We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
I'm almost there!
Options

GadgetGuru
Posts: 860 Forumite

I purchased my first property back in 2004, with a mortgage of £167,000.
I am the main breadwinner - my wife does not work for the moment and looks after our 3 young children.
Over the past 10 years I have been scrimping and saving, using the credit card deals and offers where I can (paying all off without any interest being paid whatsoever).
I have always taken out 2 or 3 year fixed rate mortgage terms - shopping around to find the best rates etc.
At the end of each term I pump all off my savings into the mortgage, and start over.
I am now at a position where my mortgage is at £53,000, and I have enough in my savings account to pay it off completely!!
I'm STOKED!!
So my current mortgage fixed rate deal ends on 1st Nov.
The initial plan was to obtain a redemption statement and then pay off the mortgage.
However, I rang my mortgage lender and realised I can use a credit card to pay my mortgage off........so I got thinking......
I currently have an Amazon/MBNA card, with a £5800 limit.
The plan was to wait until my fixed rate mortgage ends (hence avoid fee's by overpaying during the fixed term) and put £5k into my mortgage using the credit card.
I would then pay the card off straight away, and then put another £5k on the mortgage, then pay the card off, and so on - until the mortgage had finished.
By doing this, with every £5k place don the card and then cleared, I would earn £50 in Amazon vouchers - hence making me just over £500 in vouchers by paying off something I would have otherwise paid in a lump sum!
HOWEVER - then comes the news that the Amazon/MBNA relationship is ending!!! So there goes that option!
I am now on the lookout for another card to use instead - may go for a Tesco one - but either way I should be completely mortgage free in a few more months!!!
BUT........A big BUT.........we are now looking to move into a bigger property at some stage in the next 1-3 years or so!!!! Ahhhhhh!!!! I'll have to start a huge debt al over again!!!!!
On the bright side, at least we'll have a nice big deposit of around £250k from the sale of our current house!
Just wanted to share the story as my first post
I am the main breadwinner - my wife does not work for the moment and looks after our 3 young children.
Over the past 10 years I have been scrimping and saving, using the credit card deals and offers where I can (paying all off without any interest being paid whatsoever).
I have always taken out 2 or 3 year fixed rate mortgage terms - shopping around to find the best rates etc.
At the end of each term I pump all off my savings into the mortgage, and start over.
I am now at a position where my mortgage is at £53,000, and I have enough in my savings account to pay it off completely!!
I'm STOKED!!
So my current mortgage fixed rate deal ends on 1st Nov.
The initial plan was to obtain a redemption statement and then pay off the mortgage.
However, I rang my mortgage lender and realised I can use a credit card to pay my mortgage off........so I got thinking......
I currently have an Amazon/MBNA card, with a £5800 limit.
The plan was to wait until my fixed rate mortgage ends (hence avoid fee's by overpaying during the fixed term) and put £5k into my mortgage using the credit card.
I would then pay the card off straight away, and then put another £5k on the mortgage, then pay the card off, and so on - until the mortgage had finished.
By doing this, with every £5k place don the card and then cleared, I would earn £50 in Amazon vouchers - hence making me just over £500 in vouchers by paying off something I would have otherwise paid in a lump sum!
HOWEVER - then comes the news that the Amazon/MBNA relationship is ending!!! So there goes that option!
I am now on the lookout for another card to use instead - may go for a Tesco one - but either way I should be completely mortgage free in a few more months!!!
BUT........A big BUT.........we are now looking to move into a bigger property at some stage in the next 1-3 years or so!!!! Ahhhhhh!!!! I'll have to start a huge debt al over again!!!!!
On the bright side, at least we'll have a nice big deposit of around £250k from the sale of our current house!
Just wanted to share the story as my first post

0
Comments
-
Hi,
Wow! Well done on your achievement. You have done so well to pay that much off in such a short time.
I like your way of thinking about the credit card. I am fairly new on here and haven't started a diary (intend to in September). I am sure that someone with more 'experience' on here will advise about a credit card deal that may be able to help you.Interest rate 1.25%, offset mortgage Woolwich0 -
Just wanted to say wow and well done! Im not sure about the credit card stuff though sorry!
Well done and happy house hunting!
Jodles :beer:MFW2020 #115 250/3000 J-250
1% challenge- /1525Save 1k in 2020- /3000
Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
0 -
Congrats (read... Well Jel!)0
-
That is fantastic
Well Done
MFW Start Date: 18/08/14
Mortgage At Start £183389.89 Mortgage Now £151000
Mortgage Free Date - [STRIKE]October 2038[/STRIKE] [STRIKE]July 2036[/STRIKE] November 2021 :T
2014 Overpayments - £11600
2015 Overpayments so far - £18000:j
Aim to be Mortgage free by November 2021:beer:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards