Once more with feeling...

freddykrueger

After a long hiatus I now plan to be back. I have changed my mortgage product to an offset through Scottish Widows on a 2 year fixed basis and I will post the latest figures I have shortly....the best way I see to break it down is quote the mortgage figure, the offset savings account figure and then the balance on which I actually pay interest unless someone has any better ideas?

I really really want to pay this off before I am 50 and have some financial freedom so would appreciate anyone's help. I cant seem to get an offset calculator that will tell me at which point I will actually be mortgage neutral if I keep up my overpayments and I think it might be a good idea to do,a fresh soa and then perhaps I can get some advice where I can make some changes.

Can someone give me the link again? :beer:

Secret_Saving_Squirrel

Hello Freddy,

I am sorry but I can't help with the info about rates etc. when we went for becoming mf we just paid everything off the mortgage, regardless of whether we may have been better off doing offsets, stoozing, etc just because we didn't have the time to be shuffling so much. I think the bottom line is that if you put a value on your time, there won't be a huge amount of difference financially. We were working very hard at our day jobs and so just kept it simple.

I hope others can help you with the numbers. I would just like to offer some moral support and say that it is worth keeping going with the saving. My best tip, for what it is worth, is just to avoid shops altogether!

Very good luck,

Squirrel

freddykrueger

Thanks squirrel any moral support is good support I have updated all my offset mortgage details in my signature. I am not sure if this is the best way to do it so if anyone has suggestions as to a better way please let me know.

My mortgage says that it will be paid off in 16 years and 2 months on my account that's more than 10 years longer than I want it to be

freddykrueger

Happy New Year everyone!!

Going to try my best to keep on the MFW journey this year....my son went to university this year so I am paying for his halls of residence as best I can but it's tough

freddykrueger

Added £214 to offset saver account and have updated signature with revised figures - will be a big mental barrier when I break through 30k mark

freddykrueger

Since my last update I have been making steady progress as you can see from my signature. This is despite a major garden renovation costing over £3,000 eek!!

However a couple of weeks ago I got some really good news....a promotion at work with an associated pay rise. I intend to use the money from the pay rise to make high payments into my offset account. At the moment I pay £250 extra into the offset account each month but I intend to raise this to around £700 certainly in the short term. This gives me a good opportunity to try and accelerate my MF journey.

My first goal is to get to mortgage neutral status - can anyone help me given the figures in my signature how long it will take me to get mortgage neutral as this will give me extra impetus?

getmore4less

can't be done from the sig.
need the mortgage details.

Will be less than 40 months

freddykrueger

Ok sorry....at the moment my outstanding balance is £76,181 and mortgage rate is 3.29% regular payment is £536 per month and I usually make an overpayment into the offset account of £250 per month but planning to ramp this up to £750 overpayment into offset per month.

Offset saver account is sitting at £47,593 as we speak and mortgage term left is just over 15 years. Does this help?

freddykrueger

Well it's been a slog but I'm still heading in the right direction. I have updated my signature with the up to date details but the MF journey was not helped by a rather extravagant holiday to the west coast of the States.

I have got that out of my system. I start a new job in 2 weeks time - always a scary time but it offered a good opportunity as they approached me. The salary and benefits for once were secondary but they will certainly help in the long term.

My aim in the medium term is to get to mortgage neutral....that's my focus and the quickest I can get there the better.

Kittenkirst

Good to see the numbers coming down & that you had a good holiday too :-D keep at it and good luck with the new job!