Mortgage Free in Three Yrs

Dithering_Dad

I got the "Millionaire next door" from the Library for free. It's a bit US-centric but many of the ideas transfer over the pond. I need to order the other books recommended here once I am home long enough to visit the library again!

JIMBOBC

I am in the process of reducing my mortgage from £118,100 to £65399 and moving it to First Direct. I had £160k debt 2 years ago so reduced it by £97k. Am very pleased.:j

setmefree2

Well done JimBobC:T:T:T:T:T

angelavdavis

JIMBOBC wrote: »

I am in the process of reducing my mortgage from £118,100 to £65399 and moving it to First Direct. I had £160k debt 2 years ago so reduced it by £97k. Am very pleased.:j

Excellent news - well done! Care to share your tips with us?

JIMBOBC

I guess for me its been lots of little things. We do get paid well and I used to get travel expenses for extensive travelling hence had low cost of living so thaat obviously helps but my best tip is really that every little thing counts. Other things I have done:
1. When GE Money paid 3% and Capital one 4% cash back I paid for things on my GE card and then settled the balance on Capital 1 probably made over £1k on that. Paid student loan off with CC so saved 4% with cashback.
2. Regularly paid £500 extra onto mortgage. Everytime we over paid £500 the term got reduced. Think we reduced it from 25 to 19 in 2 years. New term with FD is 15 years.
3. Borrowed superbalance transfre £12k at 0% and earnt some money.
4. About £600 cashback through quidco etc used on my mortgage over a year
5. Didn’t buy anything couldn’t afford to pay back in next month
6. Always shopped around for everything. I used Web and Walk on T-Mobile to search best prices before I buy in a shop.
7. When you don’t get a good service complain you often get cash back.
8. Sold old stuff on e-bay.
9. Used Hilton Points, Holiday Inn and BA miles for holidays. Apart from food haven’t paid for a holiday in 3 years (earnt whilst travelling with work).
10. Don’t have expensive luxuries like Sky etc but we haven’t gone without either
11. Made maximum use of ISAs

Trying_to_be_good

I'm having a very weird time with my Woolwich mortgage - is anyone else having trouble?

I have a lifetime tracker, and with the last rate change received two 'revised payment notices', stating the balance outstanding as two significantly different (to the tune of about £7k) amounts, dated about a week apart. And then, the icing on the cake, was an arrears notice stating I was behind by about £5,500 on my mortgage payments. Given that I've overpaid by tens of thousands, I knew it was wrong, but it still gave me a sick feeling.

Woolwich have said they don't know what went wrong, but the computer automatically generated stuff. They've apologised, but I'm even less trusting now (and more determined to get it paid off as soon as possible).

Now back to the FA Cup Final...

02skn

I have a Woolwich lifetime tracker but never get any 'revised payment notices'. When i rang them to question why, i was told that the mortgage is reviewed once a year in September. Very strange.

Trying_to_be_good

They told me that in the explanation letter of what went wrong, that it's all sorted out at the annual review (September) when the revised payment notice is sent. At the moment, they seem to think the balance is about £5,000 less than I think it is, so I'm in a moral dilemma about whether to ask for details to check off against what I think I've paid off, or whether to wait for September's annual statement and see if they've included something extra/something twice etc.

hughmungas1986

We also have a Barclays / Woolwich lifetime tracker, the only revised payment notice we've had so far is when we have rung them up to increase our monthly payment's. They sent a letter to confirm the details.

hughmungas

Jonesy_Bonesy

Made a major life decision today. I've applied for voluntary redundancy where I work ( have been there 12 years since leaving uni ). I've worked my way up the ladder to middle management level and am being payed well, but hate the job I am in currently. Up until this point in my life it has always been about the money for me - the more the merrier, but now I am thinking more and more about quality of life, time at home with family, and less stress.

The redundancy does not take effect until the end of 2009, so this would give me another 18 months of good pay to batter the mortgage down, and then I would walk away with a lump sum to totally clear the mortgage and have a bit left over.

My plan then would be to look for another job that I would actually ENJOY doing, and not dread going to work. I will only need the money to cover bills and put food on the table, and should be able to cope on approx half of what I am earning now. As a family we now have a very sensible attitude to money thanks to this site, and appreciate the important things in life.

I will know that whatever happens we will always have a roof over our head and nobody can take that from us. I have worked really hard to get into this position, but am still nervous at the thought of entering the job market and starting fresh somewhere else.

Hope I am doing the right thing.

Bonesy