Mortgage Free in Three Yrs

setmefree2

pa2539 wrote: »

Hi there
I thought I'd give you an update on my challenge. I'm not as involved as you lot, sorry. My mortgage statement has arrived and my mortgage is just over £68k and I have 17 years left on it. So in 2 years I have knocked off 8 years and about £18K.
Thanks for this thread, I would never have even done this before

well done you...:T

Superfast_Gran

pa2539 wrote: »

Hi there
I thought I'd give you an update on my challenge. I'm not as involved as you lot, sorry. My mortgage statement has arrived and my mortgage is just over £68k and I have 17 years left on it. So in 2 years I have knocked off 8 years and about £18K.
Thanks for this thread, I would never have even done this before

Don't apologise - you seem to be doing pretty well to me knocking off as much as you have. ell done, I say :beer:

angelavdavis

pa2539 wrote: »

Hi there
I thought I'd give you an update on my challenge. I'm not as involved as you lot, sorry. My mortgage statement has arrived and my mortgage is just over £68k and I have 17 years left on it. So in 2 years I have knocked off 8 years and about £18K.
Thanks for this thread, I would never have even done this before

What an achievement! That is almost a third of your total mortgage duration! Well done!

Trying_to_be_good

Simplifying my finances is underway! Just finished a 15 minute conversation with Halifax Card Services where they've finally agreed I can close my account (paid for my wedding at 0% on purchases, now the balance is cleared) - and thanked them for their offers of balance transfers (not at 0%) and a reduced interest rate (had told them I have cash back cards as I clear the balance each month). Nor do I want to keep the card 'just in case'. Nor do I want to keep the card with a reduced credit limit. I'm happy to take my chances with re-applying should I need another credit card, despite the credit crunch.

Anyone would think they wanted me to run up a huge credit card bill!:rotfl:

And I'm selling some bits on ebay for the first time in over a year - mainly wedding stuff, but minor de-cluttering, too, so there might be some extra pennies coming in.

Sadly, my car is sick and is in the garage to see how bad it is. It's nearly nine years old, and has been loved by me all that time, but I fear is about to get expensive. I'm hoping I can persuade it to last until I'm mortgage-free (or at least ISA-offset), hopefully a bit longer. I don't feel the need for a brand new car, but worry I'll buy something a bit rubbish if it's not new. Fingers crossed for a nice phone call from the garage tomorrow!:o

ailuro2

ttbg - I noticed in Sainsbury's yesterday they were selling a "Which? car guide" in the magazine section. That might be a few quid worth spending if you're seriously considering another car.

p.s. if you do buy new, consider buying something British made, my most reliable cars were all made in the UK ( I loved my Toyota - still on the same factory fitted exhaust after 10 years last I heard - we sold it to DH's brother;) )

Trying_to_be_good

Thanks, ailuro2. Bizarrely, it's passed its MOT (first time in a good few years), but they haven't worked out why the heater's not working. Now something about the cam belt should've been changed a couple of thousand miles ago (was serviced in November, so not sure why this wasn't picked up then), and water pump that's somehow connected, and still possibility of thermostat being duff. I thought they'd said they'd ruled out the coollant problem but they just called and said the head geasket is 'gone' and it's over £650 just to get that sorted (with the replacement anti-freeze and stuff when the new gasket and re-skimmed block are re-fitted). Car value is about £1000 (working). Tough decision.

ailuro2

:eek: If anyone suggests it, don't be tempted to just get the gasket fitted without skimming - it's a false economy....I know someone who thought they'd save money by using the short route, but it just doesn't work.

Can you use the current car to trade in against something else - any good deals in your area? I know they are doing £1000 min trade ins round here for real old bangers - they just need to drive in and have an MOT....

Cam belts MUST be changed when the mileage says so - 60,000miles used to be the norm, some manufacturers recommend a lot longer these days- but ignore it and it'll wreck your engine if it goes.

Anyway, enough boring engine talk - if it will cost the same to fix than it would cost to buy another car in comparable condition, would you swop it? Better the devil you know etc, but if you know it's getting costly, then drop by the car dealer and see what's on offer -

Trying_to_be_good

ailuro2 wrote: »

if it will cost the same to fix than it would cost to buy another car in comparable condition, would you swop it? Better the devil you know etc

That's what my mechanic friend's just said (well, emailed - he's currently in Baghdad, which is rather inconsiderate of him!) - he reckons to get a car the same as mine that's been as well looked after as mine will cost more than £1,650, so I should go ahead with the repair. I do love my car, it's 9 years old on 1 March and it's got me through some really difficult times in my life. I just wanted to check my heart was giving the right message to my head, I guess.

Thanks for taking the time to talk me through it!:T

TheBees

I had a similar dilema in the summer. My Micra had a fault that was going to cost over £500 to be fixed. So I traded it in for a car that was 3 years newer but smaller and a lower spec.(Matiz) I had to put £500 towards the new car but I got a 12 month warranty and a car with 40,000 less miles on it. I'm very happy with my newer car and although I sometimes miss my posher micra, for the small amount of driving I do and the short distances I travel its ideal for me.
Sorry this is off the mortgage topic but owning and changing cars does have an impact on our mortgage savings.

Superfast_Gran

:embarasse I've been naughty, very naughty :embarasse

I know I said we had decided when I joined Kleeneze that any bonus cheques would go straight to mortgage overpayment but I spent it today. My Grand-daughter is growing like a weed and out of her current stock of clothes so I went to Asda and bought her some new gear. Of course it didn't stop there - I got her 2 big brothers some stuff too! In my defence, well, I have no defence actually, but Mum & Dad are not working and the poor wee soul's legs were freezing so I set off to get her tights! Before I knew it, I'd gone daft - again It's what Grannies are for though, isn't it?