** Jock_Tight** mortgage free diary

Angelina1

In no time at all, you will be making that fantastic final post to say that every penny has been paid. Then you can start giving advise and support to all those on here that are still plugging away at their mortgage.
Every little or large payment helps, the more you pay, the less the interest.

You have done so well and I hope to join you in a few years.

Lee205

well done jock, so close to the finish line i hope i can stick to my gameplan as well as you have

quick question, in your opening post you mention you 'loaned' money from family to use in your offset account, i was thinking of doing the same thing - say i borrowed 87k from family and signed up to an offset mortgage - does that mean i would pay 0 interest and that every penny i paid off the mortgage would be capital? e.g monthly payments of £1000 would be £1000 off the total balance?

Jock_Tight

Hi Lee205,

We loaned about 25% of the money from family to enable us to fully offset the mortgage. This meant we paid zero interest and every penny paid into the mortgage reduces the mortgage by that amount, it makes the mortgage spreadsheet very easy

We keep the offset savings about £5 above the mortgage value and every time we make a mortgage payment we take the same out the offset account to put elsewhere to make interest. If it was left in the offset account it would make nothing!

Offset mortgages work for you if you have around 30%+ offset, the more the merrier as it effectivelly means your offset savings are making the same % interest as your mortgage rate, its just you dont earn it as such.

Regards,
Jock

Jock_Tight

Helped a friend of ours on Sunday morning at the local car boot, she needed a car to take her stuff and also a loan of our pasting table to display. We said we would split the entrance fee and see if we could also shift some stuff.

So Saturday evening was spent have a good old rummage around the house for items we didn't use/need to sell on.

The car boot went quite well, our friend made £125 (mostly clothes) and we made £65. Will add this to our overpayment for the end of the month.

ammonite

Five months is not long! That is amazing!!!!! Good luck!

Your friend did well on clothes, I never manage to do well with clothes at boot sales!

sweetdaisy

Jock_Tight wrote: »

Hi Lee205,

We loaned about 25% of the money from family to enable us to fully offset the mortgage. This meant we paid zero interest and every penny paid into the mortgage reduces the mortgage by that amount, it makes the mortgage spreadsheet very easy

We keep the offset savings about £5 above the mortgage value and every time we make a mortgage payment we take the same out the offset account to put elsewhere to make interest. If it was left in the offset account it would make nothing!

Offset mortgages work for you if you have around 30%+ offset, the more the merrier as it effectivelly means your offset savings are making the same % interest as your mortgage rate, its just you dont earn it as such.

Regards,
Jock

We have an Offset Mortgage too and can't wait until we are fully offset, so that we are no longer paying any interest.

Jock_Tight

As well as June's fixed OP of £500 coming off we have OP'd another £500, so £1000 in total bringing us down to £4,825

The additional OP is what we would have paid in during November, it does not reduce the number of days to go, just means we will have less to pay at the end!

Regular mortgage payment due off next week.

Cheers,
Jock

Jock_Tight

An upgrade ended up saving us money!

As Virgin Media customers we had been looking into adding a Tivo box to our package for use upstairs (already have a V+ box downstairs). This was going to cost us £50 installation and a further £5 per month, I know this is not MSE however we thought we would treat ourselves a bit as we are near the end of our MF journey.

Got the OH to 'sweet talk' the VM sales people and we came away with a cracking deal. As we have been customers ~9 years and have our mobiles with them they gave us the Tivo and waved the installation and rather than adding £5 to our bill, they dropped our total bill by £20 amonth......result :cool:

Jock

Jock_Tight

Regular mortgage payment for July has just came off taking us down to £4260.

Only 4 mortgage payments and 4 fixed OP payments left.

125 days till mortgage free.

Jock_Tight

The mortgage free date for us was to be November 5th, a Monday.

We have decided we will now pay the last mortgage payment along with the fixed monthly ovepayment on Friday 26th October (after being paid) so we have the weekend to celebrate and shave 10 days off.

So now its only 113 days to go!