uzubairu's Mortgage Free Journey

uzubairu

kabads wrote: »

We too are switching mortgage to First Direct - they have reduced our term by 1 year with a slightly smaller monthly payment than we are making now.

During the process I asked FD if we could view it online - you can if you have the interest only mortgage but if you have the repayment mortgage, then it won't appear online (which I always wanted as my current lender only operates 9am-5pm and take a while to answer the phone).

However the FD representative said that we could always call them on the phone if we have a query (like a balance statement) and I found out that their mortgage department is open until 9pm.

The more I use telephone banking with FD the less of a fan I am with online banking.

I've been quite impressed with the service I've recived so far and phone calls are answered quickly too.

Thanks for letting me know.
I've sent them a secure message asking the same question, so I don't need to wait for the reply.

I'll ring them up on the last day of each month and get the figures from them to update my records.

We extended the term remaining to 12 years from 6.8 years we had got it down to when we were with the Nationwide.
The standard payment will be £581 and we will be putting a minimum of £1200 into Regular Savings accounts and we have £2K in a fixed cash ISA which expires next May.

We can overpay whenever we like with no restrictions on the amounts.

uzubairu

Due to the re-mortgage, I can't use the same format as previous.

Phoned First Direct and our mortgage currently stands at £73,064.

We don't have a borrow-back facility with First Direct and we can get better savings rates elsewhere, so we have several Regular Savings accounts.
I am only listing savings accounts specifically set up for our mortgage overpayments.

Reg Savers / Aug / YTD
Northern / = £250 / £880
Northern / = £250 / £630
Cheshire / = £250 / £500
Cheshire / = £250 / £250
Saffron / = £200 / £400

Fixed Cash ISA = £2,000

Total Overpayment Savings = £4,660.

Mortgage remaining = Mortgage - Savings = £73,064 - £4,660 = £68,404.

adwat

Keep up the good work! I've found it so addictive reducing my mortgage & really would not have thought to do it without the help from this site - so thanks to everyone for the inspiration.

uzubairu

adwat wrote: »

I've found it so addictive reducing my mortgage & really would not have thought to do it without the help from this site - so thanks to everyone for the inspiration.

You couldn't have said it better.
It sure makes the impossible seem so much more achievable.

I'm amazed at what you've done in the last 6 years with yours too (£136K reduction). :beer:

uzubairu

I received my £5 reward for Halifax current account and that will be going into my VSP which is now over £200.
Car insurance is due in November, so that should cover half the cost of it.

Overpayments of £1200 have gone into the Regular Savings accounts, so the net balance on the mortgage is £67,404.
This means that I was able to add another piece to the jigsaw on the fridge. :j

OH had already gone to work when I added it.
I wonder when he will notice it.

I'll update both the challenges with the new figures.

Currently looking for cheaps flights to Portugal (from Manchester or Liverpool) .
I've got 1.5 weeks holiday as from today and I'm looking at Madeira at the moment.
I've never been to Portugal so I am hoping that it is a nice relaxing break.

uzubairu

uzubairu wrote: »

Currently looking for cheaps flights to Portugal (from Manchester or Liverpool) .
I've got 1.5 weeks holiday as from today and I'm looking at Madeira at the moment.
I've never been to Portugal so I am hoping that it is a nice relaxing break.

Doh!
What was I thinking?

I've just booked flights from Manchester with some of the shed load of Airmiles I got earlier on in the year when I exchanged my Clubcard vouchers for Airmiles.
Tesco doubled the exchange rate for a limited period, so I filled my boots. :j

I've chosen a nicer hotel due to the cash saving on the flight.
Flying out on Saturday.

gallygirl

Oooohh, how lovely, last minute hols are great . Where are you going?

uzubairu

Funchal, Madeira.
The countdown starts now.

Queen-Bee_2

Hope you have a great time ;D I've just booked a holiday too, but not in such as MFW way - next year I'll plan for it better!
QB

RosieTiger

Sorry to hear about your husbands work position, but your achievments on the mortgage so far will at least make this easier to handle. Good luck.