Counting down to mortgage free, dont know when but I do know how.

ButterflyBee

I should never have bought my house(mortgage of £190k on single salary) but who would have ever thought that the recession would have struck. However, nothing is better than a house with your own name!:A

Hurdler

I was in exactly the same position as you ButterflyBee - my starting point was £195K and with some solid overpaying already and the recession "helped" because if the low rate I have knocked off probably about £60K. My fixation now is getting below £100K as soon as is humanely possible.

ButterflyBee

Hi Hurlder, how on earth did you do it. Please tell me your secret!

GreenNinja

Hi Butterfly,

WOW! thats some comeback, you must be so chuffed with yourself!

Going to subscribe to your diary and see how you are getting on. I am the same age as you and also trying to clear a mortgage, must get round to doing a diary at some point! Will be looking to you for additional motivation.

:hello:

ButterflyBee

I cant believe it. A Marketing company on behalf of my Mortgage Company called me today wanting to know what my intentions are if the interest rates go up.

Well, What could I say. What should I have said. Why a question directed in that way. I am confused.

Hurdler

ButterflyBee wrote: »

Hi Hurlder, how on earth did you do it. Please tell me your secret!

I am pretty sure I didn't overpay in the first year as the repayments were something like £1200 a month! Then the global economy plummeted as did the interest rates but ... I eventually figured out that they hadn't contacted me to change my DD and when I asked I was told that the only recalculate annually so effectively I had been overpaying without realising it. At the recalcs I just kept it at a high level until this year when I took Voluntary Redundancy and dropped it down to what it should be (they always calculate it to the end of their term) ... I am impatiently waiting for their recalculation as I threw the tax free lump sum at the mortgage and it should be around the £130K mark. I desperately want to get below £100K in the next 12 months

ButterflyBee

I should have done that but I always found something else to spend the extra money on. Nevermind. Well done you. It is such a good feeling I know and all we can do is keep chipping away at this big mountain in front of us.

Hurdler

Hmm well I gave myself a wake up call after posting that by trying to figure out how much I would have to pay off to drop below £100K in the next 12 months. A staggering £2500 a month!!! Still - we all gotta have goals, right??!

cha97michelle

ButterflyBee wrote: »

I cant believe it. A Marketing company on behalf of my Mortgage Company called me today wanting to know what my intentions are if the interest rates go up.

Well, What could I say. What should I have said. Why a question directed in that way. I am confused.

I remember seeing something where the banks themselves were going to ring people up to discuss this with the mortgage holders, but a seperate marketing company? I'd be suspiscious of that one myself.

Wasn't there something published on here about it? About them giving out budgeting advice.

SeriouslySeekingtoSave

cha97michelle wrote: »

I remember seeing something where the banks themselves were going to ring people up to discuss this with the mortgage holders, but a seperate marketing company? I'd be suspiscious of that one myself.

Wasn't there something published on here about it? About them giving out budgeting advice.

I would have said 'I intend to pay it -DUH!'