A long slow journey to mortgage freedom

Firegirl

Yay, selling items on e b@y and made £20 on 2 dresses. That was at a profit because I'd bought them in a charity shop a few years ago. Now I need to pay 2nd class postage for them and not sure how much that will be but I'll be transferring the full £20 to my mortgage tomorrow! I could see this becoming addictive! Still have about 10 items listed that will close next week so hope I do well on them too!

shangaijimmy

Good luck on your quest. I love all the little payments here and there and always think to myself "that's £10 I'll never pay interest on ever again!"

I've got 3 goals in mind from all my addictive spreadsheet permutations. The first that if we continue with a standard overpayment each month of £430 we'll be done in 11 years (11 years early). The 2nd is that with a bit of work (using multiple current accounts for best use of savings, then use interest as mini overpayments, currently at about £24 per month) we'll be done in 10. Secretly with a bit of good fortune and keeping wifey in check we can be done in 8-9 (13yrs early). Every one I'd be happy with!!

On the eBay front we have a deal going on that wife sticks to budget but has full use of paypal account for herself. That way it helps with motivation to de clutter the house and I'm not a constant tyrant saying no to new shoes!

Firegirl

Looks like your doing great, and what an exciting target for you! The time will fly by. Yes that's my job for tomorrow. To find a better place for my offset savings linked to my mortgage. My mortgage rate is currently 0.99. My massive mortgage was freaking me out so felt I needed the security right there. Also all house stuff is bought now so I know what we have left.

I was wondering about the questionnaires on line that pay a pound or two. Do they end up selling all your personal details and you get bombarded with junk mail etc?

Firegirl

I'm scouring these pages for tips while my hubby watches a programme about Mayfair!!!!! Lol. And I'm wondering how to calc mortgage interest daily and how people are motivated by it!?

Luckyinlife

Great job
I have a load think i sold around 2-3k worth of stuff last year on ebay :]

I am a ebay lover tho fees are high buy so simple

Firegirl

I seem to have free fees for 20 items a month. Not sure how I wangled that one. Think it's cause I had the account for ages but never used it much.

SuperSecretSquirrel

That's a spectacular mortgage rate! Your mortgage balance is more than 5 times the size of mine, but thanks to me having a rate that's more than 5 times yours we're paying pretty much the same in interest!

Here's a daily interest calculation for you based on the balance in your signature:
Annual interest rate = 0.99%
Annual interest rate expressed as a decimal = 0.0099
Daily interest rate expressed as a decimal = annual decimal interest rate / days in year = 0.0099 / 365 = 0.000027123
Daily interest amount = total owed * daily decimal interest rate = £245,316.06 * 0.000027123 = £6.65

The interest amount will be less if you keep your savings in the offset, in which case just swap in your true interest attracting balance for the £245,316.06 (i.e. £185,403.97 * 0.000027123 = £5.03). You're doing the right thing shifting the offset savings into a higher paying account though, your mortgage interest will go up a bit, but what you earn on your savings will go up more, leaving you better off overall.

Good luck!

Secret_Saving_Squirrel

Good luck Sque

You sound very clued up. There are all sorts of ways that people work towards becoming mf and you will probably dip in and out of several on your journey. Very good luck. X

Firegirl

Secret saving squirrel you obviously know me!!!! I'm always trying different things and I'm all into it ......then novelty wears off:0( but I'll try and stick to eb@ying cause it's easy enough.

Super secret squirrel thanks for those calculations. It's good to know the daily interest and keep it in mind when saving the pounds.

I've sold a few items today and although I got £10 for 1 item I only got 0.99 for another item!!! Think I need to write better titles and descriptions.

Firegirl

Woo hoo!!! Just under 20k moved to s@ntander 123 account. Extra interest compared to leaving in offset mortgage account and no hassle to arrange at all!!!