Mortgage Free in Three Yrs

shazzany

I started this challenge with a similar amount to you Tallgirl but unlike you think i may come short of paying it all off within the 3 years. Am very jealous!

This is partly because my other half's business has been badly affected by the summer floods and more flooding in January but the other ( much nicer!) reason is that I am 20 weeks pregnant and my income will go down dramatically once maternity pay takes over in a few months.

still dithering about whether or not go back to work afterwards too . If I don't we will be seriously skint so will have no chance of paying off the :j mortgage by 2010 but would be worth it!

ailuro2

Shazzanny- inagine having the mortgage paid off before the little one starts school, and the ability to only work during school hours because you don't need the extra money

It depends on whether you have childcare available to let you work part-time after the little one arrives.

Hope you enjoy your 20 week scan, if you haven't had it already.:D

Trying_to_be_good

Just received my interest rate change notification from Woolwich (on a lifetime tracker), and yet again the 'Amount of outstanding borrowing' doesn't take into account my overpayments, so I'll be on the phone to them AGAIN. I don't know why their computer system that sends the rate notifications doesn't reflect the balance that they see when you call them.

But at least the rate is coming down, and so is the standard monthly payment with the extra I'm paying off :-) So. as my actual monthly payment is staying the same, more capital being paid off every month.

CFC

Ah well, here's my update....been a long time since I updated! Just received my mortgage statement and last April I owed

£68526

it's down to

£66,223

Now my challenge was to reduce it by £10,000.

So £2303 down and £7697 to go. I'm going to need to up the ante this year t stay on track.

OverlandLandy

Trying_to_be_good wrote: »

Just received my interest rate change notification from Woolwich (on a lifetime tracker), and yet again the 'Amount of outstanding borrowing' doesn't take into account my overpayment's, so I'll be on the phone to them AGAIN. I don't know why their computer system that sends the rate notifications doesn't reflect the balance that they see when you call them.

But at least the rate is coming down, and so is the standard monthly payment with the extra I'm paying off :-) So. as my actual monthly payment is staying the same, more capital being paid off every month.

They are a total PAIN IN THE Ar53 to deal with!

I never get notification of rate changes.

I went in to my old Woolwich (Now Barclay's) branch to make a 'part redemption payment....and they told me the only way to do this under the 'new computer system' was to write a bankers cheque from my account and they would post it for me!

This sound totally archaic in this modern age- but having phoned the Help(less) line for assistance - they advised me that I could not service my mortgage from my on-line account, nor could I ask the call centre to make a capital repayment....The only option was to go to my branch as a 'personal cheque' could not be used for a part redemption......What on earth is this crowd up to? Do they just make it up as they go along?

The left hand is not even aware that there might be a right hand!!!

Trying_to_be_good

OverlandLandy wrote: »

I went in to my old Woolwich (Now Barclay's) branch to make a 'part redemption payment....and they told me the only way to do this under the 'new computer system' was to write a bankers cheque from my account and they would post it for me!

This sound totally archaic in this modern age- but having phoned the Help(less) line for assistance - they advised me that I could not service my mortgage from my on-line account, nor could I ask the call centre to make a capital repayment....The only option was to go to my branch as a 'personal cheque' could not be used for a part redemption......What on earth is this crowd up to? Do they just make it up as they go along?

I manage to make overpayments online (and my standing order) - to account 2388xx (sort code) xxxxxxxx (account number) with the last two digits of the sort code and eight digits of the account number being my 10-digit mortgage number (which I also use as a 10-digit reference number). Might be worth a go (my current account isn't with Barclays, and it does take a few days to clear, but seems to get there each time).

catshark88

Overland lady, I empathise with you. I have an offset mortgage with them and if Barclay's does not drive me to murder or drink, I will be surprised!

I can service my mortgage online but never get notification of rate changes or indeed anything useful from telephone banking. When I go to a branch, they have no idea about mortgage products and keep trying to get me to see any advisor as my savings are not getting interest paid (cos they are offsetting). Am getting irate even thinking about them!

OverlandLandy

catshark88 wrote: »

Overland lady, I empathise with you. I have an offset mortgage with them and if Barclay's does not drive me to murder or drink, I will be surprised!

I can service my mortgage online but never get notification of rate changes or indeed anything useful from telephone banking. When I go to a branch, they have no idea about mortgage products and keep trying to get me to see any advisor as my savings are not getting interest paid (cos they are offsetting). Am getting irate even thinking about them!

Thanks Tryingtobegood & catshark88.

I thought it was just me!

It appears that I can make a payment on-line ....but NOT a part redemption/capital repayment!!!:mad:

Also they have changed their rules apparently, but have been unable to prove it to me, and you can only make a part redemption if you pay more than £500....oh and its not allowed to be in cash!!!!:wall:

OMG!- how can they make the profits that they do?

At least I know I'm safe with them - as I'm sure my bank manager will lock his door at night and put my shoe box full of money under his bed all safe and secure:rolleyes:

Trying_to_be_good

OverlandLandy wrote: »

Thanks Tryingtobegood & catshark88.
It appears that I can make a payment on-line ....but NOT a part redemption/capital repayment!!!:mad:

Also they have changed their rules apparently, but have been unable to prove it to me, and you can only make a part redemption if you pay more than £500....oh and its not allowed to be in cash!!!!:wall:

I made an on-line additional payment of £420 on 10 Jan, and it hasn't been returned to my bank. I'll phone Woolwich when I have half-an-hour to wait on hold and check it's been applied to the account. I'll be particularly annoyed if they've changed the rules, especially if they've not told us!:mad: Not sure they're allowed to do that...

OverlandLandy

Trying_to_be_good wrote: »

I made an on-line additional payment of £420 on 10 Jan, and it hasn't been returned to my bank. I'll phone Woolwich when I have half-an-hour to wait on hold and check it's been applied to the account. I'll be particularly annoyed if they've changed the rules, especially if they've not told us!:mad: Not sure they're allowed to do that...

Good Luck....2 months on....several phone calls.....still no 'evidence' of this from them...but they assure me I agreed to it....but its NOT in my mortgage T&C's! nor in the updated info from Barclays...

If you really want to cause them confusion - ask when your payment will actually be applied - then ask about your offset - and the fact that it should be calculated on the outstanding balance on a daily basis.....

I'm also waiting on them to clarify their 'its complicated' and 'not straight forward' comments during my last hour long phone call.....about 'loss off offset' due to them taking the money from my current account but it taking 8 days to reach my mortgage! All because of their silly systems!!!


On the PLUS side I have paid off some of the mortgage & I have developed my 'chocolate fountain' strategy........ On the same day each month I look @ my current account - anything over a set level is then transferred to my 'offset/savings' pot.....from there if it again is more than my 'set level' I pay it into my Mortgage as a part redemption (as long as its over the £500!).

This method stops me beign tempted by my savings ....but also allows me to pay the bills, and to have a backup fund should I require it (and as its offset - its free from tax and accessible!).

It works for me.