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

violetblue

Cheery_Daff wrote: »

Ha, I can imagine it's NOT just you violetblue :rotfl: When we paid off our last mortgage I was proper impatient towards the end - and actually I wasn't named on it and for various reasons we ended up just letting it run til the end of the 25 years. But it was SOOOOO nice when it was gone! :j :j

Sadly we're nowhere near the end of the new one £198k still to go :eek: and 23 more years if we don't pay it off early :eek: I'd love to get it done in under 15 in total (so another 13)...

Haha! Thanks Cheery, I knew I wouldn't be alone! :rotfl:

So I'm guessing I'm also not the only one who spends far too long staring at my spreadsheets, attempting to magic up some more overpayment money from out of nowhere?! :rotfl::rotfl:

I can't wait for that feeling of owning the whole house, and owing nothing at all to the banks! You'll be there before you know it too - it might seem a huge amount now but 13 years is not that long at all, I bet you will smash it :T

Suffolk_lass

violetblue wrote: »

Haha! Thanks Cheery, I knew I wouldn't be alone! :rotfl:

So I'm guessing I'm also not the only one who spends far too long staring at my spreadsheets, attempting to magic up some more overpayment money from out of nowhere?! :rotfl::rotfl:

I can't wait for that feeling of owning the whole house, and owing nothing at all to the banks! You'll be there before you know it too - it might seem a huge amount now but 13 years is not that long at all, I bet you will smash it :T

Nope! Definitely not the only one

tattycath

No 60. My figure for this quarter is £135,976

Lomcevak

violetblue wrote: »

I don't know if this is just me, but the closer I get to the finish line, the more impatient I am to have it all GONE!! :rotfl:

Oh yeah. Mine's a touch over £4k now, but there's a £2k early redemption charge until June and so next month will be the last significant OP. Then I have to wait!

mummytummy

#23 reporting in with a balance of $417,579.65 Not where I wanted to be at this point and I have to keep reminding myself it’s a marathon not a sprint :rotfl:

trix-a-belle

& Chart 4 arrives on time (all chart dates are in my dairy which I am actually going to use more this year)

lots teetering on the edge of their targets I can see & amazing progress all round!

pavlovs_dog

thanks as ever trix for your hard work behind the scenes, the accountability really helps keep us on the straight and narrow :T

trix-a-belle

pavlovs_dog wrote: »

thanks as ever trix for your hard work behind the scenes, the accountability really helps keep us on the straight and narrow :T

Thanks P_D, great progress made by you!

On a side tack, I was musing the other day & given the revisions for credit cards & loans payments/interest etc that Martin has assisted in making I wonder whether he should consider trying to encourage the banks to change their standard stance on mortgage overpayments. In my experience if you make an overpayment most will just reduce your future payments, you have to be aware of and actively request any other way for them to handle the payment ie reduce the term and keep the payment the same, I think often people don't realise there are options at all
If the standard stance was even to just keep the payment the same if an overpayment is made this could make big impacts for people without them realising they are actually making more progress on their mortgage than they think.

thoughts/experiences?

I know many don't overpay at all but at least it would help those who are trying to do something by overpaying but aren't aware of the options of how the payment is actioned.

fruitloop04

Thanks for updating this trix-a-belle! I managed to JUST stay out of the red

Suffolk_lass

trix-a-belle wrote: »

On a side tack, I was musing the other day & given the revisions for credit cards & loans payments/interest etc that Martin has assisted in making I wonder whether he should consider trying to encourage the banks to change their standard stance on mortgage overpayments. In my experience if you make an overpayment most will just reduce your future payments, you have to be aware of and actively request any other way for them to handle the payment ie reduce the term and keep the payment the same, I think often people don't realise there are options at all
If the standard stance was even to just keep the payment the same if an overpayment is made this could make big impacts for people without them realising they are actually making more progress on their mortgage than they think.

thoughts/experiences?

With our original mortgage we asked them to keep the repayments at the same level when the interest rate reduced (it resulted in a small overpayment) and after a few years we moved and were absolutely amazed at how much we had paid off by doing this.

At our next house (much bigger mortgage) we asked to do the same thing and additionally asked to round the payment up to the next hundred with again, amazing results.

We remortgaged at that house to a base-rate tracker at the same time that we borrowed another £90k to build our extension. We are still on that mortgage and paying it off ad hoc after changing to interest only after DH lost his contract and decided to retrain as a teacher while working part time.

We moved here fifteen years ago and I paid off the allowable 10% with the proceeds of the last house. Since then we have always asked them to take a certain amount each month and clarified that it is always a capital repayment and not the advanced payment of interest, so I feel we are in control of our mortgage and its repayment (I left it as interest only to save the £50 fee).

It's OK. Ideally I would have timed paying it off at the same time that we both stopped work but there remains an early redemption penalty and admin fee to pay at the end so it continues. By the end of this year I am hopeful to have it down into single thousands and the interest under £10 a month. The old reasons for keeping it going (good for your credit score, better chance of a low cost loan and a safe place to keep your deeds) are all of slightly dubious value now to us but you never know.