MFW Challenge - Pay Off Your Annual Interest aka Yet Another Diary

Floxxie

Have spent the evening catching up on all the diaries and it's great to see how the larger mortgages are now looking healthier. Guess for some of us it is mostly due to the rate reductions which for us now means an interest rate of 1.98% and 1.48% from March 1.

As a result of really rubbish ISA rates and the feeling that I had to concentrate on one thing at a time, OH has closed a couple of ISAs and transferred the money onto the mortgage. Yes it probably would have made more sense to pay off the enormous overdtaft, or should I say make a small dent in it, but he decided that with the £7k overpayment it would make me feel that my 2009 targets were achievable. I'm just waiting for that to clear so mortgage will be in the £77.5k region (but the £15k overdraft will still be there ).

Plan is to add the remainder of the £3k (once earned!) and £200 a month (which is currently saved elsewhere). If interest rates behave themselves i.e. stay low, then should reach the £65.5k target. Now all I need to do is pay off the O/D :rotfl:

Not a lot to report today - payment from a MS of £10 made. Yesterday money in from TCB. Just need to check my accounts and update my signature.

Have made a pact with self not to spend evenings on MSE but to do some eBaying. Have to sell 10 items before I can come back on here. Thanks Panda Paws (of the DFW board) for putting idea into my head.

Floxxie

Floxxie

Evening all,

Have listed 10 items on eBay but haven't sold them yet so sort of cheating by being on here but wanted to update progress.

Mortgage as of today is £76081 and have 'paid off' the interest by a little over £500 this year.

Have struggled over the last fews days as the baby hasn't been well and has not slept during the night hours but am hoping that he will get better by the end of the week. Have signed up to a few more new Bing* sites with cashback. Have sold a couple of books today on GreenMet so have to send those off. Other than that it has been very quiet.

Half term next week so will get the kids involved in raising funds! :rotfl:

Floxxie

Floxxie

Just posting a quick update as I had a look at my mortgage balance which is currently a little under £75200. This means that just by paying the extra £200 in each month, I will almost hit target which is really good news.

On the other hand, it does not get rid of the enormous o/d so have to keep plodding on with the money-earning. This week has been a mix of Zopa, GreenMet and refunds so total at present is £573.11.

Quite a way to go...

Floxxie

Lady1981

Hello Floxxie!

Just wanted to pop by and say congrats on your progress this far! Am finding it v useful reading your tips and seeing that you put aside every little penny, no matter how small. Am inspired! :beer:

Lady

uzubairu

Well done on the progress so far.

Every little helps, so no matter how small, it does make a difference.

Floxxie

Thanks for the encouragement. And yes I really do put every single penny onto the mortgage including 1p found on the floor!

I'm trying to take advantage of the low interest rates and pay down the mortgage as much as possible. If and when rates do rise then it won't be so much of a shock. Looked at a mortgage calculator earlier and the monthly amount I pay equates to what I would pay if the interest rates jumped to 15% so feeling much better!

Well there's not too many days left to February and I thought I might have got a few more pounds in but eBay hasn't produced great results. Must try and get higher value items on tomorrow...

Floxxie

Floxxie

Wasn't expecting to post so many 'nothing to report' posts but several people have restarted threads began years ago including one on Abbey overpayments and there I am in March 2006 with an Abbey mortgage of £113k :eek:

Now wouldn't it be great to end March this year owing £73k? (a bit depressing that would only be £40k off the mortgage in 3 years - lol, some of us are never happy! :rotfl:)

Floxxie

shopgirl2512

Hey Floxxie! I have just read your diary and just wanted to say, good luck and keep up the good work!

Floxxie

And here we are..almost the end of another month.

Have been very busy dealing with children, ebaying and putting books on Amazon and GreenMet. So busy in fact that I forgot to check several sites to withdraw funds! Will check the rest of these tomorrow but obviously they won't be in my bank account before the end of the month. The month end amount therefore hasn't gone up a great deal but is now £576.15.

On the mortgage side, the outstanding balance is now £74926.

I'm joining MQ in her MBing journey. Will be doing a couple of bookies over the weekend (as one runs out on the 28th). However weekend focus is eBaying and putting CDs, DVDs and books onto Amazon etc.

Will continue with cashback - looking for bing* and other low deposit, high(er) cashback. Have been using TCB for higher c/b but not too convinced as 50% has failed to track and I am spending more time putting in claims than I am earning!

Off to catch up on the rest of the diaries...

Floxxie

StuartGMC

Floxxie wrote: »

Will continue with cashback - looking for bing* and other low deposit, high(er) cashback. Have been using TCB for higher c/b but not too convinced as 50% has failed to track and I am spending more time putting in claims than I am earning!

Floxxie
Good to hear of your progress and schemes.

Did the retailers you used on TCB all have good records for payment?
I've had a problem with Play not tracking but generally others have been ok; waiting on one presently for Next which was about to pay out, but we had to return one item of the sales purchases so the complete cbk vanished! Waiting on this to be resolved.