A cunning plan (but a humungous mortgage!)

pixelwife

Just read through your diary and just want to reassure you, if you think you're mortgage debt is big just look at my signature!

We have been from overpaid to arrears to back to overpaid in the last few years so know the heart in mouth feeling of such a big debt.

I've just decided to hedge my bets a little as we have no savings and every penny goes on the mortgages so I've just setup a stocks and shares ISA to give us a bit of an accessible safety net.

Good luck on your journey. I can't get motivated to do 25p surveys as I just don't see how that can have any impact on my mortgage so I'd rather focus on work plans and selling stuff we have knocking about.

Best of luck!

Pixelwife

Jevvers

Wow Pixelwife, that's a biggy! But you've made a very decent inroad into it. Thanks for your kind words of reassurance

Jevvers

Before Christmas I will:
- take our a new S&S ISA using Monevator strategy or similar.
- check our life assurance policies as we think we're over insured which is ( hopefully!!) a waste of premiums
- check the kids' Child Trust Funds and probably stop paying in as I suspect they're no longer very good. Then set up new savings accs for them

All stuff I have been putting off for an age

MoneyMission

Just popping by to say hello! Your sig is looking really good. Onwards and downwards.....

Jevvers

Reviving this. More tomorrow

Jevvers

Back, back, baaaaaack to doing this MFW diary! It's been two years (two years!!) since I last wrote in it but some things have changed a little.

I DID set up the stocks and shares ISA with iii and am happy that we are still heading the right way to pay off the interest only mortgage on time. Not sure about it being early though - please don't kick me off the thread! ;-P

The other thing we have done is a loft conversion which meant we have taken money back out of our flexible mortgage so the repayment section has gone back up again.

We need to grow our savings by £30 per day between now and I/O payoff date so am keeping a close eye on our savings and investments and payments into the OP pot (yes, that's £900 per month!). Still on track at present but it's a sizeable and somewhat scary amount.

Onwards and downwards.

Jevvers

Thinking about that £30 per day, we already invest £625 per month so it's a case of finding the other £275 per month. Doing the make £10 per day challenge which helps.

Pearla*Merle

Lovely to see you back, Jevvers.

Good luck finding the extra £275 - do let us know your hot tips

Jevvers

Thanks PM, we do quite well with the Santander 123 account - usually get about £50 from that per month plus £12 from TSB and £10 from Halifax. I must say I'm (sadly) looking forward to the lifting of tax on interest as of next April as it should help us out a fair bit.

Jevvers

Just switched our broadband and landline to Plusnet using one of the deals on this week's MSE newsletter. Should save us £300 a year!