Mortgage Free By 30

laurasavon

Standing order set up for £100 a month, although i'm tempted to increase it to £210 as that's how much I work the interest to be each month then the monthly payment each month would be purely paying off the capital.

Looking at my loan I don't think I can pay extra on that, it would have to be the full amount so I'm thinking of overpaying that bit extra on the mortgage - decisions, decisions!

wantabetterlife

Hi laura, just catching up with your diary. I remember when i phoned the halifax about reducing the term on just the fixed part the girl told me she didnt think it was possible and when i asked why as they are two seperate products she went off to ask her collegue and came back and told me it was actually possible. It may be worth phoning again and get speaking to someone else. Obviously it is in the interest of the halifax to reduce the term on both parts because they are making the most money on the fixed part. Hope that helps
WABL

laurasavon

Thanks for that, i'll see what I can find out as the tracker rate is 0.5% but the fixed part is over 6% so would make a big difference if they could amend it

laurasavon

I've set the overpayment at £210 which covers the interest we pay each month. So now our regular monthly payment will be paying off the capital each month :j

I'm going to ask them to take the overpayment from the fixed part of the mortgage, as i've checked and that's at 7.19% :eek:, I haven't changed the term again so i'm not commited to overpay as I still don't have a permanent job.

First overpayment goes out on the 1st April, so I best get making some money!

laurasavon

Does anyone have any useful tips they can give me for increasing the overpayments, i've been cutting down on monthly bills - i've changed gas and electric supplier and have been doing well on cutting down the food shopping bill until this month. I'm also writing some DooYoo reviews, i'm an Avon Rep so earning a bit of commission every 3 weeks and i've done a bit of the matched betting - anything i've missed?

skaps

how about surveys - look it up in the main article sections and ebay selling

laurasavon

Thanks skaps, i've sold a few things on ebay in the past so i've took your advice and i've got 5 things to list - went to take photo's and the battery ran out on the camera, it's charging now so will get them listed later

laurasavon

The first overpayment of £210 came out of my account on the 1st April so the balance is now under £127,00.

I've got 5 items on ebay, if they all sell then that'll be £40 minimum for me

I've signed up for the yougov surveys but only had one to do so far so i can see that taking a while

I'm already a quidco member but i've signed up to topcashback today so hopefully some extra cashback should be coming my way soon

skaps

Good on you Laurasavon. I'm in a similar situation to you am saving for my wedding as well as overpaying a little each month and trying to reduce my cc debt all at the same time. Good on you for reducing your credit card debt and your mortgage too.

Looking forward to your future posts.

laurasavon

Thanks skaps, the credit card / overdraft came from my wedding (and moving house) as i'd planned to cash in some shares to pay for them and unfortunately the share price dropped so much it wouldn't have been worth me cashing them in.

Good Luck with the wedding - when's the big day?