Mortgage Free in Three Yrs

Trying_to_be_good

Dithering_Dad wrote: »

Just goes to show that it's worth checking your credit record every so often. Did you do it as part of a freebie deal, or have you subscribed to Experian (or one of the other agencies)?

I'm signed up with www.annualcreditreport.co.uk for the free annual report, and realised I was due another one so logged in to get it.

My OH and I may be looking to move (and actually be able to live together - yay!) if I can get a job where he is, so we'd be looking to take on a new mortgage. I'm starting the prep for that, and this was supposed to be the first 'easy' step as I know my record should be immaculate!

If anyone else hasn't checked their's for a while, I'd definitely recommend they do so (starting with a free report, obviously!).

pupsicola

Good luck guys

My hubby and I paid off our 115k mortgage in 4 years. It was bloody hard work but so worth it.

Now we have a new major outlay though - kids school fees :rolleyes: .

Desperate_Housewife_2-2

Trying_to_be_good wrote: »

I'm signed up with www.annualcreditreport.co.uk for the free annual report, and realised I was due another one so logged in to get it.

quote]
thanks for this info, I've just done it (bit worried as I have had loads of stooze cards!) everything is ok though.

I had a good month at work so hoping to pay £1k into the pot this month making it £10k, can't wait to get below 10!

The postage is going up next month so i got a couple of books of 2nd class satmps today...I'll get a better return on them in terms of money saved than if I put my money in the bank!

hughmungas1986

Good afternoon all,

Just got my freebie credit report, all ok, thanks for that.

Been to the bank this morning to deposit another £140 of £2 + 50p, upto £890 since Aug 2006. And also posted another overpayment cheque off to the Woolwich. Should get a letter back from them within the week on my latest balance which I'll PM to TG for next months chart.

Still can't believe that the interest rate has gone so low, my current rate is 0.77% and I'm paying about 70 pence a day in interest, hope it stays like that for a while.

hugh :j

Dithering_Dad

hughmungas1986 wrote: »

Still can't believe that the interest rate has gone so low, my current rate is 0.77% and I'm paying about 70 pence a day in interest, hope it stays like that for a while.

I hope so too - ideally rates will stay low until the end of our MFi3 challenge, which corresponds with my current mortgage deal. I'm then looking at getting a long-term fix, something like a 7 year deal, because I reckon we'll be seeing 1980's style interest rates in the 8 to 15 percent bracket. :eek:

Kaz2904

I'm so gutted right now to be on a 5.29% fix! It runs out in June next year so no point changing.
I've had a little rejiggle with the snowball today. Last year I got so totally confused with trying to set up my council tax payment that I ended up paying 1/2 of this years too. So this years payments are 1/2 what I'm expecting. That means an extra £51.64 to the mortgage until January.
I also worked out to the penny how to ensure we are completely debt free by 22/04/2013. It has meant a £30 per month increase. It's all good though. If we can be clear by then it is the week before my 35th birthday! (And it's only 4 years away!). I got just over £400 extra for my extra shifts and £96 cashback from my Egg card. These have both been paid from the mortgage today. The figures are looking really healthy now. Despite the fact that I'm still paying >£200 per month interest!
Now all I need to do is to draw up my budget for the year and stick it back onto the fridge and work out what is owing to our savings still. I'm hopeful that it has decreased!
I still won't hit my target though at current predictions. (About £3000 short).

firesidemaid

kaz, just have a quick check of your mortgage docs to see what your ERC is once you are down to less than a year left?

on another note, our mortgage has finally gone through:rolleyes:, although after all the hassle its left me feeling a bit deflated for some reason. i've got to ring tham again this morning as they have decided to do what they want (rather than what we agreed) re. payment dates.

am not looking forward to the april date as i think i might even have gone backwards!

TallGirl

Kaz that must be frustrating but if the rates had gone up you would have been in a different situation I guess. We cannot look into a crystal ball and see which way things will go so a lot if it is down to guess work and maybe a bit of luck.

I was really thinking about changing our mortgage about 2 1/2 years ago everyone on here said I should change from the offset to a fixed rate. Yes we would have saved a couple of % but then would have had to remortgage again once the fix was over and that would have cost lots as the fees seems to have shot up. Much better for us to overpay and have such a small mortgage now. Saying that our offset loan has gone up as I decided to put the golf club fees on it and pay in a lump sum. That saves £20 a month so worth it.

Don't forget 1st April we have done 2 years of this challenge I am so proud it is still going strong. I would like to post the chart before Easter but guess some people won't have had their mortgage statement by then. Shall we aim for 18th April to give everyone time with a sneak preview of the chart before Easter if people PM me early.

Thanks

Kaz2904

No, I'm not overly bothered about the rate, it just galls a bit!I would have to get a -ve %age rate to make it worth my while switching so I know that I am better off sticking here.
Funnily enough I did consider remortgaging a few years ago (3?) when my friend said that she had got hers for 3 something %. At the time of taking out this mortgage we needed the stability and now we have paid off nearly half of what we borrowed (not bad for having been here for not quite 4 years!). Now that we (only) owe just over £50000 the interest rate shouldn't have as much of an effect on us when we come to remortgage in 2010. Besides which, if it is scarily high then I will stay on the svr and not bother tying in as I shouldn't have much over 2 years left by then.
I must remeber to get my stats into you TG, I wondered yesterday if it was nearly update time!

tattycath

Hi all, well done everyone so far.
Tall Girl, I e.mailed you some figures last month i think? can you use them as my update please if I don't manage to get a more recent balance?
Many thanks