We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Diary or Confessional?
cheapskatevicar
Posts: 14 Forumite
Hey just thought I would post my progress to be mortgage free. Hope it serves to encourage others.
Mortgage: HSBC lifetime tracker 0.38% above base... repayment.
Term: 15 years.
Goal: to clear in 8 years
June 08 mortgage balance was £144511.00:o
As of Feb 09 mortgage balance is £137263.00
Reduced mortgage by £7248.00 :j
Since June 08, overpayments total £2772.00 :T
All the best guys.
Mortgage: HSBC lifetime tracker 0.38% above base... repayment.
Term: 15 years.
Goal: to clear in 8 years
June 08 mortgage balance was £144511.00:o
As of Feb 09 mortgage balance is £137263.00
Reduced mortgage by £7248.00 :j
Since June 08, overpayments total £2772.00 :T
All the best guys.
Snootchie Bootchies!
0
Comments
-
Well Done Cheapskatevicar...............................I have put my clock back....... Kcolc ym0
-
Well done on the OPs - keep it up 
0 -
PROGRESS to date. Again I say that I hope it serves to encourage others.
Mortgage: HSBC lifetime tracker 0.38% above base... repayment.
Term: 15 years.
Goal: to clear in 8 years
June 08 mortgage balance was £144511.00:o
As of Nov 09 mortgage balance is £126581.00
Reduced mortgage since June 08 by £17930.00 :j
Since June 08, overpayments total: £6403.00
I wonder if my calculator is working as I can't recall overpaying so much :rolleyes:
All the best guys.Snootchie Bootchies!0 -
Thats very good going but I hope you are also filling a cash ISA for yourself and your other half ???
3% TAX free from most good banks/building societies and you can put £5100 each from April if under 50!
Thats 3X the interest you are paying on the mortgage AT THE MOMENT !!0 -
Agree with dimbo. It is not good MSE to overpay on a mortgage with such a low interest rate. In the long term, it is much better to save, preferrably in ISA's. The only draw-back to this approach is if you are redundant and need to make a claim for means tested support.
Of course, saving probably doesn't give you the feeling of accomplishment as paying down the mortgage.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Actually, I have not being paying into an ISA:o.... but your suggestions makes so much sense as I could squirrel it away until such time as my mortgage interest rates rises above the savings.... will look into it asap;)
Thanks for the observation.Snootchie Bootchies!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.8K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.6K Spending & Discounts
- 247.7K Work, Benefits & Business
- 604.6K Mortgages, Homes & Bills
- 178.7K Life & Family
- 262.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards