WOOHOO I overpayed by £22000

temba

Last week I closed all my ISAs (except for last year's which is self employed safety net money), and paid the balance (£22K) off my mortgage. I figured that I was paying more interest on my mortgage than I was earning with my ISA.

I just checked my mortgage balance and it is now less than £40K, which is very exciting.

I just wanted to share that with people who understand that buzz of seeing the figure go down....

Courgette

Check you out!!!!!!!!!!!!! That's absolutely amazing!!!! :beer: (you do still have a rainy day fund though, don't you?)

:money::money::money::money:

MoneyQueen

Hi Temba,

Well done... Must be a great feeling :j

border_collie

temba

Thanks guys!

I've got £3700 left in savings. As I'm self employed I know how important it is to have a rainy day/tax bill fund. I'm about to start a contract, so I'm secure until September, and I also have £4000 in a tracker isa (which I'm leaving where it is until it recovers the value that I paid into it!!)

I was lucky, because for the last 5 years I had my mortgage fixed at less than I got in interest in my isa.... so that is why I had so much in my ISA...

I feel like I've just played my joker .... but it is a very good feeling..!
:j:j:j:j

Courgette

The drinks are on you! :beer::beer::beer::beer::beer::beer::beer::beer::beer::beer:

CountingPenniesClaire

wow well done. forgotten the feeling of instant gratification myself!!

temba

CountingPenniesClaire wrote: »

wow well done. forgotten the feeling of instant gratification myself!!

Keep going....

It has been a long journey.... that has seen me move into my box room in order to have a lodger, I've started using my bike as my transport and I always use quidco to buy things....

I do know that I'll probably never be able to repeat paying such a lump sum off my mortgage... but it sure felt good to do it!!

I've got this website to thank for my motivation.:T

temba

Courgette wrote: »

The drinks are on you! :beer::beer::beer::beer::beer::beer::beer::beer::beer::beer:

Okay :beer: here you go.

Cheers;)

littlemrtinkle

nice 1 well done, i am thinking of doing the same, hanging off at the mo because i work for a private company and job not 100 % secure.

julieq

Your ISAs will grow at 3% ish pa, the value of the money you just pumped into your house is dropping at 2% a month and you can't get it back easily.

I know it feels good to reduce mortgage debt, but in the current situation it maybe wasn't the optimum strategy financially, far better to hold offsetting savings in ISAs or in an offset mortgage.