Working hard and paying off

Andy102

Well finaly after 2 years of following other people's stories on here I finaly set up an account and thaught I would make my 1st post.

Well a bit about me, married with twins, aged 44.
We purchased our 1st house in 1999 just as the housing market was about to rocket. The house was in an area we thaught we could never afford but due to the state of the place we just about scraped enough cash together to buy it £70k

I then spent every evening and weekend for 3 years either doing up the place or working to get the cash to pay to do up the place. We had to completely gut the place. We made a few one off over payments £5k at a time.

Anyway fast forward 11 years and we got the mortgage down to £20k from £70k.

So then we decided to re mortgage as the place was now worth £250k
We remortgaged and used our savings and bought a holiday home in the lakes so we ended up with a mortgage of over £160k we rent it out now and then.

We have been saving and overpaying like mad since then and in 3 years managed to get the mortgage down to £57k as of today.

Also about 18 months ago we used our savings again to buy a small industrial unit outright for my business to run from.

My dream is to clear the £57k in 2 years. So this is the plan, I have just fixed the remainder of the loan @ 1.99% for 2 years.
So I will make the 10% overpayment per year and any other savings will go into an ISA @ 1.5% then with any luck and a lot of hard work I should have saved enough to pay the remainder of it off once the fixed rate ends.

Sorry for the long 1st post.

abouttimetoo

Hi Andy 102 and welcome to the board


Congratulations on all you have achieved so far, I'm sure there was lots of hard graft involved and no doubt made harder by running your own business too


Sounds like you're off to a great start so very best wishes with your plans, we'll all be here to cheer you along or act as a sounding board if you need it


BTW, are you firmly decided on ISA's? The rates are so poor at the moment and there are several current accounts paying far higher interest rates than ISA's that you might want to consider first e.g. as much as 5%


Regards
ATT

Andy102

Thanks for the reply, I have a current account with nationwide that's paying 5% on the 1st 2k

To be honest I will have a look at opening a coupele of others but it's having the time to set the DDs up etc.

abouttimetoo

Hi Andy
I know where you are coming from re time but it will be time well spent and once done will manage itself. I set up an SO last night and took about 90 secs including the automated call from the bank to verify it


You mentioned DD's, not all accounts need DD's set up, e.g have a look at the T$B Plus account. You can save 2k at 5% and no DD's needed. You and Mrs Andy could have one each and I think a joint too so 6k at 5% not to be sniffed at


Regards
ATT

Andy102

Thanks for the heads up on TSB I will look into it.