Joining the quiet revolution!

elantan

pitlochry is a great wee place to go to... glad the kids were all tired out, gives you a wee bit of time for yourselves

lexington013

Paperwork for reducing term all signed and returned with new monthly direct debit starting next month. If i continue in this vein then with yearly planned overpayments i should be there in 7 years. My interest payment last year was just shy of £10,000 alone:eek: That is scary to know how hard i work to pay the bank this cash..............
Anyway im on the right track, ending this mortgage 13 years early from the original loan term is reward enough.:D

lexington013

Wow havent posted for a couple of months, however having read cheapskate kate's thread its got me refoccussed. Have reviewed my outgoings and realised that i could move my term down again. So straight on the phone to Natwest and have reduced my term by another 2 years. Since i have been in my home (5 years and 3 months) i have managed to reduce the term by a whole 8 years.
So roll on, only 11 years and 9 months to go.
I am now set on another frugal journey to be able to do it, but with the tips on this forum then it feels very powerful and cathartic to be IN CHARGE of slaying this mortgage!:)

lexington013

Haven't posted for nearly 4 months, children,work,holidays have meant that my focus has stalled a little!
Anyway will aim to drop in monthly as a minimum to keep my diary as "live" as possible.
Saving rates still dire so may use some of my savings for another OP.
Don't think it will be much but it will be another small cut in the mortgage dragon.:rotfl:

Secret_Saving_Squirrel

Hello,

You may as well op as the rates are so dire. I know it is not usually recommended, but on our mf journey we paid off the credit cards first and then put everything to the mortgage. I found it too tempting to dip into savings, but with the mortgage it would have to be a real emergency to get the money out. So it kept us on the straight and narrow, and with the cards empty we could use those if we were pushed. So we never had the recommended emergency fund.

And of course it is so annoying that the rates between saving and borrowing are so huge.

:j

lexington013

Well 3 months on, made a lump sum of £2k + to get under 160k, my next milestone.
Bonus payment in February will go towards a new ISA.
My son goes travelling for a month next month.
Mortgage has 11 months to run, planned retirement is 8 years away but possibility of some PT work as I'm sure I would get bored:rotfl:
Anyway need to shave 3 years off this mortgage so that the above is do:able.:T

lexington013

Wishful thinking 11 month to run (typo) insert 11 years to run.....:rotfl:

lexington013

Had a read of some new posts tonight, very encouraging and motivational particulatly the "pay off mortgage by 30". Very wise words from a newly married couple, good luck in your quest, dont forget the odd treat along the way.
Dearest partner and i have agreed a £50 spend on each other as part of our MF journey. So hopefully i will get that second hand Scalextric im following on ebay!!!!!!
(Big kid at heart, and i would have given my right arm for one, 35 years ago!!!!!)
Anyway hopefully a small xmas bonus at work, payable in Feb 2014 to go towards the mortgage. I would love to go under 10 years left in Feb, i will let you know if i do. If i can then i reckon i could be MF in 8 years.
Cash emergency fund is at a good level and would give me 3 years of mortgage payments.
Anyway off for a treat in Edinburgh on saturday, bit of xmas shopping and a large glass of Wine!:rotfl:

elantan

Might see you there Lexington ... we have a wee Mse meet going on there this weekend

lexington013

Hey elantan, good to here from you, being reading your new diary tonight, made me smile.......best wishes, lexington.:)