Paying off the Mortgage Tip

Nobby1974

I have already posted elsewhere about my "mission" to pay mine off. The final payment will be in September this year.

One thing that helped me was making a list of the things we want to do once it's done. We actually just ordered a new suite this weekend with delivery the month after the mortgage is gone. We want some other bits for the house and have been pretty disciplined to accept that we can go get them after Sept 07.

I read a post that one girl wanted new flooring but couldn't decide if she should use the money to pay off her mortgage. WAIT GIRL!!!

I followed the bank charge reclaim item and got 2k back from the bank. where did the money go? Holiday? Car? Nope! The moment it came into my account it went straight to the Woolwich and off my mortgage.

Go to http://www.woolwich.co.uk/ on the home page is a great quick calculator that I use. I put in my mortgage amount, click calculate and see how much my re-payments are. Then if I pay off 2k, click it again. Your repayments come down by a tenner a month. This drove me to keep overpaying then coming back to the site and clicking again. EXCITING!:j

It became a game. Here I am now with £22,000 left (from £240,000 6 years ago) and will be done in September 07. 2 months to go. Can't wait!

Be Good and Stay Strong. I can't wait to not care anymore what the B of E want to do with interest rates. You CAN do this!:money:

Kaz2904

Nobby1974 wrote: »

One thing that helped me was making a list of the things we want to do once it's done. We actually just ordered a new suite this weekend with delivery the month after the mortgage is gone. We want some other bits for the house and have been pretty disciplined to accept that we can go get them after Sept 07.

I read a post that one girl wanted new flooring but couldn't decide if she should use the money to pay off her mortgage. WAIT GIRL!!!

It became a game. Here I am now with £22,000 left (from £240,000 6 years ago) and will be done in September 07. 2 months to go. Can't wait!

Be Good and Stay Strong. I can't wait to not care anymore what the B of E want to do with interest rates. You CAN do this!:money:

It is commendable to advise people to do this but we all need to live within our own limitations. You are advising someone to not get a new floor but then say that you still have holidays etc.
To me it would be more important to have the floor than the holiday as I can go away next year but wouldn't be able to look at the floor every day for x months while we saved up to pay off the mortgage.
I am not affected by the boe rates with my mortgage but am with my savings so every time the inerest rate rises it is grand.
You seem to be of the same mindset as thefunkygibbons and no doubt you will get many posters saying yeah great earn loads and clear the mortgage but at least you've done it! (Or nearly should I say!)

Nobby1974

Earn Loads??? I'm doing 65 hour weeks to do this. New Floor vs Holiday? Well, sorry, I thought a new floor might be more expensive than a holiday. Jeeze, I won't bother posting next time!

Welshlassie

Nobby1974 wrote: »

Earn Loads??? I'm doing 65 hour weeks to do this. New Floor vs Holiday? Well, sorry, I thought a new floor might be more expensive than a holiday. Jeeze, I won't bother posting next time!

Don't be so sensitive. Kaz was just giving her opinion. There are so many people on here in so many different circumstances that what works for you, may not be any good for other people. You made an assumption that a new floor would be more expensive than a holiday, but it depends on the floor in question and where you go on holiday.

What you have done is fantastic, and I would love to be in a position to earn extra from my employer but they don't pay overtime, so I'm left with making extra on ebay and the occasional mystery shop (even though I sometimes work 45-50 hour weeks), we cut back where we can, without going without and this goes towards our mortgage, but realistically it will be a long time before we can actually pay ours off.

Keep up the good work and hopefully you will be sat on a very nice nest egg after the mortgage is paid off that you can use to retire early on??

Nobby1974

Cheers Welshlassie. Sorry about that. It was the middle of the night and I shouldn't have snapped. Best of luck with yours too. eBay is a great tool for extra income. Have you been to Car Boot Sales and then sold on eBay? Thats another great way to top up funds.

alanobrien

Nobby1974 wrote: »

I can't wait to not care anymore what the B of E want to do with interest rates. You CAN do this!:money:

Keep caring.......turn into a saver and enjoy the fruits of your labour, well done !

Dithering_Dad

Nobby1974 wrote: »

Cheers Welshlassie. Sorry about that. It was the middle of the night and I shouldn't have snapped. Best of luck with yours too. eBay is a great tool for extra income. Have you been to Car Boot Sales and then sold on eBay? Thats another great way to top up funds.

LOL, no wonder you snapped, you must be knackered working 65hr weeks for 6 years and stressed due to your house fall down around your ears because you didn't want any home improvements getting in the way of your overpayments!!

*DD covers head in anticipation of a row*

Seriously though, congrats on being so close to your MFW goal. As other posters have said, what works for one person doesn't necessarily work for everyone. I'd certainly not want to regularly work over 60 hrs per week and/or have to make spending cut backs that seriously affected my quality of life in order to get rid of a mortgage.

However, if you feel your sacrifices have been worth it for you personally, then good on ya because it's you who made them and it's you who will now feel the benefit of being mortgage free.

Cheers,
DD

Kaz2904

Nobby1974 wrote: »

Earn Loads??? I'm doing 65 hour weeks to do this. New Floor vs Holiday? Well, sorry, I thought a new floor might be more expensive than a holiday. Jeeze, I won't bother posting next time!

Hey, I wasn't being offensive! I said no doubt you will get loads of criticisms like that- I'm not one of the people who criticise.
I've done the 65 hour + working week and have been working nights for the last 2.5 years with no childcare in order to pay off the mortgage.
Re the floor, I was posting my own opinion- you know what your flooring is like and mine is minging!
We do all need to live with our own limitations, mine being new floor, yours being a holiday- that doesn't mean that either is wrong.
Like I said,
You seem to be of the same mindset as thefunkygibbons and no doubt you will get many posters saying yeah great earn loads and clear the mortgage but at least you've done it! (Or nearly should I say!)

Despite the fact that you are working 65 hour weeks, you are earning a lot- you must be to be able to clear 22k in 2 pay checks. Presumably once you have cleared the mortgage you will cut your hours down a little and get some enjoyment out of your free time. So many people work loads of hours to rake in the money and then just spend more than they would before- at least you are using it wisely.
When reading other peoples posts it can be hard not to take things out of context so if I think someone is slagging me off I just ignore it! I'm sorry if you took any offence to what I posted but can't see how you would. I was merely warning you what people would probably say- have you read tfgs thread? If you do, you will see what I mean. TTFN, Kaz.

Nobby1974

Cheers, The 2 jobs I do I really love and one ends early next year thats why I needed to do it in a shorter space of time. I guess I am quite lucky to have a good income but I will be cutting back a little when it's done. The sacrifices have been worth it will shoot me in a new direction not having to put it all away each month.

Best of luck to anyone else doing it. It's amazing when I look at the calender and see the date arriving.

do_it_today!

Well done on you Nobby1974!
yes we all have different circumstances, tolerances and values that we guide what we prioritise!