My Improbable 10 Year Target

trying_2_b_good

Well done on your progress! I keep popping onto this board as this is something I want to start doing next year. Getting married this month, then going on honeymoon - so lots of spending to do first!

Our mortgage doesn't allow online payments either - and what's worse - they only allow overpayments of over £500! So thinking that we'll have to hide our excess cash in a savings account and then overpay every 6 months.

Good luck!!

Phelpsie001

I have a dilema.... a family member has given me approx £4,000 to look after for a few years. Do I use this to overpay my mortgage and simply save this £4,000 back up for when they need it? I will ask their permission first but I am tempted to do it.....

Caroline73_2

I just found your diary. well done with your progress so far.

personally I wouldn't put that money towards my mortgage in case I couldn't save/get it back when needed but I'd put it in a ISA and use the interest towards my mortgage. or could you offset it against the mortgage?

Hurdler

I agree... I know that with mine, up until the annual recalculation I can get it back if I need it, but once they recalc - that's it gawn!

Phelpsie001

Caroline73 wrote: »

I just found your diary. well done with your progress so far.

personally I wouldn't put that money towards my mortgage in case I couldn't save/get it back when needed but I'd put it in a ISA and use the interest towards my mortgage. or could you offset it against the mortgage?

I can't offset!! =(

I have the same thoughts and worries... I will ask the family member how long it is until they need the money (if they say 5 years, then it isn't an issue, but if they say 2 years then I won't do it!!)

Thanks for your thoughts

Hurdler

I think ISAing it and using the interest (if the lenders have no issue with that) perfectly fair

firesidemaid

ISAing is tax free and you could overpay any interest gained annually.

OR you could put it into a savings account earning monthly interest and overpay the interest gained each month:D

at one point in the good old days of easy stoozing, i was able to pay off £70 a month like this.

good luck with uour journey. i have just found this thread, but will save it so i can catch up later:)

Phelpsie001

No overpayments for a few months now, as I have some workmen in! I am having insulation fitted to my bedroom and some boxing done as the room is freezing in winter!! Hopefully it should look really good too

If my house needs money spending on it, I ALWAYS ALWAYS do that rather than OP ... NO point in owning 100% of a damaged, horrible home when you can take your time and eventually own a lovely home =P

Starting to realise that within the next 5 years or so, I will probably need a new roof too. I will have to convince the neighbour to get theirs done too and we should get a good discount!!

Phelpsie001

Got the quote for that bit of work ... £900 ... eeeek, might have to save up a little bit first!! It will help with soundproofing and insulation but it is a lot of money.

Also, started to clear out the attic last night. It is full of items from the 60's and 70's from owners long since moved out!! The council are coming to lag all of my pipes and insulate the attic soon too £50 well spent!!

I am hopefully getting a second job as well, which will mean that I can afford to save a little bit extra each month for the rainy day fund!!

Phelpsie001

I haven't overpaid in a month!! Think I will have to find some pennies at lunch and overpay then.... probably only £20 but every little helps!!