Get yourself a 'Mortgage Pig'

Kez100

I have also changed my overpayment to a 8% two year saver account (already have an ISA) and with basic rate tax on the interest am now pretty much right on the margin and will need to rethink if rates go up (I am on a 0.69%+ base rate flexi mortgage)

clarew

final total from 4l whisky bottle (now broken unfortunately-having to downsize to a smaller very old roses glass jar!)

silvers=£75:beer:
coppers=£36:j
grand total of £111,:T plus another £3odd in mixed silvers that i am throwing back in to start the next jar.

pigpen

Dithering_Dad wrote: »

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!!

Unfortunately I am but a girl and all that is WAY too confusing for my little befuddled brain cell. The mortgage is currently on a really low rate and fixed for the next 3.5 years and I am aiming to have the amount owed reduced by a large percentage to we can remortgage to another fixed rate over a shorter period and hopefully reduce the payments.. so the overpayments become a larger percentage and make a bigger difference.. I can hope!!

I have no idea how an ISA works and I do not have the time to find out right now.

Might be an idea in a few months though when some of the other personal debt has been eliminated... thank you

Lotta_Littlies

Hi Pigpen,

What Dithering Dad is saying is that by putting your overpayments into an ISA (which isn't taxed) you can make the most of getting more interest paid on the amounts within the ISA and then pay the whole amount off your mortgage in a lump sum at the end of your low rate mortgage deal. This will work out more beneficial for you to do as you'll end up with more money to throw at the mortgage and you'll be able to make a bigger dent in it by doing it this way around and gaining from the interest the ISA pays rather than by putting the money directly into overpaying your mortgage which is on a low rate for the time being anyway.

Apologies if I've not been very clear. I know what I mean to say but I've been interrupted a million zillion times while writing this post!

Lotta

eilidh_s

I have a huge whisky bottle in my room that i dump all my loose change into every night, I used to only save anything less than a 50p but now I'm going to throw everything in.

I am now also the proud owner of a £90500 mortgage, unfortunatly it's not the one I wanted and I am stuck in it for three years and can't overpay, however I also have a high interest savings account which is going to be the recpient of the bottle money and whatever else i can chuck it's way so that when I remortgage in three years then I can pay of a nice wee lump I hope.

Lotta_Littlies

Welcome I'm sure you'll be surprised just how much the little bits of loose change add up. You'll find that you've probably quite an amount by the time you come to pay off a lump sum.

Lotta

hermanmunster_3

Hi

Bit late to this but have got a "red post box" money box - shaking loose change out of pockets and under the seat i the car.

Reading the thread - v impressed by Katyk walking to work losing lbs and saving ££....

reminds me - need to spend some ££ on a new pedometer - otherwise I'll never lose the lbs

comping_cat

Feeling quite pleased today, just paid £116.48 into my mortgage!!!

Liz33

Well I've just completed my first month with the mortgage pig and i've saved £65. I've only put in notes so far because I am frantically trying to fill up a £1/2 pot which needs a tin opener to open so I have put all my spare coins in that.

I'm in the middle of remortgaging at the moment so will save until next month and pay it all of then.

Can't believe i've managed to save that amount of money didn't think I had much to spare just goes to show!

looneyleo

Well done LIz33. i was so pleased when we did our first month to find we had over £50.00 in there when we seem to be so skint most of the time! Keep going next month!