Quest To Pay Off My 150K Mortgage in 3 Yrs!

AnW'sMum

Dithering_Dad wrote: »

I think I preferred it when you thought of me as a Knight of the round table, rather than as Turkey Lurkey or Bilbo Baggins!!

Oi! and who's the dog?? (just spotted that)

heheheheh looks like it is going to be a fun ride for all those participating, I shall be following your quest with interest and willing you on all the way

Annie021063

I'm jealous you are in position to do this - I want to do it now!!!!!!!!!
Can't tho still paying off debts but come next summer I'm with you guys:j
Good luck and I'm following (drooling all the way) your quest.
Thats what you should call your little group - 'The quest'

do_it_today!

Hi :hello:
this mission looks really good very interesting!

Gosh I would love to pay off our mortgage in 3 years - currently £127k but cant imagine clearing more than 12-15k per year... but first we must clear the CC's which should be sorted by September and build some emergency savings fund - min 5k...

cupid_s

Dithering_Dad wrote: »

Oi! and who's the dog?? (just spotted that)

You said you had a dog.....

wisewoman wrote: »

Maybe one of the questees has a wonderful dog, with magical powers perhaps. Good at sniffing out bargains, for example. Or watching out for that evil dragon.

I have 4 dragons - they're not evil though.

Anyway DH and I got our yearly student bank statements through yesterday. I've been paying in £50 every month out of which comes the water rates and my mobile bill. So there's normally a little bit left over, and now my overdraft is down to £975 and I haven't even noticed paying anything off it.

And I was allowing about 3k out of our savings to pay off our overdrafts at the end of this year. As it stands we'll need only £2225. More money off the mortgage :j !

Can't decide whether to max it out again though. It is interest free after all.

ThankYouAndEnjoy!

Cupid_Stunt wrote:

Can't decide whether to max it out again though. It is interest free after all.

I would 100% max it out if i had an Interest Free O/D.

Make sure you have enough spare cash in there for any Direct Debits etc so your dont go overdrawn and get charged, but chuck everythin else into an ISA.

FREE MONEY :rotfl:

cha-ching!

TallGirl

I really need to find out more about spending on 0% credit cards and using that as off set until the period is up. I have applied for the Tesco Club Card Credit Card.

I am not going to do balance transfers as I have no debt but was wondering if I should use it and then not pay it and get the 9 month interest free period?

I says 0% for 9 months on anything bought outside of Tesco and 0% for 12 months on Tesco purchases. I always pay all my cards off so dont want to get stung.

I have looked at it again and cannot see any catches - any thoughts?

ThankYouAndEnjoy!

TallGirl wrote:

I really need to find out more about spending on 0% credit cards and using that as off set until the period is up. I have applied for the Tesco Club Card Credit Card.

I have looked at it again and cannot see any catches - any thoughts?

It is possible to use credit cards for this purpose; however the benefits are becoming less and less so (now that banks have realised this consumer tactic) The majority of credit cards now charge 2-3% handlings fees on Balance Transfers; in some instances even charging interest on the charge. They also assure that this charge is last to be paid (ie - payment goes toward the balance transfer first and then onto the charge) so that it earns more interest for them .. crafty beggers!!

The best benefit (IMHO) is to take out a credit card with 0% on purchases for X number of months(believe 10 months is best current deal); undertake all of your daily spend on the credit card (make sure it is everday spend and not for luxuries) and use the cash (that you would have spent on these purchases had you used cash) and open an ISA account. You will earn, on average, 6% from your ISA and will pay no interest or charges on credit card - Obviously, assure full payment of credit card at expiry of 0% offer

6% clear profit!! :rotfl:

Dithering_Dad

TallGirl wrote: »

I really need to find out more about spending on 0% credit cards and using that as off set until the period is up. I have applied for the Tesco Club Card Credit Card.

Hi TG, have a read of the information in here: http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894, it provides a lot of good information about using 0% credit cards to your advantage.

I've had a bit of a hiccup, I originally transferred 3k into my offset then changed the bank account I use to transfer money to my offset to an old current account I had. My mortgage provider told me that they already had a Direct Debit mandate for this account from years ago, so it would be set up no problem. Hmnnn.

I therefore transferred a further 2k into the offset and thought "that's that, then". However, as I was checking my new mortgage balance today I noticed my offset was wrong and so phoned the bank. The direct debit had failed and so the 2k was never taken. They had sent me a letter to tell me, but I must've missed this (I always have a pile of mail waiting because I'm only home once a fortnight).

I never noticed the extra 2k in my current account because it was in a right state while I was moving cash from endowments to mortgage, business bank to credit cards and sofa companies!! :rolleyes:

*Sigh* the upshot of it all is that we need to sign a new DD mandate (Mrs Dither has sorted that out) and then wait until that's done before I can transfer the cash. Now that my bank account is back in shape I think the 2k may have been "dipped into" somewhat . I wondered why we were so flush during my holidays!!

Oh well, in the words of Baz Luhrmann: "sometimes you're ahead, sometimes you're behind...the race is long, and in the end its only with yourself."

ThankYouAndEnjoy!

Hey DD

Noticed your Sigs missing from your posts ...

Havnt given up on the quest already have you?

Or have you finishes early?

Dithering_Dad

Hi TYAE,

No, I'm still up for the quest. I've just gotten into the habit of unticking the "Show your signature" box when posting on other people's threads and now seem to be doing it all the time.

Here's the Sig, just for you!