Mortgage Free in Three Yrs

cazmanian_minx

Congratulations, Groatie Queen :T :T :T :T :T :T :T :T :T :T :T :T

Caz

beachbeth

Thanks for those links, Catowen. I think you know you are going to save a lot of interest when you overpay but to see it down in black and white - wow! Even the £100 a month we are going to overpay makes a huge difference to our mortgage! I didn't think it would make that much difference!!!:T

angelavdavis

Well, I have completed my application to switch to an offset mortgage with Britannia (my current provider)! Having shopped around, the admin charges were extortionate with some companies - I thought better to stay with Britannia as I get my annual £250 member payment from them, which effectively pays back a lot of my admin fee for switching product.

I was a little concerned as when I made the initial enquiry, they were nervous about my being self-employed, so thought I was in for a battle, but it went ok.

I didn't know whether to laugh or cry though. For some reason, I had it in my head that I only had 15 years of the mortgage left, but its 18 :eek: !!! Bit depressing.

So I swiftly went across to the mortgage overpayment calculator and checked what that meant to my MFiT plans - it does push back my MF date by one month , however, clearing the mortgage early on the original term (15 years) I would have saved £59616.79 in interest. Now on the 18 years, paying my mortgage off earlier will save me £75851.18!!! What a difference!

OverlandLandy

:T:T:T:T:T:T

WELL DONE GQ - EXCELLENT STUFF

groatie_queen wrote: »

All the little amounts add up to a lot, but the offset and the amount of interest it saved was so exciting - the Woolwich gave me a running total of interest saved on each monthly statement - that gave me great joy!:D

I echo that - I have an offset account with the Woolwich and I look forward to seeing my statement as it details how much interest I save on a daily basis. It is quite motivational as it does make you think about every penny counting........

I also have my mortgage Pig...well Bob (Bob as in a few bob, Built by Roberts (one for Not The 9 O'clock News Fans), and my grandfather who was a MSE king in my eyes). When My Bob is full I trundle into the local [STRIKE]Woolwich[/STRIKE] errr Barclay's branch and make a 'Capital Repayment'....its not big amounts...but every penny counts as I aim to get myself Mortgage Free (again) and plan for a more secure future.

wisewoman

Well done, Groatie...it is a wonderful feeling, isn't it? Enjoy. X

freebird65

Congrats GroatieQueen!!!! Enjoy the moment!

:-)

catshark88

Well done Groatie Queen, that is fantastic news!

We have a Woolwich offset and (being a bit sad!), I really enjoy getting the monthly statement and seeing how much interest we have saved that month and overall. It helps keep us going when cash gets tight.

I see our mortgage balance online each day and try to round it down daily if I can. This may be just rounding to the nearest £5 by the end of the month but it is lovely to see the numbers fall.

How do they justify it taking 3 days for funds to clear from a Barclays current account to a Woolwich mortgage though??!!

esthomizzy

Well done Groatie Queen. Absolutely fantastic

Kaz2904

Well done groatie queen! I bet it's a fantastic feeling.
I am feeling grot today as I have a cold and had an aargh moment earlier when I realised that DS has hand, foot and mouth. We are going to a wedding on Saturday and he's a page boy so I hope his blisters don't burst.
I think the kids must have been in contact with someone who has the chicken pox virus because DD has a coldsore too. Hers is clearing up with aciclovir cream but nothing we can do for DS. Poor thing he hasn't eaten well for days and kept saying his mouth was sore.
Ah well, ttfn, Kaz.

minimoocow

Well done to Groatie Queen :T :T :T

That is fantastic news - you must be really pleased. I think the first months payment that would have been should be spend friviously on champayne (you can be sensible after that if you wish!!!)

Sazzacat - hope the cat recovers - my cat was also attacked by something (probably a dog but don't know) and didn't come home as you might have read on this thread a week or so ago so I completely sympathise with you - it is horrible not knowing where they are. Sounds like your cat is doing well - give him a hug from us!!!

MMC