The "Mortgage-free in 2025-30" club!

slicence

helibob wrote: »

Thank you, kindly! We move in tomorrow. Going from rented, so we had a little time to do a bit of sorting out in between completion and moving. I don't know how people manage the whole thing on one day. I think my head would likely explode.

Congratulations! We're in a similar boat, have 6 weeks between completion and moving, so have managed to do a fair bit of decorating, which is a new concept to me! Moving next weekend Then I feel we'll be able to celebrate!!!

helibob

slicence wrote: »

Congratulations! We're in a similar boat, have 6 weeks between completion and moving, so have managed to do a fair bit of decorating, which is a new concept to me! Moving next weekend Then I feel we'll be able to celebrate!!!

Thanks, and congratulations to you too!

We expected to have to do a bit of painting and a whole load of cleaning, but we got there and the tenant who'd been in there when we viewed had either bucked his ideas up or got a company in to do an end of tenancy clean and the paintwork is all just dandy.

There's still a little bit of a smoke smell (although it's lessened with a good hoover and a bit of an airing) and a slight stain on the ceiling above where his armchair was (which my gf absolutely insisted *must* be from a leak either from the sink or the toilet until I pointed out that the bathroom was on the other side of the house) but I think that'll go with a bit of a wash and have only delayed that because I can't reach it with no furniture to stand on.

choccielover

I too don't know how it can all be done in a day, we had 6 weeks during which time we replaced 4 bathrooms, decorated and re carpeted each room and fitted all the curtains. I can't imagine having to live also in all that mess !!

The only downside is that it will all come ready for "refreshing" at the same time

choccielover

I need to make a £58 op this weekend out of hubs salary. Then I will have paid over £750 approx on total. Not a stunning number but on target to switch on to bigger ops in September hopefully.

Also calculated I will get a £500 tax refund in Han when I submit my tax return so thinking of either op'ing all or half at least.

So some good news there

liuhutOz

shangaijimmy wrote: »

Congrats!

I too dream of a pay rise that substantial, but one without the extra 20k worth of work and responsibility

Lol yeah unfortunately it is a combination of both! I'm going from part time to full time, and a better job to that I've been studying for. I know $20k sounds a lot, but in Australia an hourly rate can be $30-40 an hour, and the Sunday rate is double time :-).
I'm going to have to get organised to make sure I don't spend the extra money on food etc now that I'm full time :-/

slicence

Ok, I've been meaning to ask this for a while, and apologies if it's already been covered at all, but what are people's opinions on the saving in a higher rate interest account compared to overpaying the mortgage?

I'm quite torn at the moment: interest account is 5% (standard rate taxpayer) and mortgage is 1.9% so I know it's beneficial in the long run. I just can't wait to get see the mortgage payments come down!

Thanks (and sorry again if it's been covered extensively, I just need to make my mind up...)

shangaijimmy

I have the same mental torture slience!!

I too have a 1.99% mortgage rate. I currently pay £300 a month into a 6% regular saver with the full intention of paying it to the mortgage in March 2016 (£3600 + interest). I also know that it'll take me weeks to decide whether to:
a. pay it off straight away
b. open a 5% account and leave it
c. open a 5% account and another 6% regular saver and drip feed it in

Logic tells me option c is the best, but option c doesn't give you the satisfaction of an immediate £3600 reduction in mortgage balance.When will this torture end......

slicence

Ah it's not just me then!!!

At the moment I'm in an instant gratification kind of mood... I might just go crazy one day soon!

I'm also torn with the idea away from the numbers side of it: Saving now will mean that we have that pool of money in case something goes wrong or our circumstances change, but also means that we could blow it on a huge holiday in the blink of an eye.

I guess what I should do is weigh up the risks of each outcome and weigh them up against one another, and make the decision logically, OR come to a middle ground, where we save half and pay half off - A girl can have everything can't she?

helibob

slicence wrote: »

Ok, I've been meaning to ask this for a while, and apologies if it's already been covered at all, but what are people's opinions on the saving in a higher rate interest account compared to overpaying the mortgage?

I'm quite torn at the moment: interest account is 5% (standard rate taxpayer) and mortgage is 1.9% so I know it's beneficial in the long run. I just can't wait to get see the mortgage payments come down!

Thanks (and sorry again if it's been covered extensively, I just need to make my mind up...)

Yeah, I'm planning on doing a bit of both. Overpaying around £120 a month, then my partner and I each saving £250 a month into a higher rate savings account and when our fixed deal runs out we can decide whether to keep it as savings or pay it off to get a lower LTV remortgage.

kmcld2

Can I join please? My original redemption date is September 2034 but I'm aiming for 2020 - 2025. Ideally would love to be mortgage free by 2020.
Thanks,
Kelly.