Mortgage Free ASAP

Queen-Bee_2

It's car insurance renewal time. My renewal quote from E-sure was a whopping £340, but having shopped about a bit, it seemed as if it was entirely reasonable - everyone else's quotes seemed to be far higher - including Asdas, which came in at a eye wateringly stupendous £800+.

Consequently, I bit the bullet with E-sure and renewed. However, I have just read Financial Bliss's diary where he mentions First Direct, who say they will beat your renewal premium by 10%. Bother!!!

However, I am taking solace in the knowledge that because I drew down the £300 in my Topcashback account, in reality, it's only cost me 40 quid.
QB

Pea-pod

Well done on using Top Cash Back to reduce your car insurance :T

Over the year it really mounts up!

Queen-Bee_2

Update for May 2010
This month's figures are as follows:
Actual payments: Jan, £3,980; Feb, £3,980; Mar, £3,980; Apr, £8,900; May, £4,058 (Total = £24,909)
Original scheduled payments: Jan, £645; Feb, £645; Mar, £645; Apr, £645; May £645 (Total = £3,228)
Payment over/above original estimate: Jan, £3,338; Feb, £3,338; Mar, £3,338; Apr, £8,254: May, £3,338 (Total = £21,680)
Interest per day: Jan, £6.55; Feb, £6.13; Mar, £5.47; Apr, £4.37; May, £3.88
Mortgage balance: Jan, £51,230: Feb, £47,430; Mar, £43,620; Apr, £35,260; May £30,919
% of mortgage now paid off: Jan, 48.77%; Feb 52.57%; Mar, 56.38%; Apr, 65.41%; May, 69.08%
% of house now owned outright: Jan, 91.74%; Feb 92.35%; Mar, 92.97%; Apr, 94.31%; May, 95.01% (these last %ages seem to be moving very slowly…)

Achievements this month: getting a new lodger; completing two university assignments
Targets for next month: complete my last assignment for the 2009/10 academic year; make another £3,338 payment; loose 8lbs and chart progress on the MFW weight loss thread
QB

pammyj74

WOW :eek: I am absolutely amazed and astounded at the amount you OP each month! I dont even have half of that as income never mind as an OP figure!!!

Queen-Bee_2

Hi Pammy, the vast majority of it is coming from savings at the moment - and I'm not entirely sure how long I can continue at this level of repayment.

I would also stress that it's only been possible by cutting my outgoings to the bone... My life these days bears no resemblance to my existence a year or so ago!! I don't think I've bought a single item of clothing in 12 months, use soapnuts for washing, only buy meat when it's whoopsied or on special offer and never eat or buy food out (unless it's a cheapie with a voucher). I've also taken in a lodger!

My ultimate goal is to be able to return to work in a much more harmonious and less backbiting environment, possibly on a part time basis. Currently, I am studying for a change in career direction. I am still ambitious, but NEVER want to find myself having to work a 14-18 hour day again. Plus I still have hopes for a family - these haven't materialised yet, but the way things used to be, I was so stressed out they simply couldn't have done.
QB

Davidboy

Well I am sat here at work at 3am, and have read the entire thread!!! I am so angry and !!!!!! off with you Queen-Bee.....

I am always broke, even though on a good wage, tomrrow I am starting to look at my accounts and see where all the money is going.

Youngest daughter has just finished uni so hopefully soon she will be financially independant!! Some hope!

Anyway, totally impressed with your efforts and am sure I won't be as proactive as you or as successful, but....

I am fortunate in that I took out a tracker just before all the mess started so only 1.19% interest rate, but I am sure I can find savings somewhere, oh yes I know stop my wife spending on buying the entire Sainsbury store every week! :eek:

Anyway good luck with your studies and savings.

D

Queen-Bee_2

Hi Davidboy - thanks for your interest (I'm flattered you've just ploughed through my entire thread) and your good wishes with my studies.

Fantastic news about your tracker rate - stuck on a fixed rate of 4.59% till next Spring, I'm green with envy! As I've read several predications that interest rates are likely to rise, I'm not holding out for a drop come March 2011.

Good luck with your own 'financial review'!! Presumably, if you're only paying 1.19% at the moment, you've some spare capacity somewhere?

As may be gathered from the time of this post, despite what I said at 1.30am earlier this morning, it seems that old habits die hard. Here I am at 4am, researching material for my next university assignment... So the 16 hour days don't seem to have stopped just yet, but at least this time, I stand to benefit
QB

Queen-Bee_2

My payment for June has just cleared, as a consequence of which, my balance is now down to £26,950.

Given that barely four years ago it was £100k, I'm delighted. Mainly, this is a result of cashing in my savings built up over the previous four years, coupled with living very, very frugally.

I'm not entirely sure how long I can keep up my current level of repayment - it's not an overpayment as such, because I shortened the term of my mortgage - much depends on what happens over the next few months. What I do know is that come September, if I need to extend my term again, it's gonna cost me 20 quid.

I'm unhappy about that - especially as the Nationwide has just unveiled a series of billboard adverts which promises extra financial bonuses to savers if England scores in/wins the World Cup. Instead of attracting new clientele with gimmicks, they ought to be looking after their existing customers :mad:
QB

SmlSave

My payment for June has just cleared, as a consequence of which, my balance is now down to £26,950

Congratulations! That is really amazing and

Poo to Nationwide and their fees

greent

Yeay!!! Well done - that is such a long way to come in 4 years