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

deefadog

LoL - Don't worry

taxi73

Thanks for the spreadsheets..very interesting but have never done one before and it baffles me.
So guess I'll stick to my simple plan....
My mortgage is a 0.99% lifetime offset tracker(0.49% above BOE base rate).. I have a egg saver ..fixed 3.25% for the year and have opened a regular saver 5% fixed for a year where I'll pay £500 p/m....am I correct in assuming that this would be better than putting it in the offset?
I will use the savings as offset IYSWIM and when the debts paid off I hope to throw about £2k p/m towards it.

Floxxie

Yes it would be taxi; although I start off saving and then feel the urge to pay it off the mortgage. If the saving accounts are fixed then you won't have the same problem

Floxxie

getmore4less

taxi73 wrote: »

I will use the savings as offset IYSWIM and when the debts paid off I hope to throw about £2k p/m towards it.

I would put ISAs into the plan, once all debt is paid of the surplus is well in excess of the allowance.

taxi73

Thanks you two...I started with savings accounts rather than ISAs as the interest on ISAs is really bad at the moment.Hoping that theyll go up by the time I want to pay extra after the debts.

financialbliss

Two days in a row without any new sign ups. :eek: Wasn't sure what to do with myself :rolleyes: (October sign ups have been really busy), until I had an idea... :idea:

Let's re-check my (gu)estimate of my mortgage on 12th December now that we're pretty close, compared to my original stab in January.

Well, I don't think I was a million miles off - I originally suggested £48,947 and I've just updated post #1 / chart to £48,639 - a change of just £308. May still have to adjust by a pound or three come December, but that's roughly where I think it will be now.

FB.

deefadog

Hi FB, so why the variance, can't the spread sheets accurately predict the amount?

financialbliss

deefadog wrote: »

Hi FB, so why the variance, can't the spread sheets accurately predict the amount?

deefadog - no great mystery - I've just overpaid by slightly more than I anticipated, thus the reduction has been greater

The final pound or two out will depend on when payments clear to the mortgage, but I'm pretty sure that's an accurate amount now!

FB.

deefadog

I see Good news then!

SOandSO

Hello, can I join in please.

I have been lurking for a while and been motivated enough to draw up a plan and rough figures (trying to sort out interest).

I saw that nobody had signed up for two days and was worried you had nothing to do!

My mortgage is in 3 parts and I hope to reduce the total from 230K to 150K