13 Days to the start of The Mortgage Free Challenge - T2!!

Hiya All

13 may be unlucky for some but there's only 13 days left to the start of The Mortgage Free Challenge - T2 and it feels like Christmas is coming early, I'm that excited!!

I know this sounds crazy but since joining the Mortgage Free Challenge on Martin Lewis's Money Savings Expert website, I've never felt so focused in my life - OK, obsessed is probably a more accurate description but if it means my family and I become Debt Free sooner rather than later, then that's OK with me.

My last Mortgage Payment before the challenge begins is due to go out next week and I can't wait to ring up the Mortgage Provider for an Outstanding Balance quote. I've already set an objective but I think it's a touch too optimistic. I will be making a final decision next week and will update with my Starting Mortgage Balance along with a new End Target Balance.

I have talked of a spreadsheet I have created (thanks to financialbliss!) that helps to calculate the effect of the Mortgage Payments, but more interestingly, the effects of Mortgage Overpayment's - it's so addictive that I am playing about with different figures the whole time.

Although this challenge is for 3 years, I have extended this spreadsheet to the end of the term of my Mortgage. Interestingly, I have worked out what my Outstanding Mortgage Balance will be at the end of my 5 Year Fixed Mortgage Deal I have in place now. The Outstanding Mortgage Balance after 5 years will be significantly less after making the Mortgage Overpayment's - which is great - but it also means I will have a better Loan-To-Value Ratio (LTV) and as you all know, I'm sure, this will help me find a better deal next time, meaning my Mortgage Overpayment's will work even harder in future!

13 Days and counting - Role on 12/12/09!!!

Px