Pay Off £200k in 100 months!

SwitchyChick

Hi Taka

Thanks for that!

I have a heli-hike on my 'wishlist' and at the moment am thinking about doing it on Fox Glacier. Swimming with dolphins at Kaikoura is also there, along with boat trips on Milford & Doubtful Sounds & a journey on the TranzAlpine from Christchurch to Greymouth. The way the itinerary is stacking up at the moment we'll be in Wanaka at Christmas & Queenstown for New Year! Watch this space...

Of course none of this is MSE but as I see it its a once-in-a-lifetime trip which is way up there on our wishlist & is to be 50% funded by a VERY generous M-i-L. We are verrry lucky...

Switchy

StuartGMC

SwitchyChick wrote: »

Of course none of this is MSE

I disagree; MSE is all about getting value from the places we choose to spend our cash. In your case you will be getting significant personal benefit to you and the family, and by planning well in advance, getting early deals etc you are being MSE about the lifetime experience :A

uzubairu

StuartGMC wrote: »

I disagree; MSE is all about getting value from the places we choose to spend our cash. In your case you will be getting significant personal benefit to you and the family, and by planning well in advance, getting early deals etc you are being MSE about the lifetime experience :A

Well said. :T

SwitchyChick

Thanks guys, that certainly makes me feel a bit better!

Switchy

taka

Yep no need to feel bad - MSE is not about not spending money at all - just getting the most/best value for what you do decide to spend on! I think a trip high on your wish list is a good thing to spend on!

I choose to live on a budget so I can have more money to save/afford to travel/pay off mortgage and have a good quality of life!

SwitchyChick

Mortgage interest calculated yesterday as follows:

Interest: £574.68
After Offsetting: £432.12
Value of offset: £142.56

Difference between 'normal' interest payment & after offsetting = £207.92.
Paid the £207.92 off mortgage!

Yay

Switchy

RosieTiger

£207.92's worth of common sense !!!!

setmefree2

SwitchyChick wrote: »

Mortgage interest calculated yesterday as follows:

Interest: £574.68
After Offsetting: £432.12
Value of offset: £142.56

Difference between 'normal' interest payment & after offsetting = £207.92.
Paid the £207.92 off mortgage!

Yay

Switchy

well done on that :T

SwitchyChick

Hi All

Have just PM'd Zav with today's mortgage overpayment of £1000 (see new sig!)

Stoozing is ticking along reasonably well but nowhere near what we have been able to manage in previous years. I now have 2 x 0% for purchases cards (slow stoozing) and have also been able to negotiate the 0% rate on one of my MBNA cards until October. However, I am going to use this one to book my NZ flights & accommodation.;)

Notice that the Egg Money Card (mule card) is no longer available to new applicants. I had a text from them the other day to say that my account will be closed unless I use it before the middle of April which is a bit of a bummer!

Our offset is building up well in part due to the fact that we are no longer contributing to our stocks & shares ISAs. We made the decision when we took out the offset mortgage that we would focus our attention on paying off the mortgage this way rather than waiting for the ISAs to mature.

Having said that, our Financial Advisor has a product which potentially could return a flat-rate 12.5% on the ISAs over 12mths. He's coming over next week with more details. Watch this space...

That's all folks!

Switchy

StuartGMC

SwitchyChick wrote: »

Having said that, our Financial Advisor has a product which potentially could return a flat-rate 12.5% on the ISAs over 12mths. He's coming over next week with more details. Watch this space...

Sounds almost too good to be....
Do check the risk of the product and that it fits your profile. Once you get the product details pop over to the Savings & Investments board to see if they have heard about it and can comment. You can also check Trustnet too. Good luck I look forward to hearing more detail.

I can understand you moving to focus on the offset, it's only in the last few years we've had some money available for S&S ISAs. The money invested mid 2006-mid 2008 has of course taken a huge loss, but whilst we cut back a bit we are still putting £300 per month (between us) into our S&S (Funds) ISAs to take advantage of the pound averaging and current low prices for units. That said, we're now in a healthy offset situation too.