Mortgage Free in Three Yrs

Moneygoes2money

Just wanted to say a big "thank you" to the Bank of England Monetary Policy Committee for reducing their base rate yesterday, which means my lifetime tracker rate is going to reduce so we have decided to reduce our mortgage term by one year and keep the monthly payment roughly the same. Well done everyone, keep up the good work and looking forward to TG's update.

FreedomGirl

Hi Desperate Housewife,

(Yes, am female and married )

Thanks for the advice. As we've "only" got 10K to raise I'm guessing it should be doable, but really do understand about the need to be careful, as especially as I've just been stung for a month's interest payment on my Halifax slow stooz (about 35 quid) because I missed it by one day DD now set up for minimum payment.

FG

Desperate_Housewife_2-2

Hi freedom girl,

I would say go for it then, sorry to have emphasised the need to be careful but i read a post a while back from someone on the stooze board who was slagging off stoozing and saying he got stung for charges. Its not for everyone.

I am doing ok out of it even though you only have £10k its still worth it and probably easier than if you owed 100s of thousands as you are likely to get £10k in stoozemoney. I have a pot of around £35k with 5 different cards, I have to pay back capital one around £12k next month so it will come down a lot but I'm in credit so at least I'm not paying interest. Good luck!

Desperate_Housewife_2-2

allyjb wrote: »

Has anyone any experience of using 0% on cards to offset on mortgage for the 12 month period? Is this worthwhile at all?

Got a clean credit file, with no debt at all other than our mortgage and on reading this thread started me thinking that offsetting 10k or so from a card, may make a difference of c. £650 over the course of a year...better in my pocket than theirs. Assuming £300 transfer fee mind you this nets to £350. Or am I misunderstanding how this would work?

Hi allyjb,

if you observe all the caveats then I would say go for it, as stated above, its worked ok for me. It needs looking into and keeping on top of in order to avoid charges but I have found it invaluable in m y mortgage free quest. Good luck!

Desperate_Housewife_2-2

Just another quick note to everyone in general, I got my home insurance quote renewal through this morning and decided to see if I could get a better quote, rang up the company and the retentions dept discounted me £233!!! yippee! Amazing what those darling retention people can do when you say you are typing your details into moneysupermaket.com!

angelavdavis

Good for you DH!!!

Desperate_Housewife_2-2

thanks ang

lunasaver

Hello everyone

Well I've been chucking all and sundry at the mortgage lately in a desperate bid to get under 40k, those pesky interest charges keep biting me on the bum!!

But today looked on my online account and it's £39,990.46:j after another £180 overpayment.

Better pm Tall Girl double quick! I just wish I had found this site before I had my daughter I could have really made some in roads! Never mind better late than never.

I recently changed my term to 10 yrs, which is just do-able as long as I make my bits and bobs from ebay etc to keep us in toast and jam. ( cost a £10 fee but psychologically v rewarding)

Keep going all!

LS

gallygirl

lunasaver wrote: »

Hello everyone

But today looked on my online account and it's £39,990.46:j after another £180 overpayment.

I recently changed my term to 10 yrs, which is just do-able as long as I make my bits and bobs from ebay etc to keep us in toast and jam.
LS

Well done - sub 40k must be a great feeling (will let you know in December , although that is worse case scenario ).

As for toast & jam for 10 years - you're going for the luxury option then

sparklymessygirl

Morning all,

I am happy to report that I now have only £1,522.73 outstanding on the mortgage and I am really hoping to have it paid off in the next couple of months as I managed to come back from holiday with some savings! (I know - I am gobsmacked !) I had saved for a year (flight to Australia was over £900) and with spending three weeks away don't seem to have spent much from my normal bank account. I am obsessed to pay it off before I leave this birthday year (as it is a year with a 0 in it) - for some reason this has now become important (mid life crisis point??)

Well done everyone for their huge achievements - looking forward to seeing the chart and I've PM'd Tall Girl.

Sparkly