Mortgage Free in Three Yrs

FreedomGirl

Hi,

Well it is confirmed. The OH spoke to them today, the facility is being closed down tomorrow and we will receive the deeds next week

The OH says "it feels surprisingly good". (I have been the one who has dragged him along on this adventure )

Will wait for the confirmation of the facility closure before I feel this is really all over. I guess I need to think about what to post on the Mortgage Roll of Honour. I have read that thread so many times for inspiration, that I can't believe that I now get to post.

Looking forward to the end of challenge online party. DDx and TG, you need to make up some party games

In case anyone thinks I am some sort of financial saint, I have just missed a credit card payment (outstanding balance of £49, and am going to get hit with Halifax late payment charges - naargh) and my current account is £400 O/D.

FG

setmefree2

Well Done Freedom Girl

angelavdavis

Congratulations! Now you are really a free freedom girl!!!!:D:D

FreedomGirl

Angela - you've just reminded me how I ended up choosing my username

FG

Desperate_Housewife_2-2

:j:beer::money:;):D:cool::T

well done freedomgirl!
I have a virgin one account but we decided to keep the facility until we can save up some money and then we will get rid of it. Let us know how long it takes for the deeds to come through etc.
well done!

hughmungas1986

Well done FreedomGirl, what a great feeling that must be

hugh :beer:

RosieTiger

Congratulations FG - yet another of you on this challenge hits a home run !

You are an inspiration to the rest of us dreamers !

Kaz2904

Can I just ask someone who can work this out for me please?
We are due to remortgage (or drop onto svr) in July. We have £12500 in savings but by then will have £18000+. We will owe £36312.47 to the mortgage and £9000 to my Mum. We have to repay her at £500 per month.
We are considering the one account and (IF the interest rate stays at 3.75%) having run it through the snowball calculator, I think we would be at a level of £0 after 21 months. I then think that I would take a further 15 months to build the savings up to £21000 (where they are supposed to be).

Anyone who has got a one account, could you tell me if they pay the advertised interest rate on your savings once you are in a credit balance? If not and you are trying to build savings up to a certain level, what do you do? Do you then look monthly to find the highest paying interest account to transfer your money to to keep the mortgage account at £0?
Lots of questions I'm sorry but thought I'd ask people who have some experience of using the account (and clearing their mortgage during this challenge!)

Thanks for reading.

PS. It's not an option to use the savings as a mortgage overpayment on any other type of product (DH won't allow it). It has to stay in an offset or not be linked to the mortgage so I am trying to get them working for us as best as possible.

gallygirl

Kaz2904 wrote: »

We will owe £36312.47 to the mortgage

Sorry I don't have a One Account so can't advise, but loving the fact you included the pennies (that's what I'd do too :rotfl:). Good luck, end is in sight :T

Desperate_Housewife_2-2

Hi Kaz, I paid off my mortgage using the one account, I think there are better accounts out there now so its worth shopping around. The interest rate when in credit is a paltry 0.10% so I transfer money out to higher savings accounts. The rates have plummeted recently but the first direct isa pays 2.75% and ing and citibank pay around 3%. The regular savers are restrictive in that you can only pay in certain amounts but there are bonds out there for around 4% ish if you want to tie up your money. No quick fixes on the interest rates. Good luck