Starting the mortgage free path

bownyboy

Realised I missed off January and February updates:

Month / Amount Owed / Monthly Interest / Daily Interest

• January 2015 / £96,606 / £202 / £6.75
• February 2015 / £95,685 / £200 / £6.69

Almost under £200 per month interest. As I'm on the lifetime tracker of BOE +1.99% I'm loving this low interest environment.

5 more months and I'm on track to break through the 90's barrier!

bownyboy

Move over to NPower was painless. EDF automatically refunded the credits I had into my current account.

Still waiting on the £57 topcashback as this doesn't kick off until the transfer was complete.

Think I'll do this every year just for the cashback!

bownyboy

Ordered myself an unlocked Linksys VOIP phone adapter from eBay for £16.99 with a view to test VOIP calls using sipgate.co.uk and our standard DECT phones.

If all goes well (and no reason why it shouldn't) then I'll be calling Virgin to downgrade to their lowest broadband package (152 down to 50meg) and remove the landline altogether, which should save £225 per year.

As a casual surfer, iPlayer / 40d / Netflix / downloader, 50meg should be more than enough!

bownyboy

Still no cashback yet so Ive raised a ticket with them. I'm expecting it to take up to 3 months like the cashback from the building & contend insurance did last year.

On a brighter note I checked my old EDF account and found that Id been credited £100 back into our joint account as we were in credit on gas and electricity, so that's gone straight into mortgage account.

bownyboy

Short month this month, payday and another update:

Month / Amount Owed / Monthly Interest / Daily Interest

• January 2015 / £96,606 / £202 / £6.75
• February 2015 / £95,685 / £200 / £6.69
• March 2015 / £94,707 / £198 / £6.62

So under £200 interest a month at last. Hard to believe 6 years ago it was over £500 a month interest!

Next target is August when I'll leave the 90s and edge into the 80s.

bownyboy

Got confirmation from topcashback that my £55 claim is now pending. Could take up to 3 months, but as soon as it comes in it'll go straight into the mortgage account.

Luckyinlife

Well done browny that is a great achievement

i myself have taken on a mortgage with £350 a month interest which really upsets me but its the only way and reading what you have achieved shows people like me it can be done thanks :]

bownyboy

I've been keeping a close eye on the interest rate mumourings and as I'm on a lifetime tracker this is where your nerves are tested!

I thought I'd do and quick check of 5 year fixes and see that Santander (who I'm with) now do 5 year fix for 2.19%! Lower than what I'm on at BOE+1.99%. It does come with heafty £1,495 fee though. Hmmmmm, decisions decisions.

bownyboy

Happy new year everyone! Things have been ticking along. I've not made any overpayments and balance is now about £88k.

I've got a feeling rates will start to creep up this year, so today I applied online for Tesco bank 5 year fix @ 2.19% with £800 fee which is one of the lowest I've seen.

However after filling in all the forms my decision in principle was referred, reason being they could offer me the mortgage amount but for 11 years and not 10. Not sure why, will give them a call tomorrow to find out more.

Luckyinlife

if you could get that would be great is a low rate indeed

Hopefully you can get something sorted whats your ltv currently ?