Mortgage Free in Three Yrs

Moneygoes2money

Dithering_Dad wrote: »

Sorry MG2M, I'm stumped. I went into my options and unticked the three boxes then had a look at TG's post. I couldn't see the bitmap anymore, but I could see a photobucket URL (web page) link to it. If you can't see the URL, then maybe there is an option to be able to view web links that you need to tick? (I had a poke about and couldn't find anything).

Thanks DD

I'm at work and I'm guessing my employer has blocked the photobucket website so I'll have to wait until I get home. Thanks for your help though.

MG2M

tattycath

Hi everyone. Unfortunately I won't be able to update this month, I'll send the update as soon as I can and hopefully it will be added to the other updates (please). Thanks in anticipation.

TallGirl

Glad you all liked the chart and sorry to those who cannot see it. I am happy to email it just PM me your email address.

Thanks

hughmungas1986

Just renewed the breakdown cover on the car and saved £ 28.

My renewal arrived last week and surprise surprise it had gone up. So I went on to the AA website and found that as a new member for the same cover I had was £ 28 cheaper, so I rang them up and they priced matched it to the website. Not a lot really but beeter in my pocket than than the AA's.

Also managed to get my car insurance cheaper by shopping around, so saved nearly £ 100 on the insurance and the breakdown cover, more for the overpayment pot.

hughmungas

firesidemaid

also, take a look at autoaid for car breakdown cover - there is a whole article on the main site in the motoring section - £37 for a year all in x

Kaz2904

Right then, I finally got my mortgage statement today. I found out that I actually owe £272.93 LESS than my snowball made it- just the foibles of the interest calculator yay! So I'm off to update my signature AGAIN!
I'm so chuffed. Hehe!

TheBees

Hello from TheBees

Thank you for the latest chart. Although we haven't paid any more money off the mortgage for several months, we are saving into a separate acount and plan to pay off another lump sum fairly soon.

Can anyone tell us which is best to do? If we have a fixed rate, interest only mortgage is it better to make overpayments each month or put the overpayment money into a separate account as we are doing now and making capital repayments whenever we have £1000 or more to reduce our monthly payments? We can make overpayments of 10% of the capital outstanding each year.

Interested to hear your views.
TheBees

Jonesy_Bonesy

I'm on a fixed rate interest only myself. Fixed at 4.46% until Nov 2010 so I am currently saving all my "overpayments" into a savings account in Mrs Bonesy's name at 6.5% interest as she is a non-tax payer. I can't do the sums but have been assured this is the better option for my circumstances.

ailuro2

If you can get a better rate of interest elsewhere then yes, it's better.
What you must do though, is THINK of that savings money as a kind of deferred mortgage payment and not be tempted to spend it on a holiday etc. when the pot gets big.

IT is swings and orundabouts, go to whichever avenue offers more interest.:D

Jonesy_Bonesy

ailuro2 wrote: »

If you can get a better rate of interest elsewhere then yes, it's better.
What you must do though, is THINK of that savings money as a kind of deferred mortgage payment and not be tempted to spend it on a holiday etc. when the pot gets big.

IT is swings and orundabouts, go to whichever avenue offers more interest.:D

Absolutely great advice. I have mine in completely seperate accounts and the "mortgage" savings account will not be touched until the end of the fixed rate deal, and then the whole lot will be piled in.


On a side note, based on my performance so far I am changing my target for this challenge. Initially I thought it would be very challenging yet achievable to get my mortgage down from £95000 to £20000. I cannot belive how painless it has been to tighten up my spending / wasting of money. My new target is to have the full £95000 saved up and ready to pay off as soon as the fixed period ends in Nov 2010