Mortgage Free by April 2017

Options
1…2223252728…33

Comments

  • JimLad
    JimLad Posts: 950 Forumite
    First Post First Anniversary Combo Breaker Mortgage-free Glee!
    Options
    mikenolan wrote: »
    Have to say I'm a bit envious! We've just broken the £60,000 outstanding mark, down from over £94k three years ago. 18 months until our fix ends and we can overpay without penalty, but don't think we'll have quite that much saved by then! Your side hustles are an inspiration!

    That is still an amazing acheivement! Over 10k a year is cracking! HOw many years has that shaved off?
    Moneyfordreams wrote: »
    :T:T:T:T

    can't wait to be in your position, but I doubt my savings will reach that until after our mortgage is completed

    We would be nowhere near it without doing Airbnb. Is it something you could do?
    Mortgage Free 22/03/17
    MissWillow is my OH!
  • mikenolan
    mikenolan Posts: 42 Forumite
    First Anniversary Combo Breaker
    Options
    Technically we've not reduced the term at all because Accord recalculate regular payments each year to maintain the same end date. In reality we're aiming to be done 5 years from now instead of ~18.

    Airbnb not really possible where we live now. Briefly considered moving house to one nearby with five double bedrooms plus a granny annex that would've been the ideal Airbnb property but couldn't face the extra £60-100k on the mortgage.
  • JimLad
    JimLad Posts: 950 Forumite
    First Post First Anniversary Combo Breaker Mortgage-free Glee!
    Options
    Its big overpayment week!

    Usually we do much smaller payments. I wonder if we are going to have any security issues when we try to transfer 50k?
    Mortgage Free 22/03/17
    MissWillow is my OH!
  • NorthernMonkey1
    NorthernMonkey1 Posts: 350 Forumite
    First Anniversary First Post Combo Breaker Mortgage-free Glee!
    Options
    HSBC will give you 15k on an unsecured loan @ 3.3% with no overpayment penalties.

    I'm sure others are available, but it might be worth looking into paying off your mortgage with an unsecured loan
  • PrincessLou
    PrincessLou Posts: 503 Forumite
    Options
    JimLad wrote: »
    Its big overpayment week!

    Usually we do much smaller payments. I wonder if we are going to have any security issues when we try to transfer 50k?

    I don't think I would dare transfer that much all at once. I would worry it would get lost or something! :eek::eek::rotfl:
    Mortgage - £105,500
  • JimLad
    JimLad Posts: 950 Forumite
    First Post First Anniversary Combo Breaker Mortgage-free Glee!
    Options
    NorthernMonkey1 wrote: »
    HSBC will give you 15k on an unsecured loan @ 3.3% with no overpayment penalties.

    I'm sure others are available, but it might be worth looking into paying off your mortgage with an unsecured loan

    Clever idea! We will only have 20k or so outstanding for about 6 months so i dont think saving 1% is really worth doing. Thats works out as less than £80 saved and lots of extra hassle.
    Mortgage Free 22/03/17
    MissWillow is my OH!
  • Watty1
    Watty1 Posts: 4,930 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    Options
    JimLad wrote: »
    Its big overpayment week!
    Really exciting!
    Made it to mortgage free but what a muddle that became

    In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!
  • atypicalblonde
    atypicalblonde Posts: 3,057 Forumite
    Options
    Exciting times Jimlad! I read somewhere that once you break into the 5 figure barrier, the numbers seem to tumble a little faster and I really hope that is the case when we get there lol!
    MFW :)
    [STRIKE]Mortgage 8.2.15 - [/STRIKE][STRIKE]£171,064.64[/STRIKE] Mortgage 1.5.2018 - £99,980.45
    Aiming to be MF 1.10.2020
  • JimLad
    JimLad Posts: 950 Forumite
    First Post First Anniversary Combo Breaker Mortgage-free Glee!
    Options
    atypicalblonde wrote: »
    Exciting times Jimlad! I read somewhere that once you break into the 5 figure barrier, the numbers seem to tumble a little faster and I really hope that is the case when we get there lol!

    Absolutely! The lower you go the less interest you are paying so the more that gets paid off with every regular payment.
    Mortgage Free 22/03/17
    MissWillow is my OH!
  • JimLad
    JimLad Posts: 950 Forumite
    First Post First Anniversary Combo Breaker Mortgage-free Glee!
    Options
    Todays the day! Soon as i get home from work tonight im going to phone up Santander to confirm we are variable, and then whilst im on the phone im going to initiate the transfer!

    The wife is in america for work so hoping they phone me and not her for any security checks!
    Mortgage Free 22/03/17
    MissWillow is my OH!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards