The Mortgage Free in Three - Take 6 challenge (MFiT-T6)

CathT

Just sent my update, a bit late sorry. I can't believe how quickly the updates are coming around.

Not sure if we will still be on target as we are now mostly stoozing due to increased savings rates so be interested to see how we are doing. 

northwalesd

Thanks @eat_that_frog, it certainly feels like a weight off.

julicorn

northwalesd said:

Exciting news (for us), having grown increasingly despondent at how quickly our mortgage interest rate was increasing, and correspondingly seeing the interest charged each month go higher and higher despite overpaying, we decided to take the bull by the horns in January (though after our FiT update) and made a massive overpayment. This did take a large percentage of our readily available cash, but reserves can be rebuilt.

Anyway, normal monthly payment was taken on 1 Feb, taking the remaining balance below £200 and today we called the bank, asked for a redemption figure, and paid off that remaining balance. So, although we haven't yet had confirmation from the bank, we are effectively mortgage free!

A big thanks to @julicorn and good luck all the FiT challengers on the rest of your journey.

I only just saw your update now, massive congratulations! What a wonderful start to the year.

northwalesd

Thanks @julicorn, the mortgage account has now disappeared from online banking, and the DD likewise (I wasn't aware the bank would do that, maybe it's because mortgage and payment account are at the same bank), so it has sunk in that it's real 

pavlovs_dog

just sent my update through ready for the 25th.  We're almost halfway to the target that we set ourselves at the start of the challenge.  Looking forward to seeing how everyone else has got on

twinklie

I've just submitted mine, we are remortgaging soon and have a few things to fork out for so I've stopped OPing for now in favour of saving. But it will all hopefully balance back out when we remortgage with taking out a (VERY) slightly smaller mortgage. 

powerspowers

Congratulations @northwalesd!!

gillynomad

Congrats @northwalesd!! That is awesome!

Made my update, getting closer to the 50% progress mark so hoping to cross that in the next update! I have just remortgaged though onto a higher rate so overpayments become a bit more tricky for the next two years.

Sistergold

northwalesd said:

Exciting news (for us), having grown increasingly despondent at how quickly our mortgage interest rate was increasing, and correspondingly seeing the interest charged each month go higher and higher despite overpaying, we decided to take the bull by the horns in January (though after our FiT update) and made a massive overpayment. This did take a large percentage of our readily available cash, but reserves can be rebuilt.

Anyway, normal monthly payment was taken on 1 Feb, taking the remaining balance below £200 and today we called the bank, asked for a redemption figure, and paid off that remaining balance. So, although we haven't yet had confirmation from the bank, we are effectively mortgage free!

A big thanks to @julicorn and good luck all the FiT challengers on the rest of your journey.

Oh wow congratulations! Well done! 

Sistergold

Hello everyone. Have also updated new balance £381316.27. 

Interest rate is really killing me at the moment. 

Thanks again @julicorn