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Want to be Mortage free
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rich2492
Posts: 2 Newbie
Hello everyone
About me Married 2 children one 2 the other a few months old
A&L mortgage is just over £100000
I got made redundant last year luckily managed to get a new job straight away.
I have always wanted to get my mortgage paid of early use Karls mortgage calculator to check amounts. During the last 4 years I have reduced the term of the mortgage to make over payments and changed the term back up again when I needed to making up to 10% over payments in the Jan of each Year when I could. Was looking at being mortgage free in 6 years
Now I have changed the term to 35 years as no longer in a fixed rate paying the SVR .99% above base rate.
Was paying £1000 on the mortgage now pay 315. So now save £685 a month but have opened a account with first direct which pays 8% on up to £3600 for the first year and have a ISA with A&L which pays 3.3%. Putting the money into these accounts gives me more in interest. The other think I have found worth while doing was opening a account with the halifax putting in £1000 a month gives you an extra £5 a month. As it does not have to be from another account just transfer it in for one day and out again.
Hope to still be mortage free in 6 years. Hope i have given some people an idea.
About me Married 2 children one 2 the other a few months old
A&L mortgage is just over £100000
I got made redundant last year luckily managed to get a new job straight away.
I have always wanted to get my mortgage paid of early use Karls mortgage calculator to check amounts. During the last 4 years I have reduced the term of the mortgage to make over payments and changed the term back up again when I needed to making up to 10% over payments in the Jan of each Year when I could. Was looking at being mortgage free in 6 years
Now I have changed the term to 35 years as no longer in a fixed rate paying the SVR .99% above base rate.
Was paying £1000 on the mortgage now pay 315. So now save £685 a month but have opened a account with first direct which pays 8% on up to £3600 for the first year and have a ISA with A&L which pays 3.3%. Putting the money into these accounts gives me more in interest. The other think I have found worth while doing was opening a account with the halifax putting in £1000 a month gives you an extra £5 a month. As it does not have to be from another account just transfer it in for one day and out again.
Hope to still be mortage free in 6 years. Hope i have given some people an idea.
0
Comments
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Nice one Rich.
Sounds like you've got some good ideas / plans going on there..
I was tempted to get one of those halifax thingys but didnt want them to mess up my direct debits which seems to happen to a few people.
The first direct account one sounds good what is that all about?[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/110 -
I have that FD 8% account too - you have to have another account with them to be able to open one I believe. But I don't think it has to be a current account, it can be an esaver or similar (although I did swap current accounts for the £100 incentive and don't regret it one bit, everything went very smooth with the DD's). There's a thread somewhere about the 8% account t&c's on the savings thread - i'll see if i can find it.
Explains a bit about FD here - https://forums.moneysavingexpert.com/discussion/3307712#39 - Save £12k in 20250 -
Just checking in to see how you are doing? How are the OP's going?Original Mortgage Debt - £130,330.
Current Mortgage Debt - £116,605.
2010 O/Ps - £5,000. 2011 O/Ps - £1,978.42.
Original Loan Debt - £6,000. Current Loan Debt - £3,500.
Original HP Debt - £1,000. Current HP Debt - £240.0
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