is a start...:cool:

angelavdavis

Hi Hell-razor,

My strategy is:

- Similar to DD, I left my poorly paid job and am contracting to treble my income.
- Have put funds into NS&I 2 year bonds and ISAs which will eventually go onto mortgage if required.
- Cut back on outgoings as much as possible (although we still have holidays and are getting married in September!)
- Use quidco and other cashback sites - eg got £120 back for renewing my house insurance through quidco. All money goes into mortgage pig.
- Got the mortgage pig - all spare change goes in there!
- Renting my spare room out to my brother - half goes on the mortgage.
- Dusting stuff off and selling anything that is excess to needs - such as my rusting motorbike!
- Start stoozing (just got Egg Money card!)

I think I have exhausted every moneysaving/making avenue at the moment.

I have only really started this month officially because I was paying off my debts before. Back in October 06, I was making over £800 per month payments on my credit cards! I made my last payment on my credit card at the end of June, so now all cash goes toward the mortgage.

The first milestone will be to get the mortgage down to £120k by the fixed rate expiry in December 07. I will then switch to an offset mortgage with the same provider.

angelavdavis

catshark88 wrote: »

Have been squirreling money into our mortgage like a mad thing this month. DH found my new found MSE obsession a bit hard to deal with at first but he's now getting quite into it.

I had the same problem, until OH saw, due to my renegotiating his insurances, switching his utilities, Old Style cooking, etc that he had an extra £200 in the bank at the end of the month!

Amazing how the colour of money can change someone's impression of MSE overnight! He is now overpaying his mortgage too!

And congrats on the -1 year result!

ailuro2

HellRazr-

My hubby laughed a bit and asked why I joined this thread at first....MFinThree?? No way....:eek:

but as the weeks go by he can see it happening too...we aren't doing much that is different,but any monthly savings I have found have been added permanently to the overpayment amount-like saving £15 on our TV/Broadband package can make a big impact.

Our mortgage isn't horrendous, but for folk like us it is a big millstone from around our neck....

dh is 38 now, and is completely on board when he thinks he might/could/WILL be 40 years old and have his mortgage paid off. Not bad for people who don't earn big salaries:D

Big holiday to Canada for us this year, but after that there will be more money being sent back to Co-op each month.

AnW'sMum

Wow 93 challengees on the case now with a collective aim of a shade under £3.4m!

Really looking forward to the update at the beginning of August keep going with those battering rams on those mortgages

A plea from me to shineyhappy, trikerandbiker, rsrt130, bargain rzl, chica_fi, lizh, odds-n-sods and carlsberg if you haven't already could you please pm DD and TG with your mortgage outstanding at 1st April and if appropriate your £ aim to reduce by.

Some great hints and tips being shared on here. Keep up the good work everyone.

Karmacat

Hell-razor wrote: »

Hi


The challange is to pay off ones Mortgage in 3 years GREAT idea! but.. how?

Did i miss the difinative list or guide as to how this can be done..?

what are the tips and trick one could employ to achieve this goal?

I have read how people are using offset accounts, cashed in endowments etc.

how to you arrive at the best and most effective course of action?

how does one weigh up all the best options... what are the options.. what are the pros and cons?

please point me in the right direction...

feeling dim..? but not stupid!

Hi there
I literally signed up to this challenge about 2 days ago, so I'm sort of in the same position, tho I've been on mse for a while, on the dfw board. My own strategy is to overpay on my mortgage from savings, as its more than the savings rate now (I can get it back if I really need it, as its a Nationwide mortgage). I do clicks and surveys, which slowly add up, and sell a few bits on amazon - every payment is transferred across to a savings account.

There are also three threads I'd recommend (I haven't done all of it myself, btw):
- on this board, the Great "Bit on the side" hunt.
- on the dfw board, Maximising income (mystery shopping).
- also on the dfw board, Great Ways to cut back hunt - not making money, but saving money.

Now I have to take my own advice......

TallGirl

Hi Guys
This article was in the Daily Mail yesterday and I thought as many of you have offset mortgages (myself incl) you might find it interesting.

http://www.thisismoney.co.uk/mortgages/mortgages/article.html?in_article_id=422523&in_page_id=58

Bascially it say unless you can get 6.75% interest in your savings as a low rate tax payer or 9% as a high rate one you are better off with your savings set against your mortgage.

Stoozing Question?
I am not that great at math so I was wondering if you guys could help me out with Stoozing.

I have about £1000 on 0% with Tesco but that is about to end. Would it be worth transferring that to a new 0% bearing in mind I will get charged balance transfer rate. I have an Egg card which I have ask what they will offer me but any other ideas will be greatly received.

groatie_queen

Thanks TallGirl, that's good to know for those of us who have offset accounts. Sorry I can't help with the stoozing question....

Batgirl

TallGirl wrote: »

Hi Guys

Stoozing Question?
I am not that great at math so I was wondering if you guys could help me out with Stoozing.

I have about £1000 on 0% with Tesco but that is about to end. Would it be worth transferring that to a new 0% bearing in mind I will get charged balance transfer rate. I have an Egg card which I have ask what they will offer me but any other ideas will be greatly received.

I too have been wondering this. Do you still make money if you have to pay a transfer fee or does it only work if it is free for a balance transfer?

I have just opened an Egg card ( through Quidco £35) and was going to use this.

Thanks

Batgrirl