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New and not sure how it's possible!!!
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Our mortgage currently stands at about £155,000 (over 21 years) which really does scare me! And for the last 2 years we have been paying an extra £20 a month. I know it's hardly worth it but it's better than nothing I suppose???
Welcome aboard .
You've made a great decision and it does become addictive .
I don't know if I could handle the sacrifices to be mortgage free in 3 years like some of the folks ..But I do believe that part of learning to handle a debt is to try and clear it as soon as possible .0 -
Not all of us on the MFI3 board are going to be able to pay it off in 3 years. It's dependant on income and loan outstanding at the start. We've all put down goals to try and achieve in the 3 years- (mine is £43000 debt reduction). No amount of sacrifice would make us have enough income to be clear in 3 but we may be clear in 6.
There are easy no sacrifice ways to make a couple of overpayments each year and that is to use your council tax and water rate free months to overpay what you should have paid to them.
Buying things through quidco etc are good ways for extra money too and you can lump that payment off your mortgage.
Our holiday this year is to be paid for with Tesco deals tokens so will only cost us petrol money and spending money. In fact as MiL is coming with us and paying 1/3 her contribution is going to pay a large volume of our fuel costs- RESULT!Debt: 16/04/2007:TOTAL DEBT [strike]£92727.75[/strike] £49395.47:eek: :eek: :eek: £43332.28 repaid 100.77% of £43000 target.MFiT T2: Debt [STRIKE]£52856.59[/STRIKE] £6316.14 £46540.45 repaid 101.17% of £46000 target.2013 Target: completely clear my [STRIKE]£6316.14[/STRIKE] £0 mortgage debt. £6316.14 100% repaid.0 -
. In fact as MiL is coming with us and paying 1/3 her contribution is going to pay a large volume of our fuel costs- RESULT!
People tease me that I would do anything to save money - but I have to draw the line at bringing MIL on holiday!
no matter how expensive fuel gets!! weaving through the chaos...0 -
Ah..... free childcare haha!
No, it's our turn- Bil and Sil took her the year before last and we went with them last year so have to go with her this year or big arguments!Debt: 16/04/2007:TOTAL DEBT [strike]£92727.75[/strike] £49395.47:eek: :eek: :eek: £43332.28 repaid 100.77% of £43000 target.MFiT T2: Debt [STRIKE]£52856.59[/STRIKE] £6316.14 £46540.45 repaid 101.17% of £46000 target.2013 Target: completely clear my [STRIKE]£6316.14[/STRIKE] £0 mortgage debt. £6316.14 100% repaid.0 -
Hi ANewMrs
Welcome to the mortgage overpayment club!! Have you seen the 2008 MFW newbies thread? You can set your own overpayment target for 2008 and pm bellsbells with the amount you have overpaid each month.....
Take a look at it - it gives me some great ideas and keeps me very motivated to overpay....
Good Luck - maybe see you on the MFW thread!!MFW 2010 Challenge (No 68) - £133.29/ £5000MFITT2 Challenge - (No 181) - Target Reduce mortgage to £130,000Mortgage @ 1.8.09 - £161160 :eek: @1.12.09 - £159052 :eek: @ 1.2.10 £157,3630
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