Mortgage Free ASAP

[Deleted User]

QB
you have done fantastic- all those figues make my brain hurt but the 15K mortgage (which is the one that stands out!) makes me wanna do this!:j:beer::T:j:beer::T

you have done fantastically, I hope in a year or so's time I can turn and look at a similar achievement in terms of making headway in the mortgage and also towards a job/career that makes me happy

what kind of work are you looking at part time? if you did pay off the mortgage would you have enough to live on for a bit? sounds like you are playing it safe by keeping some kind of a reserve until you know for sure

good luck with all the coursework etc for the masters, and in job hunting , sounds like the holiday will have done you good in gearing up for a busy year

tyo

Queen-Bee_2

As it's the first of the month, I've been getting my finances in order, and making the various payments needed to maximize my returns before making my regular mortgage payment.

Hence I've directed £3k of my £3.8k monthly mortgage payment into my Halifax reward accounts to get 3x £5 payments. After midnight, I'll move the £3k back into the bank account from which my mortgage will be paid on Monday.

I've also finally got round to closing my A&L Premier Regular Saver account. This expired at the end of August, but for some reason, slipped off my agenda of Things To Do. The cash has been moved to my Lloyds Vantage account, which pays 4% interest, which considerably juicier than A&L's measly 0.5%.

The same is true of my A&L Premier Direct Account. For the first year, it delivered a whopping 6% on balances of up to £2.5k, but that has now reduced to just above Base Rate. I'll be keeping the account open, as it's the nominated one for my Santander ISA, but the £2.5k in there will be better off in my Lloyds account, pending payment against the mortgage (fixed at 4.59% until March 2011).

Another idea I'm considering is a top-up payment to my L&G Stocks and Shares Index Tracking ISA. On a long term basis, equities make a better return than almost anything else, and given we're now at the bottom of the economic cycle, I'm seriously wondering whether I should try and make a further investment - even if it's only a little one.
QB

ajmoney

Blimey, if those payments weren't already amazing, look at how much your interest has dropped. Well done Queenbee :T:T
Think I need to spend a bit more time on your thread for some inspiration!

Queen-Bee_2

Bit of a problem this evening.

I've just logged on to check that the funds are in place to service tomorrow's mortgage payment and discovered that they're £800 short...
Having skimmed through my activities over the last few days, I've discovered that the £800 I sent from my Lloyds account on Friday hasn't yet arrived in the account from which I make my mortgage payments.

Given that both banks operate Faster Payments, this is extremely bothersome :mad:. Of course as it's now nearly 1am, there's not much I can do right now, but hope that it turns up in time later today.
QB

Queen-Bee_2

Just checked my bank account again... the mortgage payment went out first thing, and afterwards the £800 came in from Lloyds. Consequently, my account is showing as -£550 before the £800 came in. I am hoping that the bank balances at the end of the day, rather than throughout the day as the way my on-line statement's showing at the moment, I'm slightly concerned I might get charged an unauthorised overdraft fee for those hours I was in the red. Does anyone know how this works?
QB

LilacPixie

Depends on bank but i believe santander and bank of scotland balance at end of day to show credits being received before debits.

CathT

Well done on how much you have reduced your mortgage this year, fantastic achievement!

I'm sure my bank don't charge you if the balance if corrected the same day. Hope you do escape those nasty charges!

Queen-Bee_2

Oh my goodness, my October payment has just hit my account, and I can see the mortgage is down to £11,400

I'll still post my usual stats at the end of the month, but I'm getting very excited now!!
QB

LilacPixie

Can I have an eye popping smily please. blimmin ell

greent

Wow - will be down to sub 10k before you know it!!!

My account regularly goes theoretically od before credits hit it (according to my statements) - it all balances out at the end of the day and no charges are incurred