Mortgage Free by 40? 8 years to go

argomatt

Well done Jock Tight :-)
I hope I can join you in finishing my mortgage by the time I get to 40. Certainly the first few years are going to be difficult but I am determined to keep pushing towards the goal!

argomatt

It's been a bit of a mixed MFW week this week

Good Things:
Phoned Sky to switch my phone and broadband to a cheaper supplier and managed to negotiate a better deal to stay with Sky. £7.50 a month into the overpayment pot!

Made an appointment to speak to someone at the bank about whether the £12.50 / month current account is worthwhile. I suspect it isn't so that could be another saving coming,

Bad Things:
Washing machine had been on it's last legs for a long time but now it's finally given up. Been searching for a replacement online and in the shops, but in the meantime spent £20 in the laundrette this week.

I hope that next week I can write some more positive news next week :beer:

argomatt

Another mixed up week here,

I have delayed buying the new washing machine, so still have some money left in the bank - will probably have to wait until after pay day now.

I haven't been able to get to the bank to talk about the benefits of the expensive current account yet, though I have searched online for prices of the benefits I actually use, so when I can get there I am most likely to cancel it.

I applied for an M&S Credit Card in the hope of having a go at Stoozing using their credit card travellers cheques, but will have to wait and see how it will work when all the paperwork is here.

Need a NSD today and probably until Friday (payday) as the groceries have really got out of control this week. I will have to find a better way of not overspending - maybe will take the cash out of the machine at the start of the week and then when it is gone it is gone..

Has anyone found any other ways of making sure I stick to it?

:beer:

argomatt

A quick midweek update:

£2000 stoozed from M&S credit card paid off the mortgage today, new balance will be £87350.13

That's my maximum overpayment limit reached for this mortgage year, so now I am saving for when I can pay more off in August, which feels like such a long time away at the moment..

I will have to save some to pay the credit card when the 0% period ends, though I have got until April 2014 to do that, or may do a balance transfer if there are good deals available.

:beer:

lotielot

argomatt wrote: »

I am looking forward to the day my student loan payments will stop. That should give me another £150 a month to put towards the overpayments, although as far as I can tell it will be about 3 years away. It seems to be very hard to get any up to date information from them.

I think it will be a great motivator to share updates on here.. how did you get your signature set up with your present situation? I can't see how to do it

I've taken money from my mortgage and pay off all student loans. Used to pay £150 for the S.L. but due to my good mortgage interest rate, by doing this, my mortgage has increased only £27 which is big difference per month, and student loan is paid off.

argomatt

Hi Lotielot.

I'd be interested to hear a bit more about youe experience paying your student loan.

I had considered paying the student loan off first because the extra £150 a month in my pay would be really useful, but I had rejected the idea as my mortgage now sits at just over 4% and the student loan only charging 1.5% at the moment.

I hadn't thought what the respective monthly payments would be, I could be better off transferring the student loan debt to mortgage debt despite the higher interest rate?

How did the paying off the student loan work? How did you stop the taxman deducting the payments from your wages? Did it take a long time to sort out?

Sorry for all the questions.

argomatt

Hi all
The long awaited payday today
It's been a long month but just managed to stay out of the overdraft.
A bit extra this month for working Christmas Day, Boxing Day and New Year's Day which might cover the washing machine.
Still haven't got around to choosing and ordering one yet though.

:beer:

bbh30

Just reading your diary- am a similar age so interesting to read!

I didn't know you could take money from a credit card and apply it to the mortgage. That might be worth me doing. Ill have to investigate some 0% credit cards around at the moment. Thanks!

BaconandEggs

lotielot wrote: »

I've taken money from my mortgage and pay off all student loans. Used to pay £150 for the S.L. but due to my good mortgage interest rate, by doing this, my mortgage has increased only £27 which is big difference per month, and student loan is paid off.

Interesting. Most of the advice of heard related to student loans has been to avoid paying the loan off until other debts have been paid. This is because of the low rate of interest.

Is your mortgage interest rate lower than the student loan interest rate?

Kodagirl

Hi,argomatt!!!
Dont you love pay days,one day 'rich' 27 days poor!!!:rotfl:

Hope your not spending too much money at the launderette,mines being delivered Monday,thank god!!!

Seeing all you people aiming to be M/F by 40,is making me feel like a slow runner,i am 35 now,and cant see me becoming M/F,til i am 45,but you never know,miracles happen!!!

Goodluck!!!!:D