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The end is near
Fruitcake
Posts: 59,530 Forumite
One of my endowment policies has just matured after 23 years. Target was £15850, paid in £7860, got £15280. I started getting the "Shortfall" warning letters about 6-7 years ago so changed to an Offset mortgage and managed to build up an £11k buffer.
I went in to the Woolwich on Friday and paid the lot into the mortgage account as a "part redemtion," with no penalty.
Checked the accounts on Saturday, (Mrs 'Cakes and my joint birthday.)
Outstanding mortgage was down from £31900 to £5651, with 5 years still to go and 2 endowments still running.
Happy Birthday to Us!
Mortgage monthly payments will now go down dramatically, we've cancelled a life policy, and we don't have to pay the monthly endowment premium. All the savings will then go into an offset savings pot to start the buildup for the big payoff.
Take heart, it can be done.
Fruitcake
You Only Listen To Me When I'm Wrong
I went in to the Woolwich on Friday and paid the lot into the mortgage account as a "part redemtion," with no penalty.
Checked the accounts on Saturday, (Mrs 'Cakes and my joint birthday.)
Outstanding mortgage was down from £31900 to £5651, with 5 years still to go and 2 endowments still running.
Happy Birthday to Us!
Mortgage monthly payments will now go down dramatically, we've cancelled a life policy, and we don't have to pay the monthly endowment premium. All the savings will then go into an offset savings pot to start the buildup for the big payoff.
Take heart, it can be done.
Fruitcake
You Only Listen To Me When I'm Wrong
I married my cousin. I had to...
I don't have a sister. 
All my screwdrivers are cordless.
"You're Safety Is My Primary Concern Dear" - Laks
0
Comments
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That is an excellent birthday present!!!! You should be mortgage free very soon now - well done!!!0
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Well done - what a great feeling for you, and an end to the worry caused by the projected shortfall.
Wishing you all the best
GQIf you have a talent, use it in every which way possible. Don't hoard it. Don't dole it out like a miser. Spend it lavishly like a millionaire intent on going broke.
-- Brendan Francis0 -
Fantastic. Very inspirational. You got me worried when I read "The end is nigh". Phew, what a relief it is a positive outcome. Bet you had a great birthday.NSK Zombie # SFD 7/15 Food Bank £0/£5
Food £73.57/£122 (incl. pet food) Petrol £20/£40
Exercise 2/15 Outings 1/2
Debt :eek: £18,9170
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