Barclay_Boy's Mortgage Free Journey

Barclay_Boy

Ok, time to put it in writing!

Present mortgage started May 1998 for £41,850 to be redeemed May 2014. Interest only.

Balance at Nov 2008 £29,390
Fixed deal with Nationwide until Jun 2010 @ 5,09%

Savings
Cash ISA £4,091
Premium Bonds £4,708
Share ISA £4,900 (Nationwide, Units @ £0.94 as of 11/11/08)
Endowment £17,000 (Approx value, penalty applies).

For the last couple of years I have been overpaying £200 per month, buying £100 premium bonds and putting about £100 into the Cash ISA.
Last month cancelled papers, upped overpayments to £270 and reduced payment to Cash ISA to £51.

I'd like to be able to pay off mortgage in June 2010 when the fixed deal expires.

Let's see how it goes!


Stuart

StuartGMC

Good luck with the plan and hitting your MF date. Keep us advised on progress.

setmefree2

Welcome & good luck:T:T:T. Look forward to reading about your progress.

dimbo61

How much have you won on the premium bonds ?
Rates have gone down again !
Time to either cash them in and pay into your cash ISA,s paying over 5.09%
or paying off the IO mortgage.
GOOD LUCK on the MF journey

Barclay_Boy

Thanks all for the encouragement. Not won an awful lot on the bonds. Probably £100 in a couple of years. Must admit I enjoy checking every month and the thrill of maybe winning £1,000,000! Probably should pay the £100 per month into the mortgage or ISA instead, but because we're only talking a few thousand pounds the 'lost' interest is only relatively small and I get enjoyment out of checking every month.

gallygirl

I agree Barclay Boy, you are not talking about a lot so hold on to them & hope for the best (remember the good advice I gave you when you win £1,000,000 ).

Barclay_Boy

Woo hoo!!

Just to confirm I have now paid off my mortgage!

The endowmnent matures in 2 years time and I am even thinking of upsizing.


Stuart

blade68

Well done, i bet its a great feeling :-)

cod3

Congratulations!