The Mortgage Free in Three - Take 5 challenge (MFiT-T5)

Radish72

#17 reporting in

Mortgage balance = a big round lovely £0 :j

Paid it off in August, weirdly 7 years to the day that we got the house, this month (October 1st) was the date the bank took the first mortgage payment, so 18 years knocked off.

Slightly disappointed with the bank, no dancing girls, streamers, balloons or celebration drink, but we have just saved ourselves about £80K in interest

Feels surreal seeing the bank account without mortgage payments going out and I'm not sure were to send extra money to now. (which is a lovely feeling to have)

Having a break until the New Year and then pension plans will take over (we have booked a cheeky week in Cyprus as a reward)

After spending hours looking at out speadsheet wishing it to be £0 it finally is, so I'll still follow all your journeys along the way wishing you luck and extra pennies

And yes it is soooooooooooooooo worth it x

fruitloop04

Radish72 wrote: »

#17 reporting in

Mortgage balance = a big round lovely £0 :j

Paid it off in August, weirdly 7 years to the day that we got the house, this month (October 1st) was the date the bank took the first mortgage payment, so 18 years knocked off.

Slightly disappointed with the bank, no dancing girls, streamers, balloons or celebration drink, but we have just saved ourselves about £80K in interest

Feels surreal seeing the bank account without mortgage payments going out and I'm not sure were to send extra money to now. (which is a lovely feeling to have)

Having a break until the New Year and then pension plans will take over (we have booked a cheeky week in Cyprus as a reward)

After spending hours looking at out speadsheet wishing it to be £0 it finally is, so I'll still follow all your journeys along the way wishing you luck and extra pennies

And yes it is soooooooooooooooo worth it x

Wow what an amazing feeling that must be....massive congratulations!:j:j:j:j

fruitloop04

Suffolk_lass wrote: »

Just pop a form in from page 1 - it operates slightly differently to the annual challenge and the forms make sure Trix doesn't miss any tricks (sorry, could not resist the pun)

Haha I do love a good pun! Great, I have sent the form through!

trix-a-belle

MM
Got to love laptops, (wheres the thumbs up smiley on this forum when you need it)

Radish72 wrote: »

#17 reporting in

Mortgage balance = a big round lovely £0 :j

Paid it off in August, weirdly 7 years to the day that we got the house, this month (October 1st) was the date the bank took the first mortgage payment, so 18 years knocked off.

Slightly disappointed with the bank, no dancing girls, streamers, balloons or celebration drink, but we have just saved ourselves about £80K in interest

Radish
That is fantastic!!! It appears you are the 1st to become mortgage free in this challenge :beer: 18 years off is immense!
I know what you mean about disappointment with no celebration from the bank, I took a screenshot of my £0 balance when I paid off my mortgage at my last house (why did I move & get another one?!) so I could prove it was real as it took an age for the letter to come through to confirm it
Enjoy Cyprus what a lovely plan. Once the pension plans start formulating maybe we will see you back for a savings style target?

violetblue

Radish72 wrote: »

Mortgage balance = a big round lovely £0 :j

Wow Radish, well done! That's amazing :T:T:T
Congratulations! Enjoy that very pleasant problem of deciding what to do with the extra money!!

fruitloop04

Just wondering if anyone has a spreadsheet that can be used with open office to calculate the effect of mortgage overpayments? TIA!

violetblue

fruitloop04 wrote: »

Just wondering if anyone has a spreadsheet that can be used with open office to calculate the effect of mortgage overpayments? TIA!

Hi fruitloop - I use an open office spreadsheet, happy to send you a copy if you want to pm me your email address?

ilselm

#4 here having called time on any further October mortgage payments and submitted the form. Balance now stands at £95,500 which works out to be a £13,500 reduction over the past three months. If only every quarter could be like that then we would be done in under two years! Thanks,

fruitloop04

Thank you I have pm'd you!

Suffolk_lass

fruitloop04 wrote: »

Just wondering if anyone has a spreadsheet that can be used with open office to calculate the effect of mortgage overpayments? TIA!

You might also check out the mortgage payment calculator on the Skipton site for a forward look - there is an overpayment calculator but also a payment calculator (with a graph where you can toggle the payment amount and duration) here