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
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