FinancialBliss: My mortgage free journey…

StuartGMC

FB
It's busy because;
a) Those of us who have been here a while are saving money by staying in and getting our "fix" of MSE support and spreadsheets, and,
b) All our welcome new participants who are finding their way here to the good information from everyone.

I know of two of my staff who are overpaying but it certainly remains uncommon; need a few footballers, singers and other "icons" to say they're doing it I think to convince the masses :rotfl:

I'm sure that anyone here who has been overpaying will be in a very strong position to negotiate with their lender if the worst happens and redundancy hits; provided it is discussed immediately. I doubt many hearings would find in favour of a lender if you are months/years ahead of schedule for repayment on the mortgage debt. Here's hoping that those affected are limited in number and treated well by the corporate bodies.

JonnyBravo

StuartGMC wrote: »

..........need a few footballers, singers and other "icons" to say they're doing it I think to convince the masses :rotfl:

Good luck on finding a sufficiently famous pop star or footballer who needs/has a mortgage. :rolleyes:

Floxxie

The footballers I know are 'lent'club-owned houses as part of their contract. Sorry, don't know any 'famous people' - do they have mortgages? :rotfl:

Floxxie

StuartGMC

Note the phrase "to SAY they are doing it".... just like they talk green motivation to their choice of (one of their) cars but fly constantly around the globe. (Remember I'm a cynic folks!)

Little_Mama

financialbliss wrote: »

I don't actually know anyone (apart from you lot on these forums) that is actively and purposefully attempting to pay their mortgage off sooner than the schedule laid down by their mortgage provider.

I'm very lucky and have 3 close friends who have paid theirs off significantly earlier than the 25 years or by the time they are 40.....actually just working out their ages if the 3rd friend hits their target then all will have paid off 25 year mortgages by the time they are 40 too. Two of those friends were stung like me by the high rates of 1992 but fortunately for them did not have to start all over again like myself, the other is self employed and is making the most of the good times just incase bad is very bad.

In that group I'm the one lagging behind but I'm getting there! I'm so chuffed for them and whilst none brag about being mortgage free you can see the boost it's given them within themselves.

Unfortunately (or not) none are footballers or icons just decent, down to earth, brilliant friends.:D

LM

MFdream

Hello everyone

Just to say thank you to all of you who have been writing on this forum and giving me so much strength and inspiration. If not for this forum, i would think myself partly obscessed partly crazy while I have been travelling alone on this road of overpaying mortgage. I have been reading most of the posts here for several months. I hope you all meet your target for this year.

I had 95K mortgage (which is lower than *2 my salary) in december 2005. I would like to pay it off before the end of 2010. Although I am struggling to reach there (and without any set targets for every year) mine has shrunk now to 45K. so with more personal budgeting and interest rate favouring, I might make it right on the target. Now paying 1054 per month, and trying to overpay 1000-1200 per month.

have a good weekend

Little_Mama

Good luck MF dream
LM

fiddling_flower_petals

FB,

how acurate is the mortgage spreadsheet you mention in post 536, I've recreated the spreadsheet, and compared to my most recent mortgage payment and reduction in capital and I can't seem to get anything close to the spreadsheet.

I wanted to play with the figures to try and bring MF date forward, after ringing the bank to find what my current end date would be presuming the current level of overpayment fund wasn't drawn on, to which the customer service said sorry the computer says no.

I've no idea how the bank apply the interest debits to mortgage a/c, but interest is charged daily.
When I view the mortgage a/c online the figure only changes when the regular payment is applied to the a/c, if an additional payment is made this reduces the balance by the exact payment, therefore it appears the interest isn't applied daily.

setmefree2

Floxxie wrote: »

The sad thing was is that is was £14k but by the time the fees etc were added on, it was £55k.

OMG - that's awful:eek:

You are right - you can't really change other peoples attitude to money...

setmefree2

MFdream wrote: »

Hello everyone

Just to say thank you to all of you who have been writing on this forum and giving me so much strength and inspiration. If not for this forum, i would think myself partly obscessed partly crazy while I have been travelling alone on this road of overpaying mortgage. I have been reading most of the posts here for several months. I hope you all meet your target for this year.

I had 95K mortgage (which is lower than *2 my salary) in december 2005. I would like to pay it off before the end of 2010. Although I am struggling to reach there (and without any set targets for every year) mine has shrunk now to 45K. so with more personal budgeting and interest rate favouring, I might make it right on the target. Now paying 1054 per month, and trying to overpay 1000-1200 per month.

have a good weekend

Well Done you