Halifax Mortgage Do They Owe Us Money?

Gromitt

You can't blame them though, this site is all about money saving, and the best way of saving money is by paying off a debt that stings you with interest. You'll not only be saving 5K off your mortgage, you'll also be saving the interest on that 5K, which I'm going to guess is currently far higher than any savings account.

The feeling of a lottery win happens when you find out that you just made your last payment and are now mortgage free

I don't know about your goals, but mine is to be mortgage free by the time I'm 40, so I'm going to do everything possible to make sure that happens.

The_Lord_Lucan

Mortgage free is just a myth.... nothing is ever free...

Even the word Mortgage translates as Death Contract..

dimbo61

Please try and save the money just in case
Its very easy to spend but much harder to save onto a cash ISA ( emergency fund )

opinions4u

The_Lord_Lucan wrote: »

Mortgage free is just a myth.... nothing is ever free...

Even the word Mortgage translates as Death Contract..

And what the hell has that got to do with the high quality of information you've just been given?

Care to expand on how having no mortgage costs something?

Farmerbob

Perhaps his Lordship has confused Free Mortgage for Mortgage Free?

The_Lord_Lucan

You cant eat a pork pie with no pork

The_Lord_Lucan

I cdnuolt blveiee that I cluod aulaclty uesdnatnrd what I was rdanieg. The phaonmneal pweor of the hmuan mnid, aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it dseno't mtaetr in what oerdr the ltteres in a word are, the olny iproamtnt tihng is that the frsit and last ltteer be in the rghit pclae. The rset can be a taotl mses and you can still raed it whotuit a pboerlm. This is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the word as a wlohe. Azanmig huh? Yaeh and I awlyas tghuhot slpeling was ipmorantt!

dimbo61

I hate having a mortgage and I hate giving my hard earned money to the mortgage company ( I love the staff at my local branch BTW)
now a couple of years ago I sat down with this computer and the mortgage offer from my lender.
Blah Blah blah, you will pay £XXXX each month for 22 years and repay all the money we have lent you plus £80,000 in interest OMG I though.
Then with the help of "whatsthecost" I worked out that I could save """""" WAIT FOR IT"""" £50,000 in interest if I paid it off earlier.
We ( me and the wife) have worked hard at making the bigger payment each month. Lots of BMW,s Audi,s Jags on my estate but not on my drive!
We now have options because we have overpaid
1 I am now one year ahead in mortgage payments so I dont have to pay our mortgage for a year :-)
2 I could reduce my mortgage to 1/5th of what I am paying now
3 I have saved even more money ( less interest ) so will pay my lender even less back
4 I hope to be mortgage free in 3 years
5 I can then take early retirement if I suffer poor health or injury myself ( physical job)
You make choices in life every day ! new BMW or one year old ford focus ? salmon sandwich from M&S or home made soup in a flask?
New sofa from DFS on 4 years 0% or second hand sofa from ebay, Holiday on a cruise ship or self catering in cornwall.

The_Lord_Lucan

no two personal circumstances are ever the same... Just when you think everything is fine... somebody pulls the carpet from under you or a brown envelope drops on your mat

dimbo61

Totally agree with you lord Lucan and thats one of the reasons I love offset mortgages !
The difference between happiness and misery can be a few hundred/thousand pounds
I would much rather have £5000 in savings ( cash ISA,s or offset ) than £5000 in credit card bills.
This is the worst month for money worries and most ? people are feeling the pinch ( I,m skint already ) with 1 week to pay day.
So easy to spend money so hard to save it