Mortgage free 20/20/20

gerbiljo

hey good luck with your target! just looked u up quick via the newsletter I hardly get time to come on here, barely just the odd update myself but want to wish u luck will look out for your updates

LilacViolet

Good luck with your MF journey. Looks like you are doing all the right things

kingster2069

gerbiljo wrote: »

hey good luck with your target! just looked u up quick via the newsletter I hardly get time to come on here, barely just the odd update myself but want to wish u luck will look out for your updates

Newsletter? am I missing something where do you sign up for this newsletter? Can't believe your hoping to clear your mortgage by the end of next year. That must feel sooooo good.:j
Hope you get there soon.

KGM_2

newsletter... you got a mention in Martin's weekly email!

kingster2069

KGM wrote: »

newsletter... you got a mention in Martin's weekly email!

Just subscribed and your right, how crazy. Thanks for letting me know caused some excitement in my life for a few moments

kingster2069

OK, so it's been a little while, it's time for an update:j
I've had a bad month MFW wise, my wife turned 30 and this celebration included a weekend in Edinburgh and an iPad. This has meant no OP'ing this month.
As an effort to reduce the damage this has done to my repayment plan I have launched into Ebaying with a vengeance. I have set myself a target of 5 things a week for the next 8 weeks, then I'll assess how effective the effort has been.
I'm also about to apply for a tracker mortgage with HSBC, they are offering a fee free tracker at a wonderful 1.89% above base. That is 1.3% less than I'm paying at the moment and should drop my daily interest by £5 per day.
The only little issue is I need to get my LTV down to 60% asap. I'm also considering going interest only on this mortgage as I can get a better rate cash ISA and should hopefully reduce my term a little.
So plan is to sell my car for £5K, cash in Share ISA £3K, sell some gold a brought a year ago £1.5K. This still leaves me £5K short at the moment :mad: I will have to put my thinking cap on how I'm going to find the rest. But saving me £160+ per month is a real incentive.
It will also mean I will have paid off nearly £50K in one year :beer:.
However the down side is that I will have used all my spare cash/savings etc and have no car for a time (no too much of a bigger for me). I am in two minds if I should just take the 70% LTV product and pay the extra £37 per month. It will be interest only so my mortgage payments with drop from £1220 to £299 per month, so I will rapidly get back my safety net. Also the MFW inside of me says save the £444 year of interest at all costs.
Does anyone want to offer some advice on what they would do?

kingster2069

Quick update, I've decided to switch my surplus from over paying my mortgage to reducing my credit cards debts. Target is to try and clear all my cc debts by the end of this year.
Reason for this is, I have been transferring by balances for several years now and focussing on reduce my mortgage, to get a better rate. Recently although the balance is transferred on 0% the fee for the transfer has been rising and now is only 0.69% below my mortgage rate.
I think this small difference isn't worth the hassle of managing several credit card balances and making sure I always transfer in time.
So my short term aim is to pay the money into my offset account and when the interest free rate ends clear the balance with the money being offset. This will increase my mortgage balance by about £5K by the end of the year, however I should be cc debt free:j

kingster2069

Quick update, sold some stuff on Ebay on the free listing weekend. Made nearly £200 which was great, annoying thing was I didn't charge enough for postage and the 7 items just cost me £45 One item cost more to post than I got from the buyer :mad:
We've also decided not to change our mortgage at present, mainly because if we reduced our mortgage to 60% we would have no money anywhere for emergencies.
So my plans for the month ahead are:

• Sell more stuff on Ebay with correct postage charges:o
• Try and get mortgage interest below £500 per month:eek:
• Try to have 50% NSD's in June.
• Buy Euro tunnel tickets with Tesco vouchers.

kingster2069

OK so I feel I need to up the tempo on my mortgage free journey. I going to be slowed down this year by trying to clear my credit cards which I've had for well over a decade now.
Also anticipating that interest rates are going to start to rise in the near future which is also going to me hitting my target date a lot harder. So with this in mind I have increased my monthly payments by £270. This has reduced my term to 11 years and 8 months. Still well short of my target of under 10 years. Hopefully in the next couple of months my monthly interest will fall below £500 per month which should mean I'll be paying off £1k a month in capital:j
This will mean I've will have reached my second target of the year and the next target is to get below £160K mark which should happen in September if I can make another £400 from Ebaying.
On that note I see another free listing weekend in coming up this weekend, so I need to get some items together. I found I can list them before and just schedule the for start date during the weekend.
On the non MF front, I've got two BBQ's this weekend one very close to home and the other all the way in Lincolnshire. Then next weekend is it my youngest daughters 1st birthday. OH is going a little mad with the preparations and it looks like it's going to cost a small fortune to cater for the 30 guests + kids:eek:.
Think we are off to Costco on Wednesday to collect the meat for the BBQ which I think I'm responsible for buying. Going to need a lot of NSD's to compensate I think.
To add to this we are going to France at the end of June/July for a long weekend for one of our friends weddings. Money money money blah blah blah.

kingster2069

Hi everyone, my two day NSD streak has just come to an abrupt end with my having a McBreakfast and a Tesco meal deal lunch, after visiting a client in Birmingham. On the plus side I did once upon a time spend £30 one similar trips.
I'm proud to say I have reached my second target of the year and my monthly interest in now under £500 per month:j, next target is get my mortgage below £160K.
Targets this year

1. [STRIKE]Get daily interest payment below £17 per day ( £168,200 )[/STRIKE]
2. [STRIKE]Get monthly interest below £500 per month ( £162,600)[/STRIKE]
3. Reduce mortgage to £160,000.
4. Get daily interest payment below £16 per day ( £158,250)
5. Reduce mortgage by 15% this year ( £157,240 )