Starting the mortgage free path

bownyboy

Read about the flight delay compendsation claims and decided to send off a template letter to BA for a flight back from Nice a few years ago that was cancelled.

Cain is for £680, we'll see if I get anywhere. Will go straight on the mortgage if successful.

cookiemonsie

Wow - I've just read your whole diary and you're doing amazingly well! Some great inspiration to help me on my journey too thank you:p

bownyboy

cookiemonsie wrote: »

Wow - I've just read your whole diary and you're doing amazingly well! Some great inspiration to help me on my journey too thank you:p

Thanks Its hard at first, but gradually you start to notice real progress especially when doing some before and after comparisons.

bownyboy

So hopefully in 5 years time this month I will be posting in this thread celebrating being mortgage free, I may even make reference to this post!

Seems an age away from here; hows it looking from over there in 2018 bownyboy?!

So as long as I continue paying off £20k per year then ill make it. Thing is there are still numerous outgoings on the house required that could scupper the grand plan.

More to come.

bownyboy

So, didn't get the flight cancellation compensation as I was 2 months over the 6 year time limit (I'd only just heard about how you could claim).

Oh well, it would have been a bonus if I had.

bownyboy

Been reading about paying off mortgage vs investing in ISA's and all the conflicting arguments either way.

I've tried previously to look into S&S ISA and I know that financially it makes sense to start investing in one for the long term, but was always bamboozled at the sign-up and fund selection part (and still am!).

But after reading monevator website, I decided to take the plunge and open an H&L S&S ISA £100 a month in the Vangard LifeStrategy 60% accumulation fund.

I'm a passive investor (I just can't get my head around the 1000's of options etc) so hopefully form what I've read, this will be better than just sticking money in cash ISA.

I'll see how it goes, may increase the monthly amount and decide if I lesson the amount paying off the mortgage.

All good fun!

bownyboy

Start of the month and payday again:

• January 2013 - £118,289 / £418 / £13.95
• February 2013 - £117,302 / £393 / £13.11
• March 2013 - £116,372 / £390 / £13.00
• April 2013 - £115,439 / £386 / £12.90
• May 2013 - £114,508 / £383 / £12.79
• June 2013 - £113,574 / £380 / £12.70
• July 2013 - £112,541 / £377 / £12.59
• August 2013 - £111,690 / £374 / £12.48
• September 2013 - £110,744 / £371 / £12.38
• October 2013 - £109,795 / £368 / £12.27

Ring fenced ISA savings of £4,500 so effective balance of £105,295

bownyboy

Received a £30 cashback cheque from my home insurance policy today. I wasn't expecting it as they'd already froze my premiums for a 2nd year (maybe the insurance industry is finally waking up to people moving after 1 year when their premiums are hiked massively?)

Gone into the overpayment pot.

bownyboy

Hmmm, so interestingly I read an article about insurance claims. Even if you don't make a claim, but call up enquiring about if a claim is possible then you are given a black mark and your premiums will more than likely go up.

We had a water leak in bathroom which caused damage to plaster ceiling in dining room below - called up insurance company and turns out the one exclusion on our £100 excess we have is 'escape of water' which is £500 excess. So we didn't bother claiming as I knew it would affect premiums next year.

So it will be interesting to see if come May 2014 if this is true!

Has anyone else had this problem?

bownyboy

Took a peek at the Nationwide House Price Index calculator today which lets you see the effect of house price inflation in your area. Its pretty basic but gives you an indication of where your house value is.

They have our house increasing in price by 25% in 4 years, which is unbelievable (although in line with increases in our area). Zoopla also puts it at 27%.

We've gutted the place since then so I expect the numbers could be even higher.

It shows what a bubble the south east is in, compare to the rest of the county.