Mortgage Free ASAP

Queen-Bee_2

Thanks Yukki - yep, I'm on the final leg, although the last few months are set to be a bit more challenging! I might have made some large payments, but this has only been possible by paring my outgoings down to the bone... the early pages in my diary show how I overhauled my lifestyle... can't believe how much has changed - even little things, like taking sandwiches and a yoghurt to University instead of eating there in the canteen save me £££s. Even when I've settled into my new career, I'll never view my finances the way I used to!!
QB

Queen-Bee_2

Quite a nice, relaxing weekend and now winding down to bed by watching Spooks on the TV... Jobs for tomorrow:
* Call Nationwide and discuss mortgage payments over the coming months (I put them up as a temporary measure a few months ago as a means of making big over payments, and now need to reduce them again)
* Re-run my spreadsheets to calculate implications of reduced payments
* Kick-off next assignment for Masters (no rest for the wicked)
* Spend 2x hours preparing for competency based interviews
QB

Queen-Bee_2

Interesting phone call with the building society this morning. My fixed rate mortgage with the Nationwide is due to end in March next year and if I pay off my balance before then, I ought, in theory to incur an early repayment charge.

But before I'd had the opportunity to open the discussion about reducing my payments, the advisor looked at my account and told me that if I wanted to clear my balance early, I could do so without penalty.

This was the very opposite of what I'd rung up to arrange, but sounds so tempting... I think I could just about stretch to maintaining my current payments (ie getting rid of the final £7.5k over the next couple of months), but as I've yet to track down that elusive part time job, feel I might be taking a bit of a risk.

Of course the advantage of paying it off before the fixed term ends would be lower interest payments, but balanced against this is the risk of not finding work...

Dilemma!
QB

Queen-Bee_2

OK, having weighed up the pros and cons, and deciding my employment prospects are probably a lot rosier than I'm giving myself credit for, I've decided I'm going to take my mortgage All The Way.

So... for the first time ever, I am setting a mortgage free date - 4th January 2011.

:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j

Being told I can end my mortgage that little bit earlier without an penalty charge means I can save that final bit of interest (which I will work out later). So I'm going to go for it.....

A very excited
QB

SuzieSue

I'm not surprised that you're very excited. I paid off my mortage a couple of years ago and it is a great feeling. Congratulations.

Queen-Bee_2

Just worked out that paying off my outstanding balance by the start of January instead of the end of March will save me a further £406 in interest... it's a no brainer really - and the act of paying it off will inject extra confidence in my career change!
QB

LilacPixie

WooHoo QB - I am a total pessimist and I would be asking NW to confirm in writting before i did it tbh.

[Deleted User]

woohoo!!!!
another "almost there" one... what a fantastic way to start the new year!

dave_wolves

QB, just caught up on your massive story and what an achievement, fair play to you and dare I say "lucky (for want of a more appopriate word!) person"? That is great and I would love to be in your shoes right now!! Our circumstances are slightly different to yours in the sense that we have a little boy with one on the way and are putting our money to good use around the home. We are seriously looking at the One Account though, and just wondered what your and other peoples views are on it. Seems like a great way for my family to continue what we are doing but watching our money work against the mortgage interest, without us having to try too hard searching for better rates...........granted we won't kill our mortgage off like you have (108k left over 20 years!!) but it will put a fair old dent into it...appreciate your thoughts......

Queen-Bee_2

Thank you everyone!

@ LP, great minds think alike... The letter I requested from Nationwide confirming the arrangement arrived this morning!!

@ TYO, I only made the decision yesterday, went to bed and couldn't sleep until I'd worked out that last bit of interest saving - hence my last post at 1.17am :rotfl:

@ Dave, I think you're talking about an offset arrangement? They weren't around when I took my mortgage out, and tbh, I'm not familiar with all the ins and outs of them. However, I like the fact that they allow you to access your savings if you need them, which means your rainy day fund can be put to work whilst allowing you a fall back if things go wrong.

Re your comment about my being a lucky person, well it's good if everything on here has come across as positive and I've tried to make the best of what was has been a difficult time. Believe me, there was a lot of stuff going on before I started recording my MF journey, which had a profound impact on my self-esteem and confidence. Only now am I really starting to rediscover the 'real' QB - this diary and the supportive environment on this board really helped!!

Good luck with your own journey... the amount you're working with sounds pretty manageable between two of you!
QB