Mortgage Free in Three Yrs

Bargain_Rzl

I sent my update in yesterday evening. I couldn't do it earlier as I was waiting for an overpayment to clear.

Not much over £47k now. Planning a larger overpayment in the first week of December when my fixed rate expires.

setmefree2

LookAfterThePennies wrote: »

Hi I'm number 92,Just reported in to Tallgirl that my mortgage now stands at £25,018 !!

WOW well Done:T:T:T:T

MoneySavingNovice

Desperate_Housewife wrote: »

Hi moneysavingnovice! good news from the chancellor this morning http://news.bbc.co.uk/1/hi/business/7658417.stm looks like you will get your money out

Thanks for that, Desperate Housewife, that is good news for me.

I am still wondering after this 'scare' if I should adopt risk adverse strategy to my money management, given these uncertain times.

At the moment I am snoozing (0% interest on Credit Cards) and holding ISA savings that actually give (or gave?) a better return than my mortgage costs. My thoughts are now going along the lines that there is still a possibility that I can lose my savings (the governments could be running out of money to cover this) but I guess that the only way to lose my debts (including Mortgage) is to pay this off.

My debts would be very low if a used my savings to pay this off but I would lose the tax advantage of the ISA forever, but I could sleep better at night if this was the case, the other problem would be that I would not have a emergency fund to fall back on.

Does any-one have any views on this?

Desperate_Housewife_2-2

Hi moneysavingnovice, I am in a similar situation to you, I have a little stoozepot in high interest accounts and obviously need quick access to the money to pay the card companies back when the bill comes. Today seems more settled due to the chancellors and pms anouncements and I think they have to act as the whole world order as we know it would collapse. Don't panic Mr. Mainwaring! I think there is a lot of hype in the media, yes, it is an unprecedented global banking crisis but they are working on it and have to sort it out. I personally feel a lot better today and have more confidence. My financial strategy is unchanged, it goes to show that in good times or bad, paying off debt and building up some savings (in whatever form, gold, stuffed under the mattress, banks...) is the best way to go.

So, I'm taking a deep breath....................breathe....................and carry on paying off my mortgage.

Things will improve, we were due for a correction and after we have all felt the pinch it could be our nations finest hour...who knows? Sit tight and wait for the eye of the storm to pass. I think as long as we are well and have 2 arms and 2 legs and can get up in a morning then things are ok, its only money at the end of the day, no-ones died. Keep up the good work everyone

Bargain_Rzl

I couldn't have put it better myself, Desperate Housewife :T

MoneySavingNovice

Desperate_Housewife wrote: »

.......it goes to show that in good times or bad, paying off debt and building up some savings (in whatever form, gold, stuffed under the mattress, banks...) is the best way to go.

Well said.

I'm not sure about the bit on 'stuffing it under the mattress' but I am in full agreement with the sentiment. If everyone felt this way - I doubt we would be in the middle of a Financial Crisis.

Kaz2904

We were chatting to MIL earlier this evening while we were having tea and the conversation turned to the banking crisis. She said that it's going to probably take around a year to see what's going to happen (I'm thinking along those lines too). I said we will be in an odd position come 2010 as we're due to remortgage then so we will have to weigh up what's the cheapest option. When I mentioned that it might be cheaper for us to clear all of our savings to the mortgage and just get credit cards for the rest she was horrified. When DH told her how much we would have left on the mortgage by then she was quite impressed but she's still worried about it.
DH has well and truly got into the idea that we are doing a good thing now. Every few months he waxes and wanes but with the global economy doing it's thing he is feeling far more comfortable in his insecure job because we have a safety net there.

Desperate_Housewife_2-2

MoneySavingNovice wrote: »

Well said.

I'm not sure about the bit on 'stuffing it under the mattress'

I know, it was a bit tongue in cheek! Folks, please don't try this at home (lol!)

TallGirl

Thanks for the updates I now have 12 so I will update the chart and post it as soon as I can. Please keep sending them you have until Friday afternoon.

jobbingmusician

Well, we've been having a difficult time as I have now been unemployed for nearly a year I've lost track of the number of times I've been told 'it was very difficult to choose between you and one other candidate'.

The good news is that, because I have overpaid my mortgage for so long, the relatively small amount remaining means that I have been able to maintain overpayment of a small amount each month. The amount outstanding is now £19,117.69. The mortgage company have now been contacted by JSA, who are making payments towards the mortgage each month, and were completely gobsmacked - they couldn't believe that anyone had not only not fallen behind, but had actually made small overpayments even though being unemployed for such a long time. (We wouldn't have been able to do it without old style, and my husband's DLA).

So all I want for Christmas is a new job..........