Was Mortgage Free until 52!!!

Tilly_MFW_in_6_YRS

joolsbfd wrote: »

Pay off early? I had to max the term to make it manageable but took 3yr fixed to just sort out what is possible and hopefully overpay each month.... Then review. Have always enjoyed freedom so just getting mortgage was/is a big deal for me -

What's a diary? I'm def going to end up trying to find ways to earn to pay off - hindsight is a wonderful thing most of my friends are near mortgage free now when previously they may have envied my freedom it's like the shoe is on the other foot now!

I really recommend starting a diary. Somehow it helps accountability. Until we became MF, I was posting at least daily, sometimes more

How you OP really depends on the rules for your mortgage and personal needs/wants. Many people invest their OP money and aim to increase their funds, some want capital reduction - I was in this camp - because seeing the actual number reduce was very important to me.

We did tons of things to increase our disposable income, enabling us to OP. Lodgers, surveys, menu planning, tactical shopping to use vouchers/deals, eb@ying, car boot sales, TCB and £co, switching bank accounts for rewards, RM surveys (selling reward stamps).

That's not an exhaustive list but every penny which can be OPd or invested to help clear the mortgage, is a penny in the right direction.

Give it a go, I promise it's worth it.

Best wishes Tilly

A_Frayed_Knot

Well i've got ....good news and ..... bad news, we'll go for the good first;

just checked my mortgage account there and I have saved all of ........18p in interest by overpaying over £1200 last month, don't know whether to :rotfl: or . That's the good, the bad is;my mortgage balance has went UP:rotfl::rotfl::rotfl: instead of down as interested added but no payment taken off - yet.:(


So Lil if your reading this ... don't have a heart attack, when you check yours, be prepared.:D


Am just finishing listing a few items on the bay, and its taken me ages, still will be worth it if they sell and i can get them out the house.

A_Frayed_Knot

Hi Tilly, glad you are still around to give good advice to a newbie, as try as i might, i do try to keep answers short but end up writing a book, so then delete it as think its far too long - done that this morning - twice.

A_Frayed_Knot

Bexster1975, just seen your thanks, back from your holiday now, how was it? seems you went away ages ago.

bexster1975

Hello

Yes I'm back. I have actually been for a week but nothing really to post and been busy. Had a lovely time thanks, but warmer and sunnier than here! Back to the old grindstone in the am! Sounds like all goes well with the mortgage at your end. Look forward to the update when your payment is applied tomorrow or Tuesday.

Bexster

Luckyinlife

So Lil if your reading this ... don't have a heart attack, when you check yours, be prepared

I am reading I dont understand how the mortgage can go up ? could you explain please i thought that the interest we pay is the amount they charge per month on the amount we borrowed so never

for example lets say i borrow 67k over 25 years id actually pay 125k for arguments sake but they never actually give us a balance of 125k

Im always reading FK :]

bexster1975

Hi LIL

In answer to your question, I think the bank have applied the monthly interest to AFKs mortgage and not yet applied her payment, hence the increase in the mortgage.

Please correct AFK if that's not what you meant.

Bexster

A_Frayed_Knot

bexster1975 wrote: »

Hi LIL

In answer to your question, I think the bank have applied the monthly interest to AFKs mortgage and not yet applied her payment, hence the increase in the mortgage.

Please correct AFK if that's not what you meant.

Bexster

Yes Bexster, thats right, they have applied my interest but not yet taken off my mortgage payment, hence the mortgage figure has gone up. Got a bit of a shock, when I saw it, but having a :rotfl:now.


Lil - have you checked your mortgage online, was trying to give you the heads up, not a heart attack, think you might be giving yourself one:eek:

A_Frayed_Knot

Luckyinlife wrote: »

Im always reading FK :]

Tut Tut, when i read your above comment, i thought you were saying bad words, tut, tut until i realised its my initials:D should have thought about that when i picked my name:rotfl:. Gave me a good laugh, anyway. Thanks

Luckyinlife

Ohh i see haha i just checked it now and its the same its actually given me a interest rebate of 0.02 for some reason lol

Im trying my best currently to save as much as i can on items im buying for the house to add all the savings up to Op once im done :]

AFK hehe put this on your profile where my minion is under your name