Mortgage Free in Three Yrs

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  • tigtag02
    tigtag02 Posts: 6,857 Forumite
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    Hope this thread isn't gonna come to an end now I am posting but....

    Our mtg is £48000 currently!! Still have 23 years left :eek: :eek: We have just finished our 2 year fixed term and the rate has gone up to 7.69% :eek:

    We have just applied to have the rate changed (same lender) to a lifetime tracker with no penalties of .85% over the base rate (couldn't have .18% coz we borrowed less than £50k :mad: :mad: )

    My point being (;) we would like to significantly reduce the term by overpaying! Can I still join seeing as I have no actual figures?

    tigtag
    :heartpuls baby no3 due 16th November :heartpuls
    TEAM YELLOW
    DFD 16/6/10
    "Shut your gob! Or I'll come round your houses and stamp on all your toys" The ONE, the ONLY, the LEGENDARY Gene Hunt :heart2:
  • Dithering_Dad
    Dithering_Dad Posts: 4,554 Forumite
    Mortgage-free Glee!
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    no. go away tigtag, you'll kill my thread!!

    Sure you can join, but try and think of some way you can set a target for your challenge. If you can't put a price on it, then try something similar to TrikerAndBiker, who are aiming to reduce their mortgage term by 2 years (which now I think about it will be reduced by three years by the end of the challenge just by the passage of time!! I guess they mean, reduced by an additional 2 years, on top of the three it'll be reduced by anyway by the end of the quest. Jeeze, this is confusing!)
    Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
    [strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!! :)
    ● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
    ● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
    Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
  • tigtag02
    tigtag02 Posts: 6,857 Forumite
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    Clever that ;) and well timed!!

    Ok - we HOPE to overpay to a point of reducing the term by 10 years in total - saving up for our old age you see ;)
    :heartpuls baby no3 due 16th November :heartpuls
    TEAM YELLOW
    DFD 16/6/10
    "Shut your gob! Or I'll come round your houses and stamp on all your toys" The ONE, the ONLY, the LEGENDARY Gene Hunt :heart2:
  • ThankYouAndEnjoy!
    ThankYouAndEnjoy! Posts: 356 Forumite
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    Dithering_Dad wrote:
    AnW'sMum - Team mascot & chief cheerleader.
    groatie queen - Cheerleader & challenge to return to full health!

    Hello Cheerleaders!!

    Thought it would be a good idea if you hyperlinked your sig to get the maximum exposure to the thread
    ' Official mascot and chief cheerleader of the 'Mortgage free in three' gang :D '

    There seems to be an ever increasing number of applicants to the quest. Sooner than you know, we ll have a multi-million pound target between us!!
    Proud To Be Dealing With My Debts - 1420 Days To Go!
    LBM: £103,592.98 / Currently £78,500.08 - Down 24.22% / Mortgage: £92,800.00 / Loan: £17,284.21 / Overdraft: £450.09 / C/Card 0%(October 08): £5,601.54 / C/Card 0% (January 09): £1075.22 / Child Care: £137.80
    Share Investments: £51,390.74 / Money Owed From GS: £5,812.61
  • Dithering_Dad
    Dithering_Dad Posts: 4,554 Forumite
    Mortgage-free Glee!
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    ThankYouAndEnjoy! wrote: »
    There seems to be an ever increasing number of applicants to the quest. Sooner than you know, we ll have a multi-million pound target between us!!

    Multi-millions, hey? :think:

    Perhaps we should change the nature of the challenge so that we all contribute to the target of the person at the top of the list and once they reach the target, they roll off and we move onto the next person down. If we all try to attract new members, we can form a sort of pyramid structure of mortgage repayment.

    I think this is a new and innovative scheme and I for one think we should do it! Does anyone second me?
    Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
    [strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!! :)
    ● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
    ● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
    Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
  • AnW'sMum
    AnW'sMum Posts: 4,416 Forumite
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    mmmmmm now just remind me who the first person would be to benefit from such a rule change......................:p
    Official Mascot and Chief Cheerleader for the 'Mortgage Free in Three' Gang :D
  • gallygirl
    gallygirl Posts: 17,228 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
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    tigtag02 wrote: »
    Hope this thread isn't gonna come to an end now I am posting but....

    Our mtg is £48000 currently!! Still have 23 years left :eek: :eek: We have just finished our 2 year fixed term and the rate has gone up to 7.69% :eek:

    We have just applied to have the rate changed (same lender) to a lifetime tracker with no penalties of .85% over the base rate (couldn't have .18% coz we borrowed less than £50k :mad: :mad: )

    My point being (;) we would like to significantly reduce the term by overpaying! Can I still join seeing as I have no actual figures?

    tigtag

    tigtag are you much under 50k? If there are no penalties why not borrow 50k then pay back what you don't need?

    BTW DD should my amount include what I think I would be reducing balance by anyway by normal payments and the £200 we already op? Yikes, I need to recalculate tomorrow........
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • AnW'sMum
    AnW'sMum Posts: 4,416 Forumite
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    DD I have nominated you for post of the month ;) as it's all about moneysaving BUT if you win I want my cut :p
    Official Mascot and Chief Cheerleader for the 'Mortgage Free in Three' Gang :D
  • Dithering_Dad
    Dithering_Dad Posts: 4,554 Forumite
    Mortgage-free Glee!
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    AnW'sMum wrote: »
    DD I have nominated you for post of the month ;) as it's all about moneysaving BUT if you win I want my cut :p

    :o Thanks AWM, I'm honoured! But as the (new) rules state, all financial contributions go the person at the top of the list... sorry, but I didn't make the rules. um, well I did actually, but they're binding! You did all sign contracts, didnt you?
    Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
    [strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!! :)
    ● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
    ● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
    Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
  • Kaz2904
    Kaz2904 Posts: 5,797 Forumite
    Combo Breaker First Post Mortgage-free Glee!
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    Ok, my target is to reduce my £92722.22 mortgage and debt by 42700 which will leave me owing £50000. This is £2400 above my snowball.
    In this 3 years I also intend to holiday abroad twice and finish renovating my house.
    So far this challenge I have cancelled my accidental injury policy to chuck an extra £23 per month onto the total. I have put my free month from water onto the mortgage. I have sold 2 books on amazon. I have changed my standing order to the total amount I wish to pay so it goes out straight after payday. Then I can't spend it on stuff. I have joined the unneccessary challenge on DFW board. I am frantically clicking away each day and have looked at the OS board for some real cheap meals. I also spend lots of time on the DFW board as it is inspirational.
    PHEW.
    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.
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