I've Done It!! I'm Finally Mortgage-free

esthomizzy

the credit card companies when I apply that is, the other problem is that I used to do it years ago with the money in savings accounts. So I've had most credit cards at one time or another already. Never had an Egg card though so maybe there is hope.

scottishsuz

Wow, what a fantastic achievement!! :T Reading your story has really spurred me on now to pay me mortgage off asap, off home to phone my mortgage company to increase my overpayments so one day I can say the same thing.

Martinslovechild

scottishsuz wrote: »

Wow, what a fantastic achievement!! :T Reading your story has really spurred me on now to pay me mortgage off asap, off home to phone my mortgage company to increase my overpayments so one day I can say the same thing.

Fantastic!!

Go for it.

I'm chuffed to bits how many people have been incentivised by my story, both on this thread and comments sent via PM. Thank You to everybody :beer:.

Something that I realised a long time ago is that a mortgage doesn't have to be a 25-year commitment - there's simply no good reason other than that's the duration that people have come to expect.

Put simply - if you can afford to pay more each month, then why not do so?

• There are good tax advantages for doing so (particularly if you're in the higher-rate tax band)
• You'll become more self-sufficient (not tied to your job)
• There's a massive feeling of achievement

Good Luck to each and every one of you

:T :T :T

eamon

At present terms I'll have my mortgage paid of in 8 years. And this is my 3rd mortgage (and 3rd house). My 1st mortgage term was for 25 years, 2nd for 20 years and current mortgage for 10 years. In monthly terms I'm paying out a lot compared to mortgage No 2 and it can hurt at times, but to see the amount owing fall so fast is almost its own reward + I benefit from paying a lot less interest. Will look to see if can reduce the term/balance owed/even further.

yours

Eamon

miss_saveapenny

after looking into it yesterday, found i could overpay £500 per month, searched for a mortgage overpayment calculator put in the details and i can save a possible 89k.....and reduce the term to 12.2 years as opposed to 30, i can't believe it!!!!! i bet u felt pleased with yourself last night after making us all save ££££££s looking into our mortgages. when my 5 year fixed rate is up i reckon i can then get it down to 7/8 years in total....wow how good is that i am going straight to make my first overpayment now BIG:T

Martinslovechild wrote: »

I don't believe that Halifax will allow you to BT from another card to theirs to push it into credit. They amended their T&C's some time ago to prevent this (due I believe to stoozers who were using this facility). There were a number of examples of people who attempted to BT several thousand pounds onto their Halifax cards then phoned Halifax to explain that they'd credited their card by mistake and would Halifax refund the cash into their current accounts? Halifax initially used to allow this but now refund it back to the place where the cash has just come from (i.e. back to the new 0% card).

The moral of this one is to apply for an Egg Money card. Because the Egg Money effectively allows you to go into credit (hell, they even pay you 4% interest if you do!), there's no problem pushing it into credit by transferring a balance from another card to it.

Best of Luck.


Welcome to MSE, Miss Save A Penny.

Brilliant news - it's amazing how the banks don't seem to publicise all the benefits of their accounts and we as consumers naturally assume that their offerings are very restrictive. I retained every bit of paperwork from my mortgage lender - it's no coincidence that of the 23 marketing letters they sent me over the course of my mortgage, just 1 related to opening a savings account - the remainder advertised loans, extending my mortgage, did I fancy a new conservatory etc...

It's certainly good news that you can repay up to £6,000 per annum. Have a quick search for an overpayment calculator on google - you'll be surprised how much this will save you over the course of your mortgage (a lot!).

Martinslovechild

miss_saveapenny wrote: »

after looking into it yesterday, found i could overpay £500 per month, searched for a mortgage overpayment calculator put in the details and i can save a possible 89k.....and reduce the term to 12.2 years as opposed to 30, i can't believe it!!!!! i bet u felt pleased with yourself last night after making us all save ££££££s looking into our mortgages. when my 5 year fixed rate is up i reckon i can then get it down to 7/8 years in total....wow how good is that i am going straight to make my first overpayment now BIG:T

Wow!!

What can I say but 'Thanks'
:beer: :j :beer:

I'm off to see Prince tomorrow night at the O2 to celebrate my new-found status as a Mortgage Self-Help Guru .

MUSTBEFUNNY_2

Fantastic:money::beer:

barnishroader

Martinslovechild wrote: »

Going back to your original question, let's assume that I borrowed £5000 on two 0% cards. Let's also assume that the monthly minimum payment is 3%. After 12 months, I would have paid £0 in interest and £1,526 in monthly payments on each card, therefore I would owe £3,474 on card #1 and £3,474 on card #2.

Shortly before the end of the 12 months 0% expiry, I would apply for another card with a different bank. Let's assume that they offered me a £7,000 limit with a 12 month 0% period (let's call this card #3). I would request the balance transfer of both lots of £3,474 to card #3 (giving me an opening balance of £6,948). Cards #1 and #2 at this point would now have zero-balances (however, that wouldn't stop me from phoning each of these banks to ask about additional 0% offers, sometimes it worked, sometimes it didn't!).

With card #3, the whole process would start over again and I would simply make the minimum monthly repayments until near the end of the 0% period etc etc.

but what happens if they don't offer you a limit to cover the original balances?
this happened me when i had a 2250 balance on a card and tried to transfer and was only offered a 1500 limit on the 2nd card and had to apply for another which offered me only 1500.

i had a good credit record so couldnt think of a reason why i was offered so little and each was from a different company as far as i know
1st Halifax
2nd RBS
3rd Alliance & Leicester

herman1967

martinslovechild I was sooooo exited reading your story, very inspirational.I have driven MOH mad as I will not be able to contact my bank until Monday, we have already reduced our mortgage term as we have bought and sold houses, but I am hoping to reduce it further and statr stoozing. Thanks for thr inspiration and sharing it.

aussielle

This is one of the most inspirational threads I've read for a long time.

Huge applause to you and mrs mlc! :T

I'm really pleased for you both...in fact it doesn't seem that long ago since you were telling us in person about your plan (at the Salford Quays MSE meet) and now you've done it, well done!!!!!:j