our forever patch challenge

sammy70

The weekends here again, how fast is 2015 zooming by!:eek:

Ive completed house work for today (nearly), going to get hubby up soon, then we are off for a walk, the clouds are gathering, hope rain hols off till later ..

Hubby is treating us to a curry tonight. My mum and dad are back from Australia, we got a lovely thank you present for looking after her garde, mine was a bottle of my fave vodka, so no booze for me to buy for our saturday treat night for the next couple of weeks

sammy70

done online shop , and kept in grocery budget again

We have had some fantastic money saving news today, i did a ppi claim on an old loan of hubbys recently, and letter today came , £1,800 coming from that, said should be paid in next 3 weeks :j

So, ive decided we are going to go for it this month, and when this arrives, along with this months savings cash, completely clear the £3,963 loan outstanding, this is going to take every spare penny we can muster, but will mean after this month, even more cash, at least £170 minimum, will be freed up to use for house savings, thats got to be worth the effort! :jroll on 28th, when all pay is in, and hopefully the ppi cash, and i can tweak things to save us interest/payments by completely clearing the loan! :)

Luckyinlife

Great news sammy that will be amazing :]

i hope your staying off the sites looking at new places hehe

sammy70

I keep trying to avoid those property sites Lucky! its just so tempting! :rotfl:

:rotfl:We are doing so well, working hard and saving as much as we can, we just cant wait until we can start speaking to a broker about ammount we can borrow etc, and start looking, it seems so near now..:):)

sammy70

Lovely bank holiday weekend, im having tea break , in the middle of housework. We are planning country ramble this afternoon when hubby has enough sleep after his night shift.

Ive redone calculations, and providing the £1800 ppi cash comes in, we can clear the loan completely next week after hubby gets paid(28th). :j

This means no savings this month, and has set us off with another idea- no savings again next month- and use that and £30,000 premium bonds to clear our mortgage :j

pros- no mortgage, and can then use additional cash to rebuild savings

cons- £800 erc, we would pay exactly same in interest if we pay the mortgage till fixed rate end July 2016.:(

cons- savings back at 0

pros- completely debt free :j

decisions decisions..

sammy70

Wahey! all bills paid, and paid a wopping £2417 payment off the loan, £1385 left to go :T As soon as hubbys ppi £1800 lands in his account, rest of loan going to be cleared, and then its our pay the mortgage off in June 2015 challenge:j

Im already juggling figures in my head how to do it!!:rotfl:

NorthernMonkey1

sammy70 wrote: »

pros- no mortgage, and can then use additional cash to rebuild savings

cons- £800 erc, we would pay exactly same in interest if we pay the mortgage till fixed rate end July 2016.:(

cons- savings back at 0

pros- completely debt free :j

decisions decisions..

If you use the money to clear the mortgage, but not saving any cash by doing so, then you are removing the possibility of winning anything on the PBs for no gain.

This plan gets a MSE thumbs down. Better of continuing to make the maximum charge free payments on the mortgage, until the fix rate ends, then paying the remaining balance from savings

sammy70

Well, ive done it< £30,100 of p.bonds transferred to current a/c tonite, ive cancelled direct debit for this months mortgage, the money should hit the account in next few days, the £1800 ppi refund is due in the next week the 28 days quoted for it to hit account is up 10th June, we will make up the other £900.44 of the settlement figure on the mortgage out of this months savings fund from wages on the 26th.:beer:

We have decided to completely clear the mortgage on the 26th of this month, and the remaining £1300 of loan on 29th after all direct debits gone out..:)

As of the 30th June, we will owe nothing!!:j:j:j

We will then rebuild savings/p.bonds, we are aiming for a total of a minimum of £1800 a month, this is the £1270 we urrently save, aswell as the £366 mortgage payment we wont have to pay, and the £163 loan payment we wont have. I am going to make as many additional small payments as we can, im setting us a massive target of £40,000 (max you can currently have in p.bonds) by end August 2016 when we plan to sell this house..:eek:

Cant wait for 26th June!!:T

sammy70

Im so excited! im literally counting the days till the 26th, cant wait to see the full £32,800.44 sat in the account ready to pay off the mortgage :j

I wish that bl**dy ppi money would hurry up! if its not in by wednesday the 28 days quoted for it to be paid will be over, i then have the hassle of ringing them to chase it!:eek:

I think the withdrawal from the p.bonds only takes 3 working days, so that should be there Wednesday :T

im so excited!!:):):):):):):)

sammy70

Not long till 26th and we are completely debt and morgage free :j

The £30,100 hit current a/c from premium bonds, and yesterday i overpaid £29,258.48 to the mortgage, and paid off the £1385 loan balance :beer:

We now have just £3541.95 left to pay on the mortgage :T

We plan to pay £1800 with the ppi (cheque arriving tomorrow they confirmed) when that clears next week, and the remaining £1741.95 on the 26th when we both get paid :dance:

im literally counting the days, it will be such an anti climax next month when everything's paid, and we are getting stuck into rebuilding savings, but it will be the first time in my adult home owning life when i will be mortgage free homeowner!!