Mortgage Free in Three Yrs

Superfast_Gran

Made this month's £100.91 overpayment this morning - yeay! Keeping on keeping on!

Dithering_Dad

Welcome to sheslookinhot, good luck with paying off you mortgage!

Hi karenf, could you PM me or post in here to let me know what you'd like your mortgage balance to be at the end of the challenge, then I'll add you to the list.

As a small update, after being decimated by tax payments and motorbike purchases, I'm now 'back on the waggon' and have moved £3600 into my offset account. I'll update my signature accordingly once I figure out why I can only have 3 lines??

Trying_to_be_good

Hooray! Another 0.25 percentage point rate cut! More for the overpayment fund!

Trying_to_be_good

Dithering Dad - there are new rules on sigs as apparently the long ones were putting people off. As soon as you try and update, it will limit you to the new number of lines. Grrr.

heckmondwike06

Hi Tall Girl & Dithering Dad,

A quick update to report on paying off mortgage challenge...

After making payments to HMRC (tax return) and VAT payments, I've managed to pay off £20,400 against the outstanding mortgage which now leaves me with £39,000 approx. I was planning to make the overpayment in cash over the counter but then backed out of the idea when I thought about transporting large amount to the bank.

I guess cheque will take another few days to clear, adding more daily interest to the account but at least it's the safest way to pay.

I'd be interested in your experiences of paying off large amount - do you normally pay in in cash or cheque method? Halifax's mortgage department takes it times to send you an updated statement following an overpayment. Do banks deliberately take their time when you make the overpayment?

On a more serious note, after a US trader decides to be the first man in the world to buy crude oil at $100 a barrell and all UK petrol stations pushed the prices well in excess of £1.03 per litre. Now that crude oil price is around $90 mark why don't petrol stations drop their price to reflect the low market price of crude oil?

setmefree2

Well done :j:j:j:j:j:j:T:T:T:T:T

farhad1965

Trying_to_be_good wrote: »

Hooray! Another 0.25 percentage point rate cut! More for the overpayment fund!

Yes - and I am going to be paying £91/month less interest, which means it can go towards reducing the balance.:money:

setmefree2

Hi Farhad,

When I saw how much you were going to save in a month I thought you'd put the point in the wrong place - then I looked at your signature.....boy that is a big one:eek::D Good luck

Kaz2904

I've hit my savings a bit this month as we've bought a new car. She's a toyota Lucida and is fab. We paid £1550 for her and need to spend a bit more to bling her up but that will be done over a little while. The best bit about it is that she runs on veggie oil!
I'm hoping that she'll save us a fortune in motoring costs over time but time will tell. We just need to sell our Focus now.
We've also booked our holiday at a cost of £130 for 2 weeks in France in August. Bargain!
No extra overpayments this month but we pay our last window payment in March so the overpayment will go up as of April.

SFG, I'm sorry you're having a crummy time at the moment, lets hope it improves soon for you.
TTFN all, Kaz.

Trying_to_be_good

I've now managed to find the new max of £3,600 ready to stash in a cash ISA in April, so my balance will drop by an extra bit then. I have a regular saver account for £250 per month which makes up the old limit of £3,000 per year, but I've had to juggle a bit to find the other £600. I wonder if the monthly limit on the regular saver account will increase to £300, or whether the banks and building societies don't make the link to saving to transfer to an ISA?

I put the ISA balance below into a 2-year fixed rate ISA with Nationwide, so need to put next year's into an easy access one. Whilst trying to stop all these accounts being too confusing to keep track of! Nationwide are still advertising the 2-year ISA at 6.15% on the website, but you need to apply in branch (in case anyone else is thinking of switching from a falling variable rate). This mightn't be the tip top rate, though, it's just convenient money saving for me!

Happy weekend, everyone!