£105k in 3 years can it be done?

in Mortgage-free wannabe
11 replies 1.7K views
Some Inspirational stuff on here! I'm 36 and would like my DFD to be 15th Feb 2011 - the day before I am 40.

Currently owe around £105k on a £280k property, term to run = 17 years. Some of my strategies already considered:

- Using £250 per month sharesave to divert to mortgage
- Opting out of company car scheme and snaffling the cash
- Diverting savings in bills from ideas on this site to the mortgage

All of the above will make a dent, but I'm going to need inspirationfor the rest - any grand ideas out there?

Matt

DFD = 15/02/2011
«1

Replies

  • RedbedheadRedbedhead Forumite
    1.1K Posts
    Anything you can sell on eBay?
    Any other additional skills you have that you can earn from?
    Any savings you can make from your existing lifestyle? Downsizing your car maybe? Budgeting to get food bills down?
    MFIT No. 81
  • Hello

    Has you sharescheme finished? If not, how is the share price performing against the purchase price?

    Join Quidco - Not only can you reduce you expenses on Insurances (Home/Contents) but you can claim £100s in Cashback :D

    If you post a S.O.A , we can provide assistance on where you may be able to 'cut expenses' and insrease o/payment onto your mortgage!

    Why not join the mortgage free in 3 gang?

    Best of All ---- Good Luck (and keep posting!!)
    Proud To Be Dealing With My Debts - 1420 Days To Go!
    LBM: £103,592.98 / Currently £78,500.08 - Down 24.22% / Mortgage: £92,800.00 / Loan: £17,284.21 / Overdraft: £450.09 / C/Card 0%(October 08): £5,601.54 / C/Card 0% (January 09): £1075.22 / Child Care: £137.80
    Share Investments: £51,390.74 / Money Owed From GS: £5,812.61
  • David_B_2David_B_2 Forumite
    718 Posts
    As I'm sure you are well aware it’s going take a lot more then just making the odd saving with the utility bills and other areas to get rid of £105,000 in 3 years (based on the limited information you have given us).

    To be honest if I had the answer to making that kind of money I'd be mortgage free myself.

    This is in no means meant to be negative but just a clarify that your going to need something special.

    Did you ever see the programme "Pay for mortgage off in 2 years"?

    I'll look forward to hearing what others say and hopefully getting some further tips myself but as for the grand idea, I think you need to rethink your strategy.

    Good luck.
    Regards,
    Dave

    If only I had a pound for every time I used the thanks button :D
  • sweepstersweepster Forumite
    448 Posts
    Hiya,
    I am in the same boat as you really 102k to pay in 16 years.I have decided to try and pay £500 extra a month if i can that will cut it down to 8 years.Good luck loads of info on these boards to help you in your journey they are great.
    good luck
    sweepyxx
    Aim to be mortgage free by 2017
    MFW 2016 overpayments here we go again £10000
    :T:T:T:T:T
  • Rent all the bedrooms out (apart from your own obviously).
  • mlaycamlayca Forumite
    3 Posts
    Hi, thanks for the advice, share are currently £2.50 vs £1.75 option price so aren't doing too badly...
  • Kaz2904Kaz2904 Forumite
    5.8K Posts
    Mortgage-free Glee!
    Rent all the bedrooms out (apart from your own obviously).

    I had an extremely bizarre dream that I done just that last night- only I had rented out all of the bedrooms and I went to bed on a single in the cupboard under the stairs each night. I'm not sure where the rest of the family were- maybe DH had left me taking the kids with him as my moneysaving schemes were becoming too extreme for him!:rotfl:
    Debt: 16/04/2007:TOTAL DEBT [strike]£92727.75[/strike] £49395.47:eek: :eek: :eek: £43332.28 repaid 100.77% of £43000 target.
    MFiT T2: Debt [STRIKE]£52856.59[/STRIKE] £6316.14 £46540.45 repaid 101.17% of £46000 target.
    2013 Target: completely clear my [STRIKE]£6316.14[/STRIKE] £0 mortgage debt. £6316.14 100% repaid.
  • mrsS_2mrsS_2 Forumite
    195 Posts
    Part of the Furniture 100 Posts Combo Breaker
    Forumite
    I wouldnt stop the share save scheme- normally these are issued at a 20% discount to market price, and have a built in tax free bonus of about 5%, which is used to buy extra shares.

    Also, by the time the option is excercised and you actually own the shares, they could well be worth substantially more than you paid for them. Of course they could go down as well as up..............

    what i am trying to say is that the £250 spent each month COULD potentially bring in much more than the reduction in the equivalent mortgage payment.

    The government limits these schemes to £250 per month because they are such a great deal.

    what do other people think?
  • andyboyoandyboyo Forumite
    119 Posts
    Part of the Furniture 100 Posts Combo Breaker
    Forumite
    mrsS wrote: »
    I wouldnt stop the share save scheme- normally these are issued at a 20% discount to market price, and have a built in tax free bonus of about 5%, which is used to buy extra shares.

    Also, by the time the option is excercised and you actually own the shares, they could well be worth substantially more than you paid for them. Of course they could go down as well as up..............

    what i am trying to say is that the £250 spent each month COULD potentially bring in much more than the reduction in the equivalent mortgage payment.

    The government limits these schemes to £250 per month because they are such a great deal.

    what do other people think?

    I've got a similar scheme whereby my firm matches two shares for every one that i buy up to a maximum of 2.5% or £125 whichever figure comes first.

    So I spend about £84 odd each month which they match and make the rest up to £125 which they dont match. All dividends are reinvested automatically

    I think I've invested £8.25k in the last 5 and a bit years and I'm sitting on a £20k pot. Fortunately the oil industry is doing well for me
  • Definately keep the ShareSave Scheme Going.

    I would guess that not only are you buying shares at a lower value than current share price, but your company also give a 'bonus' on top - meaning even more shares and even more profit.

    Have you long left on your scheme?
    Proud To Be Dealing With My Debts - 1420 Days To Go!
    LBM: £103,592.98 / Currently £78,500.08 - Down 24.22% / Mortgage: £92,800.00 / Loan: £17,284.21 / Overdraft: £450.09 / C/Card 0%(October 08): £5,601.54 / C/Card 0% (January 09): £1075.22 / Child Care: £137.80
    Share Investments: £51,390.74 / Money Owed From GS: £5,812.61
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