Diary Mortgage Free Road To Change My Life

Luckyinlife

Ali-OK wrote: »

Going great guns and excellent savings on those purchases.

On the 2.44% mortgage rate vs. 3% gross savings rate... at the moment after tax (20%) savings rate comes down to 2.4%, so it's 0.04% higher interest on the mortgage.

But, April next year, I believe savings can earn up to £1,000 interest tax free so you could get the full 3% if it's under that figure (total interest across all savings I believe). Have a search here on MSE as there are articles on it .

Thanks Ali

I guess ill Try Op as and when till April next year then keeping that mortgage balance going down is kinda priceless haha :]

Dont get no where near 1k interest a year maby £200-300 at best i guess

A Frayed Knot Are you telepathic or what as i'm typing - asking what you have to buy next on my diary, your busy typing the answer on your diary.

Haha we must be on the same page somewhere :]

Ali-OK

Should have added all those figures change if you're a higher rate tax payer the savings rate will be lower (3% - 40% = 1.8%) and the tax free interest amount will go lower in April.

Luckyinlife

Thanks ali Big help That

So mortgage News

So after remortgage
Balance was £67000 2 weeks ago Now sits at £ 66599.26

First payment was £351.70 From now on its £298

So mortgage goals Each 1k will be a big achievement along the way

• Hit under 65k before x-mas 2015
• Hit under 60k in 2016
• under 55k in 2017
• Remortgage with a ltv of under 50% ltv within 2 years

Id like to put this mortgage away in 10 years if i can so ill be mortgage free late mid to 30s would be amazing

As im all geared up for this The Interest i received from 1 account just OP £13.79

Love this online mortgage stuff :cool:

Ali-OK

Good stuff...and is that interest just received from Club Lloyds out of interest...its identical what's come in to mine

Great goals and I can see you easily achieving those and more! :j

Luckyinlife

Thanks ali :]
Ya it is Indeed hehe :] Not a massive amount really is it for 5k but its something
Where else is your other savings currently ?

I also do the monthly saver as well which doesn't pay out till the year is up on it which should pay out around £100 after a year

Thanks the goals are currently realistic All depends on how work goes really cant tell from 1 month to the next

Runders

Ali-OK wrote: »

Good stuff...and is that interest just received from Club Lloyds out of interest...its identical what's come in to mine

haha and mine!

Ali-OK

I've got the max £2k in T$B at 5% - opened mid October and £3.22 interest just received, but at full month should be £6.66. And am funding their 5% Reg Saver at the full £250 per month too.

I've not done another Club Reg Saver this year - my mortgage rate is higher than the nett rate (3.69% mort vs. 3.2% nett on saver).

Think M&S have a 6% reg saver, but you need their current account to have it.

Investing and P2P/FC is probably the best returns now. I want to get started on those and there is rumour of P2P falling under the ISA tax free umbrella from April. How are you finding FC?

Also putting max into H@lifax 6% Kids Reg Saver - DS will bleed me dry anyway in the coming older teen yers, so might as well boost it whilst I can :rotfl:

Ali-OK

Runders wrote: »

haha and mine!

Bet the bank know where to find many of the maxxing it out customers...on mse :rotfl:

Luckyinlife

Runders wrote: »

haha and mine!

Haha they be bankrupt now soon hehe

Ali-OK I've got the max £2k in T$B at 5% - opened mid October and £3.22 interest just received, but at full month should be £6.66. And am funding their 5% Reg Saver at the full £250 per month too.

I've not done another Club Reg Saver this year - my mortgage rate is higher than the nett rate (3.69% mort vs. 3.2% nett on saver).

Think M&S have a 6% reg saver, but you need their current account to have it.

Investing and P2P/FC is probably the best returns now. I want to get started on those and there is rumour of P2P falling under the ISA tax free umbrella from April. How are you finding FC?

Also putting max into H@lifax 6% Kids Reg Saver - DS will bleed me dry anyway in the coming older teen yers, so might as well boost it whilst I can

Ya i see what your mean there ali

Iv got 5k earning 4%

Regular saver earning 4% at £400 a month currently got 3600 in there so this ties up another 5k really

Then i have another 5k not doing much at all

P2P FC has £400 in there earning after fees and bad debts 7% i guess this will be more if no bad debt happens so potentially 8-9%
I really like FC myself great rates and rates are great even on safer loans

i will be chucking another £600 in soon so i have 1k

Ull go look at tsb now i think :] as i have around 4k that needs to be working harder with easy access

So my savings looks like this currently

5k 4%
3.6k 4%
£400 7-9% risky
6k earning 0.85% in an isa super poor really 2k of this will be going to the monthly so 4k left to move about

Ali-OK

You could transfer your ISA to a better paying one - I've got a 1.61% Cash ISA with Post Office - just £600 odd sitting there, but it's double what you're getting at the moment on a fair chunk of money.

Once I get architects bill, what's left in my measly 0.75% Lloyds account which is currently £3,250 (Reg Saver finished then converted) will get split to ISA and likely FC.

It is nice and easy to move between accounts at the same bank though - guess they depend on our inertia in their own money making