Mortgage Free in Three Yrs

FrugalNotTight_2

Hey DD,

Thanks for adding me to the list. Apologies for not saying thank you sooner. I'm a busy boy!!! :eek: (Well man actually, but I'm never quite sure these days )

I've just applied for an on-line account with Northern Rock so I should be able to update my figures bi-monthly.

To reiterate\confirm\supply, as of 01/02/2007 ...

Rate: 6.01% Fixed capped (At top level at the moment)
Outstanding amount: 75,638.68
Term: 19 years (Out of current term in 2 years. CAN'T WAIT!!!)
Secured loan payment: 539.70
Actual loan payment: 800.00
Estimated completion date: 10years 8 months.
Aim: Pay off as quickly as possible. 3 years not possible. Hopefully around 7 years if not less.

Not sure this is the right place for the next bit but I'm sure someone will put me in the right direction:

I have two quandaries bearing in my I am not currently paying into a pension fund and I have no plans to move house in the next 5 years.

i) What should I do with 9,000 in a share dealing account (Just sold shares).
ii) What should I do about my pension. IFA says not to pay into mortgage account but to pay £100 a month into pension and let her manage it. First hit fee is 5% of the fund. Next fee is 0.5% of fund each year. Are these acceptable? Should I shop around? Does anyone have any recommendations for me or at least a pointer where to read\research\request advice.

Any help would be appreciated.

Thanks all and good luck to everyone.

Congats on the baby. I'm sure the joy of having a baby around will by far outway the scuppering of the financial plans. Just remember that they are ice and not gone for ever!!!!

FNT

Dithering_Dad

FrugalNotTight wrote: »

i) What should I do with 9,000 in a share dealing account (Just sold shares).
ii) What should I do about my pension. IFA says not to pay into mortgage account but to pay £100 a month into pension and let her manage it. First hit fee is 5% of the fund. Next fee is 0.5% of fund each year. Are these acceptable? Should I shop around? Does anyone have any recommendations for me or at least a pointer where to read\research\request advice.

I should ask these questions on the investments and pensions boards. The 5% initial investment sounds really high, especially if she is just investing into a fund. I set up a new pension for myself by contacting Cavendish Online (as reccommended by this site) who you pay an up front fee, but their "commissions" are then used to reduce the annual management charge. I'm investing in a stakeholder pension run by Legal & General, and invested in their 70/30 UK and Overseas fund.

TallGirl

Firstly congratulation to Save-a-lot hope it all goes well. Also big hugs to Kaz hopefully things will get better soon.

I have updated the 2nd page again with the 18 people who have given me their figures. It is looking good now but I can't keep updating it everyday so how about I get all figures you have by the 23rd May.

I go on holiday then and wont be able to do it until the 5th June when I am back. Then if we do it next time by the end of July remember this is over 3 years so I dont think we need to do it everymonth.

Please can those of you who want to be on the chart send me a Private Message (PM) with your figures as it is going to be too timeconsuming for me to look at your signatures and get the updates.

All I need is

1- Name and Number see post 1 for number
2- The amount your mortgage was on the 01.04.07
3- What it will be after interest has been added for May 07
4- What the diference is (the amount you have reduced your mortgage by since 01.04.07.)

If you are offsetting your savings - you can show your outstanding mortgage less your savings - it is up to you. I will show mine without my offset savings as I plan to pay some off later on so it will just confuse me.

I hope that is OK and makes sense. Look forward to hear from you.

comping_cat

save-a-lot - CONGRATULATIONS

Kaz - Huge ((HUGS)), havnt read your other thread, but hope things will be ok xx.

Just checked my bank accout, and WFTC have sent me an extra payment!!! Think this is because i qualified for a raise in April, but they have only just got round to doing it - so, im going to work out my money, and any left over is going into my mortgage pig!!!

amazamum

Hi Tall girl,Mfit no 13 reporting

I have just phone up my bank and as of today my mortgage stands at
43508 pounds with 9 yrs 8 months to run.:eek:

They have just given me an account and reference number to make any over payments into,which will come off the mortgage straight away(not the interest):j .the monthly mortgage payment includes the interest so any overpayments should be immediate,So at least I have a way of seeing the mortgage come down.

Just out of interest does anybody know how to work out my apr from my interest rate figure which is 6.2%,I may have a look round to see if there are any better deals but need to know the apr first and the man at the bank just knew the int rate?.

Please let me know if you need any other figures etc for your table Tall girl and I will try to get them.

godd luck everyone and congrats Save-a-lot brill news:T

TallGirl

Thanks Amazamum I can put you down for a starting figure of £43508 unless you have a figure from 01.04.07. If you look at post two it shows you what information we are putting in the chart.

Tigtag have you only got 1 figure too?

Thanks

benbenandme

Hi Tallgirl, I'e managed to find more accurate figures ... 1st April = 121475, 1st May = 121307. x

amazamum

Hi TallGirl.
I just have this figure so please could you put this as my start and I will edit my signiture every month to let every one know how much has been paid off and what the new figure stands at.
Thanks

Lotta_Littlies

save-a-lot wrote: »

Shhhhhhh - big secret.... just found out my wife is pregnant,..

Not such a big secret now, is it?! Congratulations to you both - I hope the pregnancy goes well

Lotta

pink_fairy_7

Congratulations mr and mrs save.

Only 1054 days of the challenge to go:D Please tell me I'm not the only one who's actually worked this out!!

pf x