The Mortgage Free in Three - Take 2 challenge (MFiT-T2)

mummyofonechild

Good Morning

Just a tiny update.

Today I am going to make a capital repayment of £1000. It will take about a week to clear. Next Tuesday my very last payment will be made by direct debit. It is due on 28th so would be too late to cancel. Then I will be mortgage free

Have a lovely day.

MOOC

RosieTiger

mummyofonechild wrote: »

Good Morning

Just a tiny update.

Today I am going to make a capital repayment of £1000. It will take about a week to clear. Next Tuesday my very last payment will be made by direct debit. It is due on 28th so would be too late to cancel. Then I will be mortgage free

Have a lovely day.

MOOC

Thats fantastic ! Well done.

mummyofonechild

RosieTiger wrote: »

Thats fantastic ! Well done.

Thank You Rosie

FlowerPower

Wow, well done MOOC! Counting down the last few days of having a mortgage must feel incredible

mummyofonechild

FlowerPower wrote: »

Wow, well done MOOC! Counting down the last few days of having a mortgage must feel incredible

Thank You.

Will hopefully have it confirmed at end of next week

gallygirl

How exciting :j:j:j, well done MOOC :j:j:j

mummyofonechild

gallygirl wrote: »

How exciting :j:j:j, well done MOOC :j:j:j

Thank You

tattycath

Well done MOOC-we still have a mountain to climb-but we'll get there xx

mummyofonechild

tattycath wrote: »

Well done MOOC-we still have a mountain to climb-but we'll get there xx

Thank You

JonnyBravo

RosieTiger wrote: »

Interested in hearing some views. Beginning to give real thought to switching over to offset. The thought process goes that rather than be technically MF by having as much in savings as owed out, by putting into offset we achieve best of both worlds by being at zero but not losing access to savings.
Big question is whether to go early. Yes, it would be at a higher rate than current deal, but big attraction is to see a low number to give a real target to go for. Other point is that the rates offered on an offset are higher than those on offer from our ISA.
Mathematically, I reckon it would cost us around thirty pound a month in interest difference. Would this be worth it for the extra impetus from seeing a low number.
Anyone gone this route out there ?

I've got an offset for my BTL so I'm all in favour of them but it's very different to your circumstances.

You're thinking of getting one, which you say will cost you £30/month just for "extra motivation"?
I think you'd be bonkers.
You're in here and so presumably already motivated? Is your extra motivation still going to earn you over that £30/month more than currently?
You know in most offsets it still lists the two amounts ie one reading a large amount negative in your mortgage acct and a large positive one (or more if you link lots of accts) in your savings pot. So you still have subtract one from the other to see what you truly owe. Isn't that what you do now?

Either that or I've completely mis-understood your question. :shrug: