Hiya All
I know most of you must be getting excited about Christmas now (well, it is only 4 more sleeps away!!) but I'm still obsessing about The Mortgage Free Challenge and finding funds to overpay my mortgage!! It's not been the best of months in terms of making mortgage overpayments but I was analysing my accounts and worked out that I could afford to make an overpayment of £50 without feeling the pinch. OK so it could pay for some goodies for over Christmas but you don't have to go mad you know!!
So that's exactly what I've done. I've logged on to my on-line bank and made a mortgage overpayment of £50. Now this usually makes me feel quite excited - I update my spreadsheet and see the pounds fall off. Strangely enough, however, on this occasion, it made me feel quite nervous. I think it's that whole Christmas thing. You overspend and take out credit via the good old credit card (Tesco Credit Card of course!!). However, I feel like we're spending left, right and centre.
I have tried really hard this year not to go overboard with our spending. But it's too easy!! I can be sat on the PC and before I know it, I've spent near on £50 and added it to my trusted friend, the Tesco Credit Card - all that and I've not moved from my chair yet can still be on Facebook having a chin-wag with friends.
So as my title suggests - even though it is only £50 - every little helps - and only serves to bring me one step closer to my Mortgage Free Challenge!!
Px
Monday 21 December 2009
Saturday 12 December 2009
The Mortgage Free Challenge starts today - it's official!!!!
Morning All!!!
It's the 12th December 2009 and it's official - The Mortgage Free Challenge starts today!!!! I've phoned my mortgage provider and asked for an Outstanding Mortgage Balance and am really chuffed to say that my official starting figure turned out to be a good £1,000 less than my original balance when I signed up all those many weeks ago (well, it was only in October so to have paid off £1,000 of my debt in that time is truly amazing!!)
I mentioned in an earlier post that my original objective of paying off 30K over the 3 years was a touch too optimistic. Since using my special overpayment spreadsheet, I have worked out that there is no way in this world I could afford to pay off that kind of figure - unless of course I don't eat, drink, go out, buy any clothes, stop the boys doing any after school activities, etc, etc - you get the picture!!
So what's my new Mortgage Free Challenge objective going to be? How much of my Mortgage Debt do I hope to have paid off by 12/12/12? Well, I'm still stretching myself with this new revised figure but I've declared a figure of 20K - arghhhhhh!!! It always frightens me when I see the figure written down. It's such a massive task, but one I am determined to achieve.
If I manage to meet the challenge and pay 20K off my Mortgage Debt in 3 years, it will make such a difference to our lives. I'm on a 5 Year Fixed Rate Mortgage Deal at the moment and I'm hoping that if I can sustain the Mortgage Overpayments for 3 years, then surely I can sustain it for a further 2 years. In which case, my Loan-to-Value ratio (LTV) will be significantly better. I know I'm getting ahead of myself because I'm only on day one of the Mortgage Free Challenge but that's the great thing about joining such a challenge. It totally focuses your mind and makes you more determined than ever.
Please wish me luck and keep me motivated!!
Thanks All
Px
It's the 12th December 2009 and it's official - The Mortgage Free Challenge starts today!!!! I've phoned my mortgage provider and asked for an Outstanding Mortgage Balance and am really chuffed to say that my official starting figure turned out to be a good £1,000 less than my original balance when I signed up all those many weeks ago (well, it was only in October so to have paid off £1,000 of my debt in that time is truly amazing!!)
I mentioned in an earlier post that my original objective of paying off 30K over the 3 years was a touch too optimistic. Since using my special overpayment spreadsheet, I have worked out that there is no way in this world I could afford to pay off that kind of figure - unless of course I don't eat, drink, go out, buy any clothes, stop the boys doing any after school activities, etc, etc - you get the picture!!
So what's my new Mortgage Free Challenge objective going to be? How much of my Mortgage Debt do I hope to have paid off by 12/12/12? Well, I'm still stretching myself with this new revised figure but I've declared a figure of 20K - arghhhhhh!!! It always frightens me when I see the figure written down. It's such a massive task, but one I am determined to achieve.
If I manage to meet the challenge and pay 20K off my Mortgage Debt in 3 years, it will make such a difference to our lives. I'm on a 5 Year Fixed Rate Mortgage Deal at the moment and I'm hoping that if I can sustain the Mortgage Overpayments for 3 years, then surely I can sustain it for a further 2 years. In which case, my Loan-to-Value ratio (LTV) will be significantly better. I know I'm getting ahead of myself because I'm only on day one of the Mortgage Free Challenge but that's the great thing about joining such a challenge. It totally focuses your mind and makes you more determined than ever.
Please wish me luck and keep me motivated!!
Thanks All
Px
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