Mortgage Free in Three Yrs

Dithering_Dad

I own 60% of my house! Yayy!

I just hope that if there is a housing crash, my monthly overpayments keep pace with the monthly falls in value!

Trying_to_be_good

Dithering_Dad wrote: »

I own 60% of my house! Yayy!

I just hope that if there is a housing crash, my monthly overpayments keep pace with the monthly falls in value!

Indeed - I used a conservative estimate of the house value to hope I don't get too confident!

angelavdavis

69% mine! :T

taka

Ohhhh... mine vs banks (based on what an identical flat sold for about 1.5yrs ago - prices are thankfully still rising round here albeit very slowly instead of dropping) is... 68.7% mine :jvs 31.3% the banks

If I go by mortgage paid off vs mortgage taken out its way too depressing... 11.9% mine vs 88.1% the banks :eek:

Moneygoes2money

Kaz2904 wrote: »

Well it is sensible to still use the ISA allowance- use it or lose it as they say!
If you can't afford to do both then that's the next best way of going about it isn't it. Once you are fully offset you can then look at slowly transferring your ISA's out elsewhere so that eventually you have full use of ISA and no mortgage at all.
I think this is probably what we will do when we come to remortgage. For the time being we will shove everything possible into ISA's each year and anything over we will put to the mortgage or a higher rate savings account.
I still don't fully understand whether we are going about things the best way but I am doing the best I can. It's better than I was doing 3 years ago so I'm slowly improving! Go for it!

Hi Kaz2904

If the mortgage rate is higher than the net (after tax) savings rate then best pay off mortgage.

Desperate_Housewife_2-2

Move_To_Portugal wrote: »

Hi cat

Mortgage outstanding divided by value of property x 100 = % owned by bank.

hth

mtp

oooh! I've just done your calculation and it turns out that the bank only owns 9.8%!

FreedomGirl

Hi,

I've just gone to check the balance and we are under 10K (see updated sig) !!

The bank currently owns 4.4% of the house (the loo?)

Now all I need to do is get a job before my savings run out (and the OH becomes unemployed)!

FG

Kaz2904

Moneygoes2money wrote: »

Hi Kaz2904

If the mortgage rate is higher than the net (after tax) savings rate then best pay off mortgage.

But you don't pay tax on ISAs which is why you have to use your allowance or lose it.

Trying_to_be_good

FreedomGirl

I love the idea that the bank only owns the loo!

AnW'sMum

Trying_to_be_good wrote: »

FreedomGirl

I love the idea that the bank only owns the loo!

And the best analogy has to be flushing them down the toilet once you make your last payment :rotfl: