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Does this count??
TighterThanTwoCoatsOfPain
Posts: 860 Forumite
Finally after just over 3 years of piling every spare penny at the mortgage / offset savings and utilising over £20k of interest free purchases on credit cards we've just ticked over the fully offset mark by a few hundred quid! :j
I'm saying (that for now at least!) im kinda "mortgage free", but the missues insists it doesnt count... the first 5k of Credit cards repayment is due for payment in a month, and another 5k at Xmas which will dip us back below again...
I'm also too scared to pay off the mortgage as whilst its in savings accounts I feel i can get to it if i wanted!
Oh well.. I guess its a nice feeling while it lasts even if its only for a month!
New plan will be to be fully offset again by easter!
I'm saying (that for now at least!) im kinda "mortgage free", but the missues insists it doesnt count... the first 5k of Credit cards repayment is due for payment in a month, and another 5k at Xmas which will dip us back below again...
I'm also too scared to pay off the mortgage as whilst its in savings accounts I feel i can get to it if i wanted!
Oh well.. I guess its a nice feeling while it lasts even if its only for a month!
New plan will be to be fully offset again by easter!
0
Comments
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I would say it counts!
I have some long outstanding debts (all interest free) but have more than enough in savings to pay it off if I wanted to (just doesn't make sense while I'm earning interest on it).
Well done for doing it!0 -
Congratulations! Nice to see everything is under tight control
Borrowed £150,000 in an offset tracker mortgage in May 2007 - MFD May 2041 (67)
Jan 2012 - £125,620.02 / 2,913.87 / Nov 2032 (58) :beer:
Apr 2012 - £122,901.88 / 3,170.91 / Jul 2032 (58)
Jul 2012 - £122, 589.02 / 3,507.99 / Sept 2032 (58)
Oct 2012 - £120,476.31 / 3,889.42 / July 2032 (58)0 -
Can you set a target to clear the final 20k off your credit cards? Is 1k a month do-able? Is to have cleared the 20k by next December (16 months)?
Set a challenge and let us help you stick to it!Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
1k a month is very much doable, though i'm reluctant to pay the mortgage off.. (fear of no savings!) so not only do I aim to devour the CC balance, i also want to start chunking away at the mortgage balance itself (or re-start saving, however you look at it!).
The kicker is the wife is about to start maternity leave so progress will likely loose pace rather than gather it!
(I'm off to tell her i was right! :-))0 -
Don't forget that if you have a CC you do have a source of money in case something goes wrong during the time you build up the savings again.
Of course, if something DOES go wrong, you then have to pay interest on the cc, which will be MUCH higher than the mortgage interest - unless you feel confident of getting a 0% CC with no problems.Borrowed £150,000 in an offset tracker mortgage in May 2007 - MFD May 2041 (67)
Jan 2012 - £125,620.02 / 2,913.87 / Nov 2032 (58) :beer:
Apr 2012 - £122,901.88 / 3,170.91 / Jul 2032 (58)
Jul 2012 - £122, 589.02 / 3,507.99 / Sept 2032 (58)
Oct 2012 - £120,476.31 / 3,889.42 / July 2032 (58)0
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