Mortgage Free By 30

Floxxie

You definitely need to check that you can continue paying in to your Sharesave; you will probably find that you cannot if you are no longer employed by the company. I've been in two and both times they were closed on me leaving.

Edit: I can see that you are going to be on a secondment - I guess you still need to check as you may have a different contract?

Floxxie

I don't know if you mentioned this and have done so, but make sure you register as self-employed if you are mystery shopping.

laurasavon

i had a letter about the sharesave and it seems i can't keep paying into it, although i'm going back to work for them Monday so things may change.

Floxxie, thanks for the tip, i'm just cutting down on shopping not mystery shopping, although I am self employed for being an Avon Rep and spent a good few hours last week doing the lovely tax return!

laurasavon

I finally had the form to sign to get back my sharesave money so that's gone back in today's post so I should soon have about £1.5k to pay off the overdraft and i'll spend the other £1.5k on shares. Assuming the shareprice doesn't move too much before I get the money I should have more shares for my £1.5k than I would have had for £9k over the 3 year term. Lets just hope in a year or so the price increases so I can make a nice profit!

laurasavon

Well the share price went under 50p this morning so I purchased £1,400 worth (to allow for fees on top and I also want to buy some M&S shares as I believe shareholders get freebies - anyone know more about this?)

Fingers crossed now for the share price to increase - hopefully by enough to pay off a lump sum of the mortgage in 3 or 4 years time

laurasavon

I haven't updated for a while as I don't really have a lot to update on yet.

My job has been extended until June and I have the chance to apply for a permanent position (although this will mean no redundancy payout); however, there would be payrise.

At the moment i'm paying off the overdraft bit by bit each week and I hope to pay off the first of the credit cards at the end of the month when the 0% rate ends.

I'm trying to give everyone I can think of an Avon book and i'm talking to people about joining my team of reps, so hopefully I will soon see an increase in earnings there.

I'm also contemplating changing the mortgage term from the remaining 29 years to 24 years to knock off 5 years straight away.

laurasavon

Thinking about my operpayment term, does anyone know if I can reduce it on just one part of the mortgage. We have part of the mortgage on a fixed rate and part on a base rate tracker - could I reduce the term on just the fixed part as the rate is a lot higher and pay that part off quicker?

wantabetterlife

Hi Laura, like you i have my mortgage in two part, one on a fixed part and one on a tracker.
I have very recently shortened the term of the fixed part by two and a half years, because it is the one on the higher interest rate.
My mortgage is with halifax and it was only a matter of a quick phonecall. Not sure who your mortgage is with but i dont see there being a problem doing this as technically they are two seperate products. Hope that helps.:D
WAL

laurasavon

Thanks wantabetterlife, mine's also with the Halifax so i'll give them a call and hopefully reduce the term of the high fixed rate

laurasavon

I've called them and from April our mortgage term is now 24 years, it only increased the payments by £60 each month and as work hadn't keyed my payrise correctly for the job I started in January it should be evened out by that so hopefully won't be missed.

Unfortunately, they wouldn't let me reduce the term on just the fixed part so the term has been reduced on the whole part.

Even so 24 years is still alot longer than I want to be paying the mortgage for so i've got the account details to make overpayments, I think I might set up a standing order to overpay a bit extra each month, will have to think about that one.