bungrefurbs mortgage free journey

badger247

Hi

CI - eventually worked for my young family. At 34 I has a massive stroke, which I survived and made a good recovery from.

Had to fight the Insurer via the FO for nearly 3 years - but just last month the cheque arrived!

Now mortgage free at 37. This cover was just a side issue at the time, I was fit and healthy and it just happened out of the blue!

The best 40.16 pence a month I may have spent.

Worth considering.

Badger

bungrefurb

Hi all
thanks for your views on the critical illness cover. We have decided to leave as is until the mortgage is paid off. this cover also includes life insurance.

bungrefurb

i forgot to mention that i have just worked out we are paying £36 a day in interest, this came as a SHOCK............anyway it will come down!!

bungrefurb

hi all just posted on the MFit - T2 currently owing 229,133, and the aim is to reduce it to 100k by 12/12/12.

Floxxie

Sorry if you can't do this but could you:
1) Ask Abbey to increase your DD (as long as you don't pay off your entire mortgage within your (fixed) deal) and you still retain the 10% overpayment. Re the change in overpayment, I would write to then for a firm figure (and breakdown of overpayments on this 10%)
2) Speak to your critical illness provider to see if your reduced length of mortgage term will decrease the payments.

I look forward to reading your diary!

bungrefurb

Hi floxxie.........thanks for you advice. i have done the first already and the 2nd i'd not even thought of.......thats why this website is so useful. once again thankyou. let you know how i get on

Aless

Hi bungrefurb
I think we have a similar sized mortgage to you. I worked out last week that we pay £30.90 in interest per day. That is a truly depressing figure but the up side is without the money we have saved in the offset it would be £36 per day! It just shows that every little bit helps.

bungrefurb

Hi Aless

I think once our fixed period ends we will look at an offset mortgage too. We used to have one on our old house. It is alot of interest to pay ad the quicker we can reduce it the happpier we will be.

bungrefurb

hi all just thought i'd update you........now paying £35:eek::eek: in daily interest. coming down slowly. Our regulaar payment this month (today) has bought total borrowed down to £227,418:eek::eek:.......were making slow progress.

This time of year it feels like an uphill struggle. Our washing machine broke down last week (although we were long overdue a new one - had already carried out a DIY fix it earlier this year!!!). The new one arrives in the morning......got it via topcashback so could have been worse.

bungrefurb

Hi all, we've managed to pay the 10% overpayment for the year which is great news. It means we can buiild up a nest egg and put money away for january 2011during the rest of the year. We have reduced the term to approx 7 and half years.