After reading these amazing threads i two want to be mortgage Free!!

Jenny2010

wynnvegas wrote: »

Hi Jenny,

It's a sure bet that they won't be doing anything to help you if the unsecured part is on a different interest rate. When we were with NR, they chipped a pro-rata bit off each part of the mortgage. Well done on the savings as well. We took a bit of a risk with having virtually no reserve fund which I wouldn't advise as there's always the "what ifs" nagging away!

On the spending, I can't understand how people can happily buy newspapers and magazines and spend a fortune on them. Firstly, they're mostly rubbish and old news by the time they get printed and, most pertinently, they're pretty much all online for free.

Cheers,

Billy

Thanks Billy for your helpful post and well on done on your quest. I can only hope I'm mortgage free by the time i'm 30. (Fat chance but hopefully i'll be well on my way)

I am guilty of spending money on utter rubbish ie magazines, choc bars bottles of coke etc etc but i'm seriously cutting back on this now. I scare myself with how much i spend on Junk. I work 3 days a week in Leeds - train cost £6.30 then i always buy bits and bobs. So on average I spend £30 I can't cut back on the travel but i'm stopping bringing my card and loose change to work x

Jenny2010

lil_lisa wrote: »

Hi Jenny, you're situation is so similar to mine it's scary! I take it you have a Together mortgage with NR too? I only ended up doing the 1 overpayment before my OH was made redundant (now back in work so we can start again! Yay!)

When I called I specifically asked that it be paid off the unsecured part of the mortgage. Personally we opted for this as apparently if you were to sell the house you are obliged to pay off the mortgage part first and then any excess can be used to pay towards the unsecured loan (although you do have the option of just retaining the US loan and paying it off over the original 25-30 years or so). BUT... if the mortgage and US loan were to be separated like that then the interest rate jumps to (I think) 5% above the SVR, so you would be paying around 9% interest.

Also, our US loan seemed like a nice attainable figure to aim for initially so it helped us mentally. Paying off a £16k loan seemed a lot more attainable than paying off a £65k mortgage!

Thanks for that Lisa. I wasn't aware of that. From now on when I call up i'm going to specifically ask for the OP to come off the US.
I think my US stands at £22000.

Glad your Partner is working again and you can start making the overpayments. It does become addictive though.

I spend money on sooooooooooooooooooo much rubbish so i'm trying my best to cut that down.

Thanks xx

Jenny2010

Well had another productive weekend - I paid a further £60 of my US part of the mortgage. I also won the bonus ball at both my places of week so thats another £80 in the pot. Now have a very busy week ahead work wise x

Froggy-G

Jenny2010 wrote: »

Well had another productive weekend - I paid a further £60 of my US part of the mortgage. I also won the bonus ball at both my places of week so thats another £80 in the pot. Now have a very busy week ahead work wise x

Well done on the productive weekend! :j

OH & I also have a NR together mortgage, with an unsecured loan of £10K which we are trying to clear first before we attack the big one (£135K)!!
We make our payments by cheque as I don't trust NR on the phone to get my instructions right... It's a bit of pain to print letter, write the cheque and get it posted, but its good for my peace of mind...

You are doing very well so far!!

Have a great day, and don't be tempted to buy bits and bobs on the way to work!!

Froggy G :rotfl:

Jenny2010

Another £30 off the US loan part today!! Feeling very happy with myself. Hope everyone else is doing well

Jenny2010

Morning all - Paid another £50 off the US part of my mortgage on Friday.
Bought 3 of my little girls main xmas presents on the Argos 3 4 2 deal saving myself £35. Used the money saving Odeon cinema tickets on Saturday night saving myself £6.
But best of I WON the bonus ball again and also won £170 at bingo on Saturday night :-)
Smiles all around on this gloomy Monday Morning xx

CathT

Hi Jenny,

You're really chipping away at those OP's, well done!
Well done on the winnings. I have also been meaning to check out the Argos offer but as my DD just turned 2 I'm not sure I could face buying any more toys at the moment, we are over run!!

Any plans for your bingo win?

Jenny2010

I know exactly what you mean about buying toys. Evie has loads. I'll be having a clear out before xmas though to make way for the new ones. She is spoilt by the whole family with being the only baby does very well at xmas. Her birthday is Febuary so I always insist on cloths for then.
You'll have a fab Christmas with a 2 yr old about.
No plans for the winnings. Once all the bills have been paid Friday I will see what I have to play with - in regards to OP. I'll also get some more xmas presents out of the way xx

Jenny2010

Can anyone one tell me if online banking is the way forward?
I like the idea of the flexability in the way you can make overpayments on your mortgage - however big or small. I currently ring up around twice a week to make small payments of £30-£50 but you have to go through lots of security questions and I feel my phone bill may be increasing through this.
Any advise? Thanks

romylou_2

Jenny2010 wrote: »

Can anyone one tell me if online banking is the way forward?
I like the idea of the flexability in the way you can make overpayments on your mortgage - however big or small. I currently ring up around twice a week to make small payments of £30-£50 but you have to go through lots of security questions and I feel my phone bill may be increasing through this.
Any advise? Thanks

Hi there hope you don't mind me following your impressive MFW OP's.:T

Would you not be able to put the money in a pot, then at the end of every week or month make one large payment to your mortgage. Also if you have any unexpected expenses, then there is a small reserve to help you out.