Looking to the Future ... My Mortgage Free Dream

mooomin

yukkibear wrote: »

Hi Flyin_fresian, thanks for posting, are you going to start a diary over here? I lurk on yours over on DFW and you're doing really well, well done. I'll pm you re swagbucks as that's not one I do.

I've sent you and Cath a PM with my referral link and some hints and tips on how to get the most out of SB

I'm thinking about starting a diary on here, but I first need to go to the bank and find out about the rules on overpaying on my mortgage. I've made some overpayments this year but need to make sure I'm not limited to a certain amount.

CathT

yukkibear wrote: »

Hi Flyin_fresian, thanks for posting, are you going to start a diary over here? I lurk on yours over on DFW and you're doing really well, well done. I'll pm you re swagbucks as that's not one I do.

The £8.33 i'm counting both virtual and real money as eventually when it all comes to me it's going to go in the same direction off the mortgage. It just makes me feel as thought I'm beating the bank if I can "earn" the daily interest iyswim.

I have PM'd you too Flyin_fresian.

I think it's a great idea raising the daily interest. Mine has just got to £10 a day. Well done on the ebay sales, lots of people I know are commenting they're struggling to sell on there at the moment so it's good to know money is being made. I just get annoyed at spending so much time listing only for it not to sell.

yukkibear

Certainly not everything I have sells, and most of it doesn't fetch more than 2 or 3 quid, but it's better out of my house at the mo. Whilst the effort needs to be put in to generate funds then I'll carry on.

Thanks FF, I've signed up so hopefully you'll get your referrla bonus.

mooomin

yukkibear wrote: »

Thanks FF, I've signed up so hopefully you'll get your referrla bonus.

Thank you very much

Inspired by yourself and Cath I'm off to the bank soon to find out:

How much time is left on my mortgage
Exact outstanding balance
How much I'm "allowed" to overpay

Are there any other questions I should ask?

CathT

flying_fresian wrote: »

Thank you very much

Inspired by yourself and Cath I'm off to the bank soon to find out:

How much time is left on my mortgage
Exact outstanding balance
How much I'm "allowed" to overpay

Are there any other questions I should ask?

Why don't you start a diary and we can all chip in with advice.
I would dig out your most recent mortgage statement and see what info you can get from there. It may also tell you what the rules are regarding OP's as they do differ greatly between lenders. You also need to know what method you can use to make OP's, i.e branch, cheque, internet banking. Then you can use the overpayment calculators to see what difference your OP's will make to interest saved and the term. Another thing we all try to do is minimise outgoings and maximise income. Good luck!

cha97michelle

fresian other questions for you.

when you overpay - will they reduce your term of your normal payments, and if you overpay do you then have a reseve which can be borrowed back if you need to or can it be used for a payment break in case of losing your job if you can't access it back.

I was trying to think of some of the sites i do that you might like and probably don't already do.

vivatic, surveynetwork, crowdology.

yukkibear

So I finished the day on £7.53 yesterday which was made up of £4.02 TCB from travel ins, £2 CP survey, 65p OP, 63p DY and 23p rounding down bank acc. Only 80p short which was a bit frustrating but never mind.

Today starts off with 31p from rounding down bank acc.

We've ordered a part for the boiler which hofefully will fix the problem. If not we'll investigate again. So far this part only cost £15. Fingers crossed.

Washing's on, I'm waiting for the immersion heater to heat up so I can be clean again

yukkibear

Target exceeded for today from

31p rounded down acc, £6 from p!nec0ne surveys, 99p ebay sale, £1 from OP, £3 on CP :j:beer:

Going to spend the evening catching up with some rates on DY, and maybe torture myself on rightmove

yukkibear

After a bit of Right Move torture and some playing around with spreadsheets and helpful calculators over at Nationwide, I have come to the understanding that IF we are going to move and move to somewhere to suit us long long long term, then ideally the mortgage would need to be sitting at no more than £50k to give us some good equity, and also £6k moving costs would be ideal as well according to their calculators :eek:

So do we want to do this? Probably. We both know this isn't our forever home, but to be able to move it's going to need some work doing to it such as a new bathroom and probably a new front door, that's not counting the cosmetics that need updating.

I would ideally like to move within the next three years to give us ample time to overpay the next mortgage and kick it off before the 25 years are up again. This doesn't leave a lot of time to save and overpay however so not entirely sure it'll happen in the time frame I want it to.

I'll ponder on for a bit I think, and whilst I'm at it I'm going to look around for a savings account that I can't touch easily.

cha97michelle

Extra motivation then to get some pennies in. I had a nice bonus from the chow premium fund today, so just keep at it, and you can probably do it within your time frame.

I find get the momentum going, and you can keep seeing the money come in.