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Bluefire

I guess the way I look at it is:

£2000 in premium bonds over the next 3 years, could be another £50 win, hopefully more like £75...

£2000 paid off the mortgage now = £4615 saved in interest & 9 months off our MF date.

Bit of a no brainer to me!

Luckyinlife

Bluefire wrote: »

I guess the way I look at it is:

£2000 in premium bonds over the next 3 years, could be another £50 win, hopefully more like £75...

£2000 paid off the mortgage now = £4615 saved in interest & 9 months off our MF date.

Bit of a no brainer to me!

Defiantly better off paying the mortgage with it 100% i use the premium bonds to put my tax money away in so its out of my way

Amazing how much interest can be saved isn't there :eek:

Bluefire

I know! I've gotten a little obsessed with the spreadsheet I've created, it's just really interesting putting different overpayments in & seeing the difference it makes. If only we had £800 spare a month, we'd be mortgage free by the end of next year! (Pipe dreaming a bit...)

Luckyinlife

Bluefire wrote: »

I know! I've gotten a little obsessed with the spreadsheet I've created, it's just really interesting putting different overpayments in & seeing the difference it makes. If only we had £800 spare a month, we'd be mortgage free by the end of next year! (Pipe dreaming a bit...)

without dreams life aint worth nothing :] i know what you mean i myself find myself in a position where i am charged 3% on any over payments i make but this isnt really putting me off much currently

if i pay £1100 it knocks a 1 year of my terms brings my interest i pay down a month by £7 and only costs me £33 in fees

i do love the overpayemt calculators :]

with your OH if it was me and i wanted the mony id say to him once we are MF you can put double in :] see if that works hehe

Bluefire

Success! The 'if I offered you £4615 or £75 with a one in 27 billion chance of becoming a millionaire, which one would you pick?' way of approaching things worked & DH is going to withdraw £2000 from NS&I tonight. He's leaving £300 in there, so my plan is to buy him some bonds again every Christmas so at least he feels that he's still 'in it to win it' as they say!

All of which that means if at the end of the month I can manage to scrap together £1200 (which at the moment it looks like I can) we'll have paid our first year target off in the first month! Really didn't expect to be able to do that, in fact if it wasn't for deciding to play some Martin Lewis clips on youtube whilst cleaning yesterday it wouldn't have even occured to me to ask about premium bonds.

So if all goes to plan at the end of the month I'm going to add next years target to this year, and then the dream of becoming MF by the end of next year starts to become a bit more of a possibility...

Luckyinlife

Well done :] told you all he needed is a push hehe good work

Wow a years target in a month is amazing have you worked out how much interest and time youll cut of the term buy overpaying by that much ? i know you have hehe

turtlemoose

wow, great work bluefire!

Bluefire

Luckyinlife wrote: »

Wow a years target in a month is amazing have you worked out how much interest and time youll cut of the term buy overpaying by that much ? i know you have hehe

I haven't done it quite yet (other than to illustrate to DH what a difference the premium bond money would make) but I will do the end of the month once it's actually been paid off the balance. The goal from here on out is to try & overpay by £600 p/m (as long as we have tenants that is, otherwise there's no chance!)

Off to switch an account to Halifax with the aim of gaining an extra £100 now...

edinburgher

if you havens won a lot try taking them out and reinvesting them to get new numbers

I think that's an urban myth

Off to switch an account to Halifax with the aim of gaining an extra £100 now...

It's more than that if you're opening a Reward Current Account (any switching bonus + £5/mth when you pay in £750? and have 2 Direct Debits set up).

Bluefire

edinburgher wrote: »

I think that's an urban myth
It's more than that if you're opening a Reward Current Account (any switching bonus + £5/mth when you pay in £750? and have 2 Direct Debits set up).

Yep, I'm all set up to do that but I am going to be a bit naughty & save the £5 reward rather than pay it off the mortgage. I have a weekend away every year with a group of friends at the NEC, which always ends up costing a fortune in hotels & meals. So I've decided rather than struggle to find the money nearer the time I'll stick it in the budget & save for it. The £5 will come in handy as a bit of a top up, especially as so far I've been unable to find any cheap rooms for this year!