Setmefree's Diary: MFi5 journey

setmefree2

Hi

This is/was our Mortgage Free journey.


MORTGAGE
£250,000 Mortgage June 2003
£ 67,443 Payments/Overpayments 2003-2007
£182,557 Mortgage April 2007 - MFi3 Challenge start date (Dithering Dad's)
£ 23,081 Payments/Overpayments
£159,476 Mortgage April 2008 - MFi3 Challenge plus 1 year
£ 40,785 Payments/Overpayments
£118,691Mortgage April 2009 - MFi3 Challenge plus 2 year
£28,154 Payments/overpayments
£90,537 Mortgage April 2010 - END OF MFi3 CHALLENGE/Beginning of new (Financial Bliss) MF Challenge
£90,537 Payments/ Overpayments April 2010 to May 2012
NOW GONE - NIL -ZERO-ZILCH





The Setmefree2s are NOW Mortgage Free 25th May 2012



The SMF2s are a family of 4 living in London. Mr and Mrs SMF2 are in their mid 40's. The little SMF2s (edit : now not so little) are in a state High School. We have a regular monthly mortgage payment of £950, about £850 of this repays capital. In addition we are trying to pay of a further £1500 per month plus. Our aim is to be free in 5 years (by 2012). This will be 15 years early and will save us approx £135k. Interest on our loan over 25 years is £210,565 (5.5%) over 10 years £75,579.

Move_To_Portugal

Well done on your progress so far. We're trying to do the same MFi5 however our mortgage is lower, currently £134,362.

Good luck!

mtp

setmefree2

SEPTEMBER 2007

Hi

Just paid mortgage for the month and overpayment...mortgage down to £167k. Yipeeee:j

financialbliss

Hi setmefree2,

We were originally looking to clear this mortgage in under 10 years - had to remortgage and up term to 25 years on this one to make initial payments affordable, but I'm now hoping to clear in about 5 years time.

I'm actually trying for date 12/12/12 as I quite like this date and it's an earlier target to try and attain. We've a smaller mortgage, but we're a family of four with a single income.

Look forward to reading this as it develops. Good luck in your challenge!

FB.

setmefree2

Thx for your good wishes - Good luck to you too:T

Kaz2904

Hey I like that date too financialbliss- might have to nick it!

Kaz2904

Or even try for 11/11/11 which happens to be my cousins 30th brithday!

financialbliss

@ Kaz,

Took original mortgage out in 1996 - 25 year term (2021)

Was originally hoping to clear current mortgage which I reverted back to 25 years (should have completed in 2029) before the original mortgage.

Internet banking shows I've taken 8 years off original term. Original goal achieved.

Based on what MS Money knows, it suggests I'll clear in September 2016.

A 10 year term certainly looks possible - ie 2014.

12th December 2012, ie 12/12/12 is a challenge. This is what I'm currently aiming for.

11th November 2011, ie 11/11/11 currently doesn't look achievable. Hey, I didn't say I've discounted it (yet) though.

FB.

setmefree2

Hi Guys,

Hubby has some share options that we can now take up. At the moment they are riding high despite the stock market turbulance. I would sell said shares and POTM but hubby wants to hold on and see if we can make more money....

....only time will tell who was right:rolleyes:

kassytbag

hi, i have to say i think you are right in this - hanging on could end up costing you - hindsight is a great thing but better the cash in the hand than less cash a few weeks down the line - is there anyway you can persuade him?

setmefree2

No - he'll make his own mind up - which is OK 'cos I might be wrong. He think's his company is going to start doing great things as it has a new Chief. He might be right. Wish I had a crystal ball:rolleyes: