Mortgage Free in Three Yrs

FrugalNotTight_2

wisewoman wrote: »

Oh FrugalNotTight, you've got me in suspenders here, waiting for the next comment... .... ???

:rotfl:

I was just thinking about paying a penny off my mortgage every single day and see how large I can make that statement!!! The B******S won't change my mortgage without penalising me £2,014 so I was wondering what I can do to annoy them.

I'm just a bit concerned that they might try and charge me for it?

ailuro2

hehe, Why do they insist on penalising you? If there isn't a valid reason you could consider phoning them daily and ask them why...might make them come to a compromise?

ailuro2

The thread is now more than a month old- are we all ready for 'round two' of sticking it to our mortgages?

Once this month's payments are done, then so is over 5% of this challenge;)

daleyd

OK, apologies for the lateness of my update, but I get paid on 15th and OH on 23rd, so here goes........

£1000 paid off mortgage for May, bathroom still not finished!!!:D

I know that the figure for my outstanding balance is not correct, however I will update this when my mortgage statement arrives (Normally get one every 3 months or so.)

Good luck everyone!!

FrugalNotTight_2

They're penalising me because my term is 7 years and I've only been in for 5 years. You think they would consider changing it as I will definitely be taking my business elsewhere.

Karmacat

financialbliss wrote: »

On the subject of repayments, this may be of interest, especially if you're on a fixed mortgage...

I'm planning to attack my mortgage with regular overpayments. I'm with Nationwide (5 yr fixed) and they allow up to 500.00 overpayment on top of your regular monthly payment. My calculations show I won't be able to achieve my 3 year target as things stand - total payments not enough! So, upping my standard monthly payment will still allow me to make up to 500.00 overpayment each month without penalty.

Log into Nationwide internet banking, send a message saying you'd like to up your monthly payment to X and ask how this will affect the term. Having done that this week, I've received a reply saying it will reduce my mortgage to 13yrs 10 month.

Fill in the new mortgage term in the form which they send out titled "Changing the term or repayment method of your mortgage" - ref M620 at bottom right of form. Post this back and they sort it out.

Planning on doing this a number of times over the course of the 3 years as my budget allows. Nationwide don't change for altering term / payments.

Hope that is of use to someone!

Ooh.... I'm slowly working my way through this thread, I *really* like the sound of it, especially as I worked out on the dfw thread that the most efficient debt for me to pay off was my mortgage, and its a Nationwide mortgage.

I can't join right now - I have a huge renovation planned for this autumn (new porch, rewiring, replumbing, re-telecomming - does anyone know the right word for that?) and absolutely everything is going on that. But I will be keeping this thread very much in my heart, and I'm rooting for all of you. Thanks to those who started it, and to those who support it. The little gem above from financialbliss is what prompted me to finally post.

Good luck to all.

ailuro2

FrugalNotTight wrote: »

They're penalising me because my term is 7 years and I've only been in for 5 years. You think they would consider changing it as I will definitely be taking my business elsewhere.

they know they have your money coming for another two years:mad: or they get extra money from your for early release.

Can you overpay any amount at all on it?- when we were tied in, it was 10% of the total outstanding at the start of that mortgage year. Anything extra could be put in an ISA or higher interest savings account.
Think of it as still overpaying, and it might seem easier.

ThankYouAndEnjoy!

Hello Questees

Congratulations to everyone on their achievements so far..

Things are looking good over here. My girlfriend and I have agreed to help out my girlfriend’s sister (GS) and her debt. We have agreed to lend her £9k now and another £1.5k in 3 months or so, all from our o/draft. GS is currently paying £160 in interest charges alone p/month on credit card, with O/D, this will as little as £50 p/month.

I’m not going to include the increased O/D figure in the quest; as GS will be paying all interest it shouldn’t actually affect the quest too much. GS will be paying back the majority of the debt to us within 4 years, 15 years early based on minimum payments GS was making (and saving herself £10s thousands in Interest Payments alone!)

As a result, we will only be making £100 o/payments or so onto the mortgage p/month for the next 12months until o/draft is cleared, then resume £500 and saving the £210 - £250 GS pays us p/month.

ailuro2

You've a big heart helping her out when I read in your sig you still have debts of your own.

Not to put a downer on your kindness, but I do sincerely hope you have in writing and receipts what the agreement is for repayments,interest rates, what happens if she was to fail to repay etc.

The money saving and relationships board is littered with threads on what happens when similar arrangemets go awry.

Best of Luck to you all, though.

ThankYouAndEnjoy!

ailuro2 wrote: »

You've a big heart helping her out when I read in your sig you still have debts of your own.

Not to put a downer on your kindness, but I do sincerely hope you have in writing and receipts what the agreement is for repayments,interest rates, what happens if she was to fail to repay etc.

The money saving and relationships board is littered with threads on what happens when similar arrangemets go awry.

Best of Luck to you all, though.

Thankyou

No, no receipts or contact agreement. Just trust that GS will pay us back. I dont think we would want it any other way tho.