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

ThankYouAndEnjoy!

Dithering_Dad wrote:

Welcome Miss PP! - You may want to change your sig to put your Three Yr goal onto there... (and you TYAE!!!)

Whats the official name of the club:question:

We have had so many im losing track

A :grouphug: for all those 'quest-ees'

EDIT - LOL, just realised, its says grouphug as the smiley, but if you hover your curser over the picture, its 3some :embarasse

Dithering_Dad

ThankYouAndEnjoy! wrote: »

LOL, just realised, its says grouphug as the smiley, but if you hover your curser over the picture, its 3some :embarasse

LOL, excellent! I didn't realise it was that sort of a club... what am I getting myself into?

TallGirl

Morning
Just reading up on this and it looks like we now have more members. I was wondering if we a part from a name should have a list of members. As far as I can see we have 5 including our founder member DD.

Glad everyone is doing so well so early on and thanks for the tips regarding the 0% credit card. I have talked to DH about it but he is not too keen. I think I might just do it myself and perhaps get him to agree to put all the grocery shopping on it when we shop at Tesco. He is slowly coming around to the MSE way of life and can now see the benefit of Pigsback, Tesco Points, Boots printouts in the shop etc etc something which he used to not take any interest in.

I have a bit of a dilemma you guys might be able to help me with. I have some shares and an inheritance I have kept in Denmark.
The shares are doing really really well and I have had them for years and years and years. They are worth roughly £1600 but both could make more as they could be bought out by others (one is a brewery the other a bank). They give hardly any dividend and I pay 30% tax on that.

Secondly I have some money my grandmother invested in some bonds for me about 15 years ago. I think it is the same as a Unit Trust but not sure it used to pay out great but now the shares are not that good but it pays out twice a year. Last year I got £613 but this year I have just looked and it is £272. We use this money as spending money when we go over twice a year saving on exchanging currency. There is about £14000 worth in the fund and it has fallen a bit in recent years. Basically I think it is worth the same as it was when it was taken out but I have had nice payouts over the years. Again I pay 30% tax on it and with the pound being so strong I don’t know if it is worth cashing it out and taking it over here. We really do not need the money it would just be tempting to clear some money off the mortgage.

What do you think – sorry it is such a long post.

ThankYouAndEnjoy!

Hello TallGirl

I guess your dilema depends on whether you are willing to risk their respective current values against any long term increases? Obviously, becuase of risks involved with shares, you may be holding out for a 'price' that may never be realised.

Quick calculation - 500/14000 * 100 = 3.57% return on investment. You could get a better investment return on these monies based on their current state. An ISA would pay between 5.8 - 6.1 average. Both you and OH could open ISA's; accounting for approx 50% of these monies. The rest could be paid off mortgage or another investment (should you be able to find and savings account above your current mortgage % rate, this would be a better option)

You will have to factor in an 'sales cost', TAX implications of selling these and any money transfer fee (if applicable) before you make your decision.

Ultimately, its really your decision. What would £16k (current value) mean to you and your family? , as opposed to waiting for an increase in respective values; factoring in that should you wait, the value of investments could go down?

EDIT - You may wish to post this question in the 'Savings And Investments' section of MSE, whereby other MSE'rs could give their respective thoughts.

TallGirl

Thank you very much TYAE I have edited the post as the payout this year is only £272 that is less than 2% really rubbish :eek: in with tax on top. My problem is I really dont understand financial product and in particular Danish ones. I think I might pluck up the courage to talk to my bank when I go over in May. There must be a better investment than what I have got. I had not thought about tax implications so thanks for that.

With regards to the shares I you are absolutely right you can never say how well they will do but the bank ones have increased by £30% in 1 year do to talks of a merger and the brewery ones have just fallen sharply so I think I will hang on a bit longer.

Anyway enough rambling from me for today.

AnW'sMum

Just a suggestion on a member list for your quest... DD could edit his OP with a list of members plus perhaps the o/s mortgage at the start of the challenge. If this was done in bolder type or a different colour it would be easy to see.

Dithering_Dad

:eek: We can't change the initial post! It's part of history now. It'd be like rewriting Romeo & Juliet to give it a happy ending, or painting eyebrows onto the the Mona Lisa or adding arms to the Venus de Milo??

How could you suggest such a thing?

For shame, AnW'sMum. For shame! *said in a Homer Simpson-esque voice, while shaking head from side to side*.

wisewoman

Hi Questees!
I posted on Sunday that we had officially paid off our mortgage. Alack! and Alas! Forsooth! We had a scroll from our mortgage provider this am noting that we had cancelled our DD and did we have anything else in place to make our payments!!! Phone call revealed that they were awaiting transfer of funds from Endowment provider, but the call guy reassured me, said not to panic, it was probably in the system waiting to clear. He suggested I phone the endowment provider to double check. I did, and they have twice written to request,from the buiding society, the Maturity Option form. Without this they cannot transfer our funds.
Phoned back to Mort Prov...they have no record of any of this...I was put on hold several times, spoke to several people, then finally was told that Head Office would be e-mailed with our details, to get them to sort it out. I asked who would keep me informed, and what kind of time-scale they're talking about...don't want to default at the very last hurdle!! I was told we would receive an update either tomorrow or Friday. Watch this space.

AnW'sMum

Ooops that's me put in my place!

Erm and to add further to my shame I have never watched the Simpsons

wisewoman

Love the new photo of the fair princess, DD.