Get yourself a 'Mortgage Pig'

Batgirl

I am sure most of you will think I am a bit premature in my excitment as we have a long long way to go, but I made a payment of £135.90 today which brings our mortgage total to under £200k. It may only be a small step but it is still a milestone. We've got aout 30 years to run on our mortgage and we'd like to have it down to 197 by the end of the year and then after that cut it down to 25yrs and over pay as well.

clarew

well done you! I am proud of my overpayments however big or small, i know £100 etc off my £171k mortgage doesn't knock it down loads, but it all helps eventually!

Am right up the neck of my whisky jar (see signature) and am desperate to find some more coppers/5+10p to fill it (but without spending lots in order to get change!!). May have to convert the money towards laminate flooring rather than mortgage, but still it will mean i don't have to withdraw that money from the current account, thereby more in that to go towards mortgage!!

Batgirl

Come on Clarew I want to know how much is in the bottle, fill it quick please, please please please.

clarew

As fate would have it, my 2.5hr old knocked the whisky bottle over yesterday and it smashed. (12yrs we've had it!!). Picture the scene, glass everwhere, and a huge pile of coppers and silvers all over the floor mixed in with the glass. Took me and hour to pick up all the coins and shake the glass off, not to mention several cuts.

Total so far-silvers counted last night=£75 bagged up in £5 money bags (10p+5p) with about £4 in mixed coins we will put back in to start next jar off. (when we find a new jar that is!!)

Will start the coppers count tonight, may take a while. So place your bets for the grand inclusive total.

pigpen

I paid another £20 off today.. thats another hour and a bit paid off lol.. Hubby thinks that is really silly of me.. lol

Lotta_Littlies

pigpen wrote: »

I paid another £20 off today.. thats another hour and a bit paid off lol.. Hubby thinks that is really silly of me.. lol

What does he know eh? He won't think it's quite so silly when you've paid it up early and saved a shed load in interest. In fact, he may even think you quite... smart!

Lotta

Dithering_Dad

pigpen wrote: »

I paid another £20 off today.. thats another hour and a bit paid off lol.. Hubby thinks that is really silly of me.. lol

Hi pigpen,

Sorry if this has been already discussed (I'm still a relative newbie) or if I'm completely wrong (not an unusual event, as Mrs Dither would be happy to tell you ), but your signature says you have debts of £18523. Is this your mortage debt or personal debt?

If it's loan debt, surely it will be at a much higher level of interest than your mortgage (which we're always being told is the "cheapest debt you'll ever have") and so it doesn't make sense financially to be even considering paying down your mortgage debt when you have other more expensive debts.

If it's a mortgage debt then congrats on having such a low mortgage and please ignore my question!!

Sorry if this is none of my business.

tiff

I too was wondering that but didnt like to point it out in case we've already been there.

pigpen

It is personal debt.. but the majority I cannot make overpayments on (bank loans eg)... so I am tackling the mortgage at the same time... I pay the maximum I can on these debts then I pay what I have left on the mortgage... most of the debts I have do actually have a lower or no interest charge compared to the mortgage... so I pay them off as I can.

I am aiming to have all these personal debts paid by early next year.. with the exception of 1 which has 3 years left to run.. then do real battle with the mortgage.

It is a perfectly logical question, but I have considered it.

Dithering_Dad

That all makes sense, especially if the loans are on low rates and you can't make individual overpayments, though I think if I were in your position I'd be tempted to put the mortgage overpayments into an ISA (if you can find one with a better rate than your mortgage) and then use this to pay off an entire loan once there was enough in there. However, I also know how great it feels to make overpayments on the mortgage, so i can definitely see where you're coming from .

Good luck with becoming debt free and good luck with blitzing the mortgage, I'm hoping to be rid of mine in three years, though I'm starting to think that I may have bitten off more than I can chew with my challenge (and I'm still less than a month into it!), still if I "only" pay off 50k in the next three years I'll be delighted!!