Mortgage Free in Three Yrs

Kaz2904

If he isn't disciplined enough to not spend the food money how does the mortgage get paid? I ask because I'm not entirely sure and thought it was like having a £90000 overdraft.
I can't think of an account that would give you that sort of return other than an ISA?
I must admit, I have been seriously considering this myself! I thought I would try to separate the stages though to try and ease confusion.
TTFN, Kaz.

ailuro2

kiwi88 wrote: »

Mortgage interest is 6.7% caculated daily so I'm not sure if there's an account out there to make it worth it

Whew I hope that makes sense to someone else :rotfl:

It does to me, you need to tuck the money away somewhere that it won't be spent either mistakenly, or because tepation got the better of you/DH.:p

It doesn't matter if you match the 6.7%, it is a separate issue- the 0% on Tesco card means anything that pays over 0% on the money you would have given to Tesco is earning more money for you before you have to hand it over. Like stoozing, but on a much smaller scale. http://www.moneysavingexpert.com:80/savings/savings-accounts-best-interest is MArtin's article on savings accounts.6.3% from ICICI before tax.Not bad. Add that to your yearly shopping bill....

I'm seriously thinking about getting one of these...I don't already stooze, and a large chunk of our shopping comes from Mr T, so it would seem sensible as we have some ISA allowance going spare now we're concentrating on the mortgage overpayments, so we have somewhere safe to keep it.:D

Dithering_Dad

Welcome to Hologram, our newest member!

I've just put a further 2k into my offset account. This means that I have now reached a major milestone on my MFi3 journey - I have paid off/offset ¼ of my mortgage!!! YAY!!

Next major milestone is having paid off/offset ⅓ of my mortgage - £50k. Only another £12k to go!

TallGirl

Hi All
Back from my holiday in Sunny Spain just so lovely to get away and play some golf. Budgetwise we did not do too bad, we were staying HB but the food were not great so did eat out quite a lot. However we have found a company that does selfcatering holdiays incl golf to that town we love to stay in so will not have to stay in a hotel next time. That should save some money. Food and drinks are quite cheap a 1L bottle of San Miguel for 70p and 3 course lunch/dinner for £10.

Seems like I have missed a bit of action on here? A troll and having a go at our DD that is not on.

Lots of work to do so need to get on with it. Going to Denmark for my Nieces Christening (the one I have not met yet) on Friday so a bit hectic. Will get on with the chart when I get back is 10th October deadline still OK with everyone?

Take care

Trying_to_be_good

Tall Girl

10 October is great - we're all very thankful that you have the time to keep up with the updating so regularly!

I seem to be living to opposite life to you - I was in Aarhus in Denmark a couple of weeks ago, and off to Spain on Wednesday (both cheap breaks, and my holidays for the year). We should be swapping currency!

TallGirl

Wow Trying to be good that is amazing. I have never been to Aarhus but understand it is really nice. I am going to Odense next week and then onto Copenhagen. I used Travelex for my Euros, booked online picked up that the airport. I got 1.43 much better than the postoffice etc. Try MSE calculator it is great.

Trying_to_be_good

Tall Girl - I have a Nationwide debit card and got over DKK11 drawing money from a cashpoint in Aarhus (best rates here were about 10.5), so plan the same trick for Spain, just taking £20 worth of euros with me. Every little helps, as a well-known supermarket would say!

kiwi88_2

Kaz2904 wrote: »

If he isn't disciplined enough to not spend the food money how does the mortgage get paid? I ask because I'm not entirely sure and thought it was like having a £90000 overdraft.
I can't think of an account that would give you that sort of return other than an ISA?
I must admit, I have been seriously considering this myself! I thought I would try to separate the stages though to try and ease confusion.
TTFN, Kaz.

What happens with this sort of account is the monthly interest (which is calculated daily less any money left in the account) is taken from the account on a regular monthly basis and you budget to leave "xyz" amount in the account to pay some of the balance.
Example Morgage £98000 Interest 6.7% Balance in account £250
98000 - 250 = 97750 interest applied on that amount with a very complicated sum which I don't even begin to understand but someone else will

The downside is that if you're not strictly disciplined, like DH, you fall behind plan with the balance payments like we have to the tune of £2000 :eek: I can't pay any regular payments because I'm not in regular employment and DH doesn't have a running total/idea bills ect but is getting better.

It's a great idea and run really well with monthly statements and a yearly "this is where you are now". It would be a great account for you kaz and you could probably work the system a lot better than we are :rotfl:

kiwi88_2

ailuro2 wrote: »

It does to me, you need to tuck the money away somewhere that it won't be spent either mistakenly, or because tepation got the better of you/DH.:p

It doesn't matter if you match the 6.7%, it is a separate issue- the 0% on Tesco card means anything that pays over 0% on the money you would have given to Tesco is earning more money for you before you have to hand it over. Like stoozing, but on a much smaller scale. http://www.moneysavingexpert.com:80/savings/savings-accounts-best-interest is MArtin's article on savings accounts.6.3% from ICICI before tax.Not bad. Add that to your yearly shopping bill....

I'm seriously thinking about getting one of these...I don't already stooze, and a large chunk of our shopping comes from Mr T, so it would seem sensible as we have some ISA allowance going spare now we're concentrating on the mortgage overpayments, so we have somewhere safe to keep it.:D

Thanks ailuro I'm glad someone got it :rotfl:

Have read martins savings article (thanks for that) and as I have a tsb account I could maybe open the 8% saver but as our morgage interest is calculated daily and any money leftover taken off the balance of the account then interest applied would that be a better way of accumulative small stoozing It's frustrating because i know what i mean just don't know how to put it into words :rotfl: I thought about isa's but need access just in case things go wrong :rolleyes: Will need to give this some more thought I think :rotfl: :rotfl:

TallGirl

I have been trying to update the chart and thought it might be helpfull if I post it in is present form. It is mainly the same as the August one but it would give people a chance to check if they are on it and if not PM me. I have hightlighted a few in red as I have not heard from them so I suggest they are taken off at some point if we don't. A bit like DD suggested for the main list. Also we have 106 on the list with 24 semicrossed out so that would mean 82 on the chart and I have only got 76 so come on the rest of yu.

This not the October Update just a reminder to get your figures in and to check what I have so far.