The Mortgage Free in Three - Take 4 challenge (MFiT-T4)

tattycath

I've just been looking at the statement. Sub account 2:
Interest rate 2.25%
Payment 0.79
Interest 0.19
Unless I am missing something obvious, that seems like way more than 2.25%
Help please. TIA

lincoln-potter

Okay so I've just signed up..... aim is £85,000 to £38,000 by the end of 2019 which is the maximum I can do without incurring charges. It'll be a quiet early month or two with my change in circumstance but I'll be cheering the rest of you on from the sidelines to begin with!

Maximum_Saving

It will soon be the end of January and with Internet banking you could check how much interest you paid in January.

Are you allowed to pay overpayments? I can pay up to £500 a month more than my direct debit amount. If I pay more I will get a 5% fee.

Have an idea of your mortgage free day. Good luck everyone.

£9345.25 on 26th January 2017.

trix-a-belle

Chart 4 has arrived

Looking good everyone!

I'm a bit behind but that is an industrial sewing machine sized hole that I have bought to start doing upholstery, things are going to potentially be a little further squeezed as I am aiming to drop to 4 days a week at my current job to enable me to start up doing the upholstery so we will see how things go there. At least the savings balances are healthy and I am currently at the point that I am debating whether to go over the £1000 PSA interest limit and self assess for the tax due or pay across into my ISA and keep just below the £1000 interest threshold.

SuperSecretSquirrel

trix-a-belle wrote: »

I am currently at the point that I am debating whether to go over the £1000 PSA interest limit and self assess for the tax due or pay across into my ISA and keep just below the £1000 interest threshold.

Wow, higher rate tax payer, or oodles of cash savings?

Good luck with the new venture, and thanks for running things for us all here!

tattycath

Thanks for the update trix-a-belle.
I'm way behind as I expected. That said, I went in to the branch yesterday and paid one of the sub accounts off. That payment, along with January mortgage payment, including overpayment actually takes us to sub47k. :j
I haven't altered my update as it will be included in next quarter.
It's going to be a mammoth task getting it all paid in the next 2 years, but I will give it my best shot.

trix-a-belle

SuperSecretSquirrel wrote: »

Wow, higher rate tax payer, or oodles of cash savings?

Good luck with the new venture, and thanks for running things for us all here!

Cash savings SSS, I have been filling high interest current accounts & regular savers since paying my mortgage off in Feb (& some bits before then due to my fixed mortgage period) & my projections put me at about £1030 of interest come the end of the financial year so it's what to do with the extra as I have 2 months to counter it if I am going to.
I have been looking at moving so it would have gone on moving costs and the cost to change but nothing has come up that has fitted the bill enough to push me into that so it has sat waiting & earning. The regular saver balances have topped up the accounts I hadn't filled, a 0% card that it ending & a half decent ISA rate that in luckily opened last year.
This site has truly made my money go round the mill and work for it's keep

Quite alright, I am a weird one who likes excel/spreadsheets and seeing what they can do so the formulas that were set up by those who began it are great to dig into to try and apply to things I do in my day job


TattyCath
That is fab! I got paid today which has bumped my balance up lol. The aim is to just try your best

mrsp1987

Oops, forgot the date of the chart! I'm just going to fill mine in though. Been a bit slow the last 2/3 months but hopefully I'll get back to it, had an increase in hours at work recently covering a colleague who is off sick so I'll try and shovel that towards the mortgage.

Maybe_its_because

Hi Trix

Thanks for the chart update. Knew I was a bit behind but thought it was by more. Pleased to see we're not massively far off track

MIB x

pathtofreedom

Well at least it looks like I'm not the only one running behind Today my mortgage stands at £149846.45 as I haven't managed many over payments since I moved. This year though I am determined to crack on and get this paid, as well as build my offset savings too.