Mortgage Free in Three Yrs

TallGirl

I agree that sounds lovely and living by the sea is great although I can't actually see it from my house.

Just been updating the chart and it is looking good. I think we will collectively be on target by the time everyone has sent in their updates. I have set the deadline for updates to 17th April to make sure everyone has a chance to get theirs in hope that is OK? Really we just need the balance as of 31st March - end of year 1 so send yours anytime you like.

angelavdavis

I don't know if anyone saw "it pays to watch" tonight. I remember the couple featured in the clip about having savings but still paying their mortgage because it was actually a fundamental lifechanging clip for me..... it was the point I realised that my personal experience of banks was completely accurate - banks could no longer be trusted:D

Watching tonight it was good to see that the family involved really benefitted from Martin's advice. I hope the hard-working chappy enjoys driving his jag now he can afford one having paid off his mortgage - Good for him!;)

benbenandme

I made this quarters overpayment today of £854 :beer: I will call up on monday and get an up-to-date balance and then pm you Tallgirl If I can keep going as I am at the moment I should hopefully meet my mfit target of reducing my mortgage down to £50k by June 2009 instead of April 2010 when the challenge finishes This would be great for me as my fixed rate deal runs out in June 2009 so that would be a great time to meet the target as I can then hopefully shop around for a new good deal

heckmondwike06

TallGirl,

# 62 heckmondwike06 reporting

I've now reduced my £71k mortgage to £38.6k and hopefully should pay it off in next 5 months by end of August. This forum is a great source of motivation and inspirations from great like-minded individuals.

Keep going everyone just think how much you can save in interest payments!

My 2-year Halifax mortgage deal ends on 30th April @ 4.99% so they've told me that they'd be raising interest rates to a whopping 7.25%. The best re-mortgage deal with no overpayment ties comes at 6.99% with £250 arrangement fee. I don't think it's worth the hassle of switching as I'm confident to pay it off in next 5 months but, I would be interested in your pearls of wisdom.

Please let me know your thoughts - thanks in advance for your advice and support.

setmefree2

WOW....well done:T:T:T:T:T

molit

Just got off the phone from canceling with goldfish, and was offered 4.99% on balance transfers for 36 months - is there any way you could use this heckmondwike - e.g. open up a goldfish credit card through quidco for £41, keep it for a fewm months, try to cancel it to get a similar offer, then stooze your money across?

PS well done - what are you planning on spending the money on that you have saved? I have a nice sports car waiting for me when mine has gone....

heckmondwike06

molit wrote: »

Just got off the phone from canceling with goldfish, and was offered 4.99% on balance transfers for 36 months - is there any way you could use this heckmondwike - e.g. open up a goldfish credit card through quidco for £41, keep it for a fewm months, try to cancel it to get a similar offer, then stooze your money across?

PS well done - what are you planning on spending the money on that you have saved? I have a nice sports car waiting for me when mine has gone....

I intend to save up £100k to put down a deposit on a large house plus I should be able to rent my mortgage free property and hopefully generate an additional income stream.

Thanks for the tips with Goldfish. How do I do stoozing? You're suggesting that I borrow money from Goldfish to pay off my mortgage. I'm sure there's a 3% balance transfer fee which wipes off any savings so I guess it's not worth it unless I can find a 0% credit card for 6 or 12 months then stooze?

Has anyone done this type of thing before?

Desperate_Housewife_2-2

heckmondwike06 wrote: »

I intend to save up £100k to put down a deposit on a large house plus I should be able to rent my mortgage free property and hopefully generate an additional income stream.

Thanks for the tips with Goldfish. How do I do stoozing? You're suggesting that I borrow money from Goldfish to pay off my mortgage. I'm sure there's a 3% balance transfer fee which wipes off any savings so I guess it's not worth it unless I can find a 0% credit card for 6 or 12 months then stooze?

Has anyone done this type of thing before?

I was just going to post about my stoozepot!

Yes, there is a 3% (or 2.5%) balance transfer fee for stoozing but its better than paying 5-6.5% on mortgage interest fees.

I have a stoozepot in my virginone account and I am now in credit by around £11k so they will be paying me interest this month.

I opened up credit cards with quidco and bagged the introductory fee, benefit from not paying interest to the bank and also benefit from them paying me interest. Yes, it is not going to make me a millionaire but I am pushing myself to the limit to pay off this mortgage and ever single thing helps.

One word of warning though, look into it carefully before you start and double check your calculations. You must keep on top of it for it to work. If you are a financial anorak like me who gets a thrill out of checking you bank statement then maybe its for you!

I'm just waiting for my statement and then I'll pm TG with figures for April. It won't be much less than what I owe now as I have factored in all the BT fees up front but the good news is that my interest payments will be minimal for a year.

Stoozing seems to be harder than it used to be, probably due to the credit crunch so I reckon it will only be a matter of time before they pull deals. Good luck everyone, looking forward to seeing the update!

molit

Just one more thing to add - goldfish were not going to charge me a balance transfer fee as I have a good credit record, but think this is unusual. One thing you can do - doesnt make much, but pennies make pounds, is if you shop in sainsburys, their new credit card gives you 0% on purchases at their store and petrol station for a year - what you can do (and what I intend to do when I get another job) is to put all food on the cc for the year, open up a regular saver, and put my food budget into that for the year. This should give me returns in a couple of areas:
nectar points - immediately another 1% on spends instore, and on petrol
8% (6% after tax) ish on my shopping bill from my regular saver, plus the 1% on the nectar points.

angelavdavis

Hi Molit,

I do a similar thing - shop at Tesco, using my cash-back credit card, get my Clubcard points + cashback. I just have to ensure I clear the balance at the end of the month.