Get yourself a 'Mortgage Pig'

pigpen

Just paid another £9 which was left over in my A&L account from the child benefit... We get paid Friday so I'll be making my usual payment, plus the extra £2.42 I always make to round it up to the nearest £100.

I also worked out that while I've been overpaying I have knocked 8 months off the term of the mortgage!!! It is all worth the effort when you see it like that. instead of being 56.5 when we pay it off we will be 55y+10mths... See how BORED I am!!!!

Batgirl

I know where your at Pigpen. We have more than 25yrs left on our moprtgage and when you think you've paid a day off it doesn't feel that good. But I try to think that every day is great and when it gets to the last 5 yrs it will be a real sprint to the finish. I'm finding motivation hard now though.

binkle

Hi I'm a new thead member

My husband has always persuaded me to invest in shares rather than over pay the mortagage. But I have now taken matters in hand and am making overpayments myself and still investing some in shares too.

My view is that interest on Mortgage is guaranteed and share returns are not not - what do you guys think?

Sorry if this is stupid question but I assume I am better off reducing the term rather than reducing my monthly payments?

I have 16 years to go and £126k to pay

Like the idea of the pig!

looneyleo

Hi Binkle and welcome to MSE. I'm sure you'll find lots of help and support to clear the mortgage. Having lost quite a bit of money in shares over the last 5 years, I'm a firm believer in paying off your debts if you can (including the mortgage). Shares are a risk, but they can have good returns if you know what you are doing (we didn't!). Good luck and welcome again!

binkle

Hi Looneyleo

Love your name. Thank you for sharing your experience with me, I will change my tactics and invest more into the mortgage and less into shares (even if hubbie does know). Hopefully this is not the worst wife crime ever - cannot talk long now he has just come back ... will be coming back to this site soon

pigpen

I don't like shares.. unless they are in cake!! They are way too unpredictable.. but your mortgage predictably accrues interest at an alarming rate.. I'd hedge my bets and pay that off.. them maybe invest a lump sum in something grand once everything else is gone.. property or land or something which doesn't fluctuate so wildly as shares. Shares are way to risky unless you actually know what you are doing.

Anyway.. welcome and happy pigging!!

reddeb

I take my hat off to everyone on this site, I started to reduce my mortgage 3 years ago when it was made clear our endowment wouldn't cover it at the end of its term. we have been able to pay £17,000 off up to now and tend to give ourselves goals, like getting down under £10,000 and into single figures i.e. £9,999. our mortgage was only little to start with and now just over £5,000 so next target is under £5,000. We also adopted a little pig which helps alot to keep us going but as with everyone things crop up like becoming grandparents this year and a son getting married so purse strings are being pulled tighter all the time. Keep it up everyone if I can do it anyone can.

Dithering_Dad

binkle wrote: »

I will change my tactics and invest more into the mortgage and less into shares (even if hubbie does know). Hopefully this is not the worst wife crime ever - cannot talk long now he has just come back ... will be coming back to this site soon

Wow, how I wish my wife was so "underhand" as to secretly pay off the mortgage! The rest of you ladies could learn a lesson here, are you listening Mrs Dither!!


Oh Christ, I think she heard me, gotta run! :silenced:

shokadelika

binkle wrote: »

Hi I'm a new thead member

My husband has always persuaded me to invest in shares rather than over pay the mortagage. But I have now taken matters in hand and am making overpayments myself and still investing some in shares too.

My view is that interest on Mortgage is guaranteed and share returns are not not - what do you guys think?

Sorry if this is stupid question but I assume I am better off reducing the term rather than reducing my monthly payments?

I have 16 years to go and £126k to pay

Like the idea of the pig!

Get youself a Flexible current account mortgage Virgin One account or Standard Life then the interest you would normally earn on your salary or balance works to offset and pay off the interest you owe best of all repayments can be "re-borrowed" at your morgage interest rate if you need too in the futuure without the cost of re-mortgaging .
Example why have £1000 or even £10 in a savings account when this could be working for you at say 6% tax free on the interest you are paying on your mortgage.
Current account mortgages are great best thing I and a couple of my friends ever did was switch.
There are calculators to show you how much you can save over the term.
And you don't need a Pig!

http://www.oneaccount.com/onev3/toa/toa-benefits.shtml

Batgirl

I am a very happy bunny, my OH wrote letters complaining about unreasonable charges when we moved mortgages. We got a letter today from GMAC for £30 and then got a call from RBS offering us £130. Both these amounts are going off the mortgage whic now means it is under £200K :eek: :eek: :eek: .

A long way to go but at least we are making a start. I also had £10 in my duck which I will either pay off with the other amounts or put it back in for the next payment.

Also whenever we overpay our monthly payments go down. We don't want this we want our term reduced rather than our payments. Does anyone know how we do this?

Thanks

Batgirl