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

Miss_Penny_Pincher_2

Cupid_stunt your granny sounds really nice - actually a bit similar to mine! Here are some of the things I have been doing to earn money:

1) I've started saturday job on top of us both working full time
2) Enter surveys / pigsback etc
3) Product testing / focus groups / work as election staff
4) Quidco
5) Opening bank accounts for the cashback / Lloyds TSB Save The Change
6) Sell items
7) Be nice to very generous and lovely grandparents
8) Use cashback credit cards
9) Shop and scan
10) Review savings accounts / ISAs to try to get best rates
11) Ask for vouchers / money for gifts where we can get away with it
12) Risk free betting e.g. bingomania, bingo cafe

and to save money I:

1) Blagged free broadband for 9 months and currently costing £10pm
2) Try to reduce water / electricity / gas consumption
3) Buy mainly from Aldi and special offers at Morrisons although do treat ourselves to the own brand produce at Sainsburys about twice a year :rolleyes:
4) Try not to have takeaways
3) Live up to my penny pinching namesake

dirhamdiva

Hi all

I am very interested in joining this club! we have a mortgage of £57,500 - which we would love to pay off in 3 to 4 years .

we are aiming to make overpayments of £500 - £1000 per month. we are in a frustrating delay at the mo - our fixed rate is up and we are remortgaging elsewhere - but due to unexpected credit default , this is proving very hard!

we have been paying 7.1% for the last 4 months:mad: while trying to sort this out ...

so once things get moving again - i'm in! look forward to cheering everyone on - all tips welcome!

cupid_s

Hi and welcome to all the new members.

Dirhamdiva hope you sort out your re-mortgage soon. We will be in your situation soon because our fixed term ends in august but we wont be able to remortgage as we wont have jobs then!

lapat

i would just like to say good luck to you all i have no way of paying my £144k morgate in three years with my wife and daughter.
i may get there life insurance before long though if they carry on spending like they do. i will be able to save then though as ill be on free bed and board with hmp hahahahaha

no on a serious note i really admire what you are trying to achieve here and i wish you all the upmost of luck.

and dd when i do pull my socks up i will be more than willing to take up the challenge although it will definaltey be more than three years. will is till qualify for membership if its 5 years

TallGirl

Morning All
Wow this thread is now 7 pages long really taking off. A big welcome to Dirhamdiva seems like you are doing well and hopefully you will be able to remortgage soon. Press keeps saying all the good fixed rates ends soon.

Thanks for all the tips Cupid Stunt your nan sounds lovely hope you take her out for a nice treat soon it doesnt have to cost a lot just spend some time with her. Mine used to love that. She died 3 days before our Wedding but she was 92 and sufffering from Dementia. Strange to get married and then go to a funeral the same week.

Penny Pincher I like your list to earn money mine - it is pretty much identical to mine all thanks to MSE. I have also done all the bits to save money I know it takes time to do it but gosh do I hate to spend more than I need too.

DD your youngest look so cute how old is she? I dont have any kids the big cat is my baby and he is 11 now.

ThankYouAndEnjoy! I like you buy in bulk. My DH has his own company so we can shop at Macro. They have really do quality meat and if you go on a Sunday there are lots of bargins. I have got a second freezer and buy in bulk to use in my Slow cooker. Lovely to be able to use cheaper cuts of meat and it still tastes great.

I think it is a good idea to keep ourselves on track via our signatures but maybe we could publish a list once a month so everyone can see how we are doing in one place. A bit like the Olympic Challenge in DFW are doing we could even total up how much we have taken off all our mortgages in the month. I know it is not a competition between us it might just be nice to see how everyone is getting on.

I don't mind doing it the first month if people want to PM me their totals. Tell me off if it is a rubbish idea.:o

Must get some work done now.

ThankYouAndEnjoy!

TallGirl wrote:

I think it is a good idea to keep ourselves on track via our signatures but maybe we could publish a list once a month so everyone can see how we are doing in one place. A bit like the Olympic Challenge in DFW are doing we could even total up how much we have taken off all our mortgages in the month. I know it is not a competition between us it might just be nice to see how everyone is getting on.

TallGirl - Think this is a fantastic idea. Having everyones successes easily visible will just re-affirm that we have made the correct decision. It also gives us the availabliity of documenting our 'savings' made from not paying the Bank Interest over the full term of the mortgage (should we all succeed and only take 3 years to pay off ; instead of my 34 year term remaining!!!)

Incredible to think that if i pay my mortgage off in 3 years instead of 34, i will save £120k in interest charges!! and thats without including the £55/month we are charged for life insurances on the mortgage.

cupid_s

Morning all

Tallgirl, I'd love to spend more time with my nan but she lives in a different city (150 miles away, near my parents) and neither myself or DH drive. We can't visit back home at all as we cannot get anyone to babysit our 4 lizards, and last time I put them into board one died and one came back less than half his original weight.

When we finish our PhDs I want to move back 'home' but DH has a job offer here and we need to start earning money asap.

I'll update my sig with my savings so far because I can't pay off whatever I want until august.

I'm off to call various people (like virgin media who keep 'stealing' both my money and my services off me) and see if I can increase my pot of mortgage savings

Kez100

A big well done to you all from me too.

We are in an overpaying situation and hope to halve the mortgage next year following a sharesave payout - otherwise though we have to wait. My business, which is well established, has a few changes going on - change of property, retiring partner - so I have to keep on top of that too so am limiting my drawings to no increase and so mortgage overpayments can only stay the same.

We have overpaid for years and it is very exciting seeing it come down. We did call on some of the saving last year to build onto our present property (18k but much cheaper than moving!)

Miss_Penny_Pincher_2

Hi Dirhamdiva - good luck with your remortgage - it must be really frustrating being in limbo the moment. Welcome also to Kez

Tall Girl is it that obvious that I got most of my ways of bringing in extra bits of cash from MSE? I really like your idea of the published list once a month.

TYAE - is your £55pm life insurance the best value you can get? I don't know much about it as don't have it because have life insurance automatically through our pension contributions. Just thought it may be high.

Thanks for the welcome cupid stunt. In several ways I often think your situation is a bit like mine in that you are paying mortgage off for when you have children etc but also I'm with Virgin Media and have phoned them several times over past 3 months money being stolen from me and not receiving services!! They did agree to give me back £24 but last time this didn't happen and when I spoke to them yesterday only £8 had been given back but I wasn't given an explanation. I'm resigned to it now unfortunately!

ThankYouAndEnjoy!

Hello

Miss_Penny_Pincher wrote:

TYAE - is your £55pm life insurance the best value you can get? I don't know much about it as don't have it because have life insurance automatically through our pension contributions. Just thought it may be high.

Had loads of trouble getting life insurance for the mortgage; i ve a heart condition (been ok for about 2 years - touching the biggest bit of wood i can find!!) If we are able to pay mortgage in 3-4 years (as hoped) then it'll of cost us only £2800 for the peace and mind it has given us; especially as im due to be a father any time soon

(In Fact - As We Speak, Appears GirlFriend Is In Early Stages Of Labour!!!) :eek: