Getting there

Lotus-eater

This year we have paid off £3k extra off the mortgage, yesterday our tracker mortgage finished and today I have paid off another £37k.

We are now down to a £17k mortgage!

We cashed in our premium bonds and will keep the money to almost completely fund our ISA's for next year, in an high interest account.

We still have two full years each of ISA's and wanted keep those rather than fully pay off the mortgage.
Next month we start a new 2 year tracker from Nationwide and with the odd £500 overpayment hope to clear the mortgage by the end of the two years. I will then be mortgage free by the time I am 40.

I am so chuffed, this day has been years of planning. Hope you don't mind me blowing my own trumpet a bit.

evab_2

No way - blow away! Goodness only knows what I'll do when I eventually get to paying off mine, but I'll be annoying everyone with my good news.

dimbo61

Well done keep up the good work and remember to fill the ISA,s as your mortgage is now much smaller.

Gillybean

Fantastic!

Well done you!

StuartGMC

£40k in one year - wow! :j
Keep those additional monies/rainy day funds though.
Well done, do go out and celebrate your success (MSE style of course )

setmefree2

Well Done you:T:T:T:T:T

Lotus-eater

Well this is interesting. Found out yesterday that we have three years of ISA's in the bank. 2 years in NS&I and this last year in Icesave

So the plan is now this, if we keep the tax free wrapper on the Icesave money, to transfer that to another ISA.... hopefully one thats safe. Then use the £13k from the ns&i accounts and some money from our bank account to pay off (or almost pay off) the mortgage completely.
If we don't get the tax free wrapper kept with the icesave accounts, to use that money to pay off the mortgage and stay with an even smaller mortgage,

This is difficult, atm we are on the Nationwide's base rate, which is 6.49%, I do have a Nationwide 2 year tracker organised if I want it, with no fees and a (about) 5.79% rate (was last month).

Trouble is the ns&i ISA's are only earning 4,89% atm. We were going to move all the money into Icesave, thankgod we never got round to it..

I would love to hear what people think.

Kaz2904

I personally would clear the whole thing now and start filling up savings accounts and ISA's with my left over mortgage payments. That doesn't mean it's the sensible option though!
This whole thing has got me a bit spooked at the moment and I'm worrying about our savings going missing.

StuartGMC

Lotus-eater wrote: »

Trouble is the ns&i ISA's are only earning 4,89% atm. We were going to move all the money into Icesave, thankgod we never got round to it..

I would love to hear what people think.

NatWest were offering very high rates for ISAs transferred to them. Check them out it may influence your decisions?

Thefunkygibbons

Paying off the mortgage in full is such a wonderful feeling taht once I had the cash to do so, I did it

The ISAs and such can be rebuild quite quickly once the mortgage payment is not going out every month

setmefree2

For what it's worth I would keep the money in the cash ISA wrapper. The reason I would do this is:-
1) Once the tax wrapper is gone, you can't get it back
2) Everyone should have large amounts of savings at the mo IMHO

Just my humble opinion;)

Good Luck

SMF2