Mortgage Free ASAP

Iris_Blue

Hello..can a fellow MFW newbie join in ?

Egypt. How exciting ! You're absolutely right to have booked it. We all need a break now and again. Although people need to pay bills, OP etc. they have a need to look after themselves too , mentally and physically and take time out from everyday life. Less than two weeks to go now..lucky you, make sure you enjoy yourself..you deserve to

Iris

Queen-Bee_2

Thanks again for everyone's best wishes. And welcome Iris, I love it when new faces appear on my thread
QB

Queen-Bee_2

Today my 12 month Premier Regular Saver with the Alliance & Leicester expired. My reward for saving £250 per month (ie building up to £3k over 12 months) was a paltry… wait for it… £54.97 (after tax).

I haven’t got a note setting out how much the interest rate was, but I think about 4.5%. Hardly seems worth the effort… It also illustrates how even regular saving accounts, which used to provide a better rate of return, have been adversely affected by plummeting interest rates. My last regular saver was a Barclays one at 6%. Nothing like that available now.

Next month, I’m going to cash this £3054.97 in and bung it off the mortgage. My savings are much lower now, and I’ve yet to re-enter the employment market, but the dismal rates of return mean I’ve few regrets about turning ‘em into bricks and mortar!!

In contrast, my three Halifax Reward accounts have proved a much better product. By circulating £1k a month through each of them in turn, I’ve netted £180 over the last 12 months. And that is net of tax.

Still, I suppose every little helps. I’ll publish my main monthly update for the end of August tomorrow evening. Night everyone,
QB

pammyj74

So do you have three halifax accounts and just move £1k around each one through the month? Are you allowed to have three accounts? Well obviously you are as you have three! I never thought about that. I am looking to open an account with them as I have my mortgage with them. I might open 2 and then just move £1 between them. I want to keep my Lloyds tsb account open for my DDs though.
Is the online banking good with Halifax?

greent

Just catching up - Egypt - lovely!!! Everyone deserves a treat now and then (and I'm sure your holiday was cheaper than the brand new Ford Galaxy that my DH 'treated' himself to this year.....:wall:):rotfl:

Have a lovely time

Queen-Bee_2

As promised last night, this month's figures are as follows:
Actual payments: Jan, £3,980; Feb, £3,980; Mar, £3,980; Apr, £8,900; May, £4,058; Jun, £3,980; Jul, £3,980; August, £3,980 (Total = £36,860)
Original scheduled payments: Jan, £645; Feb, £645; Mar, £645; Apr, £645; May, £645; Jun, £645; Jul, £645; August, £645 (Total = £5,165)
Payment over/above original estimate: Jan, £3,338; Feb, £3,338; Mar, £3,338; Apr, £8,254: May, £3,338; Jun, £3,980; Jul, £3,980; August, £3,980 (Total = £31,695)
Interest per day: Jan, £6.55; Feb, £6.13; Mar, £5.47; Apr, £4.37; May, £3.88; Jun, £3.39; Jul, £2.90; August, £2.41
Mortgage balance: Jan, £51,230: Feb, £47,430; Mar, £43,620; Apr, £35,260; May £30,919; Jun, £27,050; Jul, £23,145; August, £19,250
% of mortgage now paid off: Jan, 48.77%; Feb 52.57%; Mar, 56.38%; Apr, 65.41%; May, 69.08%; Jun, 72.95%; Jul, 76.86%; August, 80.76%
% of house now owned outright: Jan, 91.74%; Feb 92.35%; Mar, 92.97%; Apr, 94.31%; May, 95.01%; Jun, 95.64%; Jul, 96.27%; August, 96.90%

Comments: Fingers crossed I can keep up the pace, but this month, I’ve been able to make another maximum overpayment. Next month, my intention is to cash in my A&L Premier Regular Saver and use that.

My achievements this month? Well, in addition to another full payment, I’ve finally got stuck into repainting the outside of the conservatory and am now about 2/3rds of the way through it. Yes!! This is the self-same job that’s been on my DIY list since I started this diary… Phew.
QB

B-J-D

just wanted to say WOW!!!!!

going from £6.55 in dayly intrest to just £2.41!!!! owing over 50k to under 20k!!!! in just 8 months!!!! AMAZING!!!!!

a real eye opener!!

you should be so proud! these are outstanding figures!!! well done you xxx

Queen-Bee_2

Pammy - you can only have 2x Halifax accounts now, but I opened mine before they changed the rules!

Greent @ Oh's eh? My BF's observation was that he knew someone who could paint the conservatory for me. Not terribly MFW. Plus I want it done properly (did I ever mention I was a perfectionist?)

BJD @ thank you. I'm drawing down on my savings now to make these payments, but at current interest rates, that decision is a no brainer!
QB

Iris_Blue

Wow at your Op's. Those are some payments. Well done you. !

Pammy - The H's online banking is very easy and clear.

CathT

Fab OP's Q-B. I would love my mortgage balance to be <£20,000, you will soon have it cleared! Any estimation on time frame?

Have a wonderful holiday, I know a few people who have absolutely loved Egypt, it will be money well spent.

Re: the halifax accounts, I have had a joint account with DH for years and only from reading this site decided to try and open more. They would only let DH open one more, wish i'd thought to do it ages ago!! Thinking now of all the money i've 'wasted'!