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Mortgage Free in Three Yrs

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  • This lead me to wonder what everyone else's "minimum victory" levels were?

    Personally, any overpayment we make, which will lead to an increase of finance security in the following years; whilst not affecting our current standard of living is a victory 4 us.

    We already feel like we have 'won'; we ve learnt sooo much about ourselves and come sooo far that it would be a shame to feel we couldnt meet our expetations; ....
    Proud To Be Dealing With My Debts - 1420 Days To Go!
    LBM: £103,592.98 / Currently £78,500.08 - Down 24.22% / Mortgage: £92,800.00 / Loan: £17,284.21 / Overdraft: £450.09 / C/Card 0%(October 08): £5,601.54 / C/Card 0% (January 09): £1075.22 / Child Care: £137.80
    Share Investments: £51,390.74 / Money Owed From GS: £5,812.61
  • TallGirl
    TallGirl Posts: 6,226 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Don't be down DD you are doing really well, we are only one month in so lets not look at min levels yet.
    I agree with TYAE we have won already by just thinking about it and doing something about it
    Save £12k in 25 No 49
    PB Win 21 £225, 22 £275, 23 £900, 24 £750 Balance Dec 25 £32.7K  
    Plan to move to Denmark for FIRE by Autumn 2025 “May your decisions reflect your hopes not your fears”
    New diary aiming for fire https://forums.moneysavingexpert.com/discussion/6414795/mortgage-free-now-aiming-for-fire#latest

  • togashi42
    togashi42 Posts: 11 Forumite
    OK, I'm quite new to MSE and just saw this thread for the first time...

    Until 1st May our Mortgage was £102,000 (House value currently around £200K)
    In March we decided to remortgage again as our discount was due to end at the end of April.
    Here's where we are:

    New mortgage £97,500
    [EDIT] reduced mortgage term from 21 to 20yrs [EDIT]

    >Put £50k into Barclays offset savings account, and switched my wages payment to Barclays offset current account.

    >I have Egg, Mint and MBNA credit cards I used to credit switch: All Empty!

    >We have 2 allotments since last year and we only spent around £100 on fruit & veg last year!

    >My partner gardens for a local butcher and we exchange gardening for meat.

    >We swap all our non-composted veg peelings for free-range eggs!

    So, is my best option to use the mortgage offset to reduce the interest I pay or to shorten the life of my mortgage?

    Are there other options to save money I can plough into the mortgage?
    We don't smoke.
    We make our own drink.
    I ride a motorbike to work not drive or train.
    I tried the council tax thing but it has no relevance to my situation.
    I haven't paid bank charges for a few years.

    Every household bill is on direct debit and paperless billing where possible.

    Ideas?
    £££££££££££££££££££££££££££££

    Mortgage 1st June 2007: £98,028
    Current Mortgage: ££97,095.11

    Loans: £0
    Credit Cards £0
    Offset Savings £51,198.50

    ££££££££££££££££££££££££££££££

    www.selwg.org
    My Blog!
    Games Blog!
  • TallGirl
    TallGirl Posts: 6,226 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Hi Toga
    Welcome on board soundsl like you are doing really well. I am no expert on savings and mortgages but to earn a few extra pennies have a look at Pigsback and Quidco (sorry if you alredy know about them)

    Pigsback you have to click on various things to earn points but there is a good thread on it on the Freebies board. You can buy stuff or take out email subscriptionsto earn more points and cancel them once you have had the points. It takes a bit of time but if you look in my signature you can see how much we have got.

    Also Quidco for anything you buy online. You can get up to £125 cashback for buying car insurance. Again look on the refers board and there is lots on it. I use it for hotels for work as Laterooms are on it and I use that a lot.

    I really admire your gardening skills, I have just got my first raised bad 3ft by 6ft and have enough to keep me and DH going for a while now. Absolutely love it and it tastes so much better.

    PM me if you want the links as I dont think I'm allowed to put them on here.

    Cant think of anything else maybe someone else will come along with more advice soon.
    Save £12k in 25 No 49
    PB Win 21 £225, 22 £275, 23 £900, 24 £750 Balance Dec 25 £32.7K  
    Plan to move to Denmark for FIRE by Autumn 2025 “May your decisions reflect your hopes not your fears”
    New diary aiming for fire https://forums.moneysavingexpert.com/discussion/6414795/mortgage-free-now-aiming-for-fire#latest

  • togashi42
    togashi42 Posts: 11 Forumite
    Thanks TallGirl,

    I'm pretty new to the whole super savings thing, but since we started the food thing, we are on the lookout for anything....

    We just ordered all our kitchen appliances online and managed to get the prices down to below what I can buy them for wholesale at work! PLUS, the strangest thing: Our favourite chemist ;) turns out to sell kitchen appliances online so we just netted 1500 points on our store card! AND they are all A energy rated! PLUS we now get around £150 to spend in the stores...Equivalent to discount on the appliances, no?

    The fresh food thing is great and the taste is to die for. Next thing is to build a heat sink in the greenhouse, like !!!!!! Strawbridge on "Not Easy Being Green" as we have been offered some bricks from an old storage heater for free!

    Anyway, we are seeking new ways to save/make money over and above getting a 2nd job, or selling plants at boot fairs/markets because we already do that as well....

    Feel free to pm me with any websites you think may help. I have not used Quidco or Pigsback so I will look those up.

    Thanks!
    £££££££££££££££££££££££££££££

    Mortgage 1st June 2007: £98,028
    Current Mortgage: ££97,095.11

    Loans: £0
    Credit Cards £0
    Offset Savings £51,198.50

    ££££££££££££££££££££££££££££££

    www.selwg.org
    My Blog!
    Games Blog!
  • TallGirl
    TallGirl Posts: 6,226 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I have sent you a PM and been the first to thank you Toga
    Save £12k in 25 No 49
    PB Win 21 £225, 22 £275, 23 £900, 24 £750 Balance Dec 25 £32.7K  
    Plan to move to Denmark for FIRE by Autumn 2025 “May your decisions reflect your hopes not your fears”
    New diary aiming for fire https://forums.moneysavingexpert.com/discussion/6414795/mortgage-free-now-aiming-for-fire#latest

  • Dithering_Dad
    Dithering_Dad Posts: 4,554 Forumite
    Mortgage-free Glee!
    TallGirl wrote: »
    Don't be down DD you are doing really well, we are only one month in so lets not look at min levels yet.
    I agree with TYAE we have won already by just thinking about it and doing something about it

    Thanks TG, and I know I shouldn't be down, but I just can't get over the fact that the Premiership heads don't help our teams in Europe by giving them rest periods before and after the game. After a tough game at the weekend, coming back from 2-0 down and then having to play in Milan widweek and then a tough game this weekend against City. How are we expected to cope?

    I just feel I need a good cry to get this out of my system. *sniff* :cry:
    Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
    [strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!! :)
    ● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
    ● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
    Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
  • TallGirl
    TallGirl Posts: 6,226 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Aww DD I can see your point. However as a Pompey Supporter if we even got into Europe I would be over the moon. I suppose Man U they just can't win it all but as a fan it must be frustrating. My DH always say how lazy the footballers are they hardly have to do any work for those big wages, I guess it depends what team you play for.

    Have a good cry nearly the end of the footie season.......
    Save £12k in 25 No 49
    PB Win 21 £225, 22 £275, 23 £900, 24 £750 Balance Dec 25 £32.7K  
    Plan to move to Denmark for FIRE by Autumn 2025 “May your decisions reflect your hopes not your fears”
    New diary aiming for fire https://forums.moneysavingexpert.com/discussion/6414795/mortgage-free-now-aiming-for-fire#latest

  • katylittlelady
    katylittlelady Posts: 536 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Hi There! Just came across your forum today and was hoping to join! Really hoping to pay off our mrtgage early (£79,000 presently) but before that we are making overpayments to allow us to go away for a few months for our honeymoon next year and also saving for our wedding! Am determined to do all this without having to borrow money, still doing it in style and then start paying off the mortgage when we get back! I know we have more than one thing going on but I guess its always good to have something to aim for! Would appreciate any advice and tosee how everyone else is getting on!

    Thanks, Katy
    Thank you to all posters:beer:
  • cupid_s
    cupid_s Posts: 2,008 Forumite
    As I'm clearly suffering from a deep depression due to the football and am now wallowing in misery, I've begun to speculate that perhaps I won't meet my 3yr target. To try and gee myself up I have decided to try drinking from a "half-full" glass and consider what would be a really good achievement regarding my mortgage paying challenge.

    I reckon that if I pay off all of my Interest Only portion a good decade early (with no more fears of a shortfall) and pay off the bits on my new extension/kitchen that were not strictly building work related (such as the american style fridge and range cooker, etc) and so shouldn't really have been added to the mortgage :o. I will be really, really chuffed.

    This lead me to wonder what everyone else's "minimum victory" levels were?

    We believe you can do it (cheerleaders where are you?)

    Initially my goal was 4 years but you spurred me on to try to do it in less time and I don't mind if I overrun slightly for one reason or another. Especially with all the spending I have planned for when I graduate! Whatever happens this group has encouraged me to make more effort and even the small changes will make a difference to the mortgage free date.

    I just earned £31.25 over my (very extended :o ) lunch break. So that's coming off the mortgage (every little helps eh?)

    Katy, I think it's great that you're getting married and not getting into any debt. Starting married life in loads of debt is definately not a good idea, and weddings don't have to cost an absolute fortune even having everything you want. Good luck with it and nice to have you on board.

    Togashi :wave: - . I'm envious of all you do! We too have started growing 'stuff' but only really small amounts and we don't get to eat anything of it really (the lizards and associated bugs get it first!) I have put my name on the waiting list for an allotment near me but I've gotta wait for two people to move or die before I get one.

    I'm also looking forward to renewing my house insurance and getting cashback via quidco. I'm not so thrilled about the anticipated price hike due to having made two claims this year.

    Also I owe my uni £470 on expenses from a while ago. I'm leaving it as long as possible to get the most interest! I'm so naughty (but better than my friend who suggested we keep it and no one will ever know :eek: )
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