Was Mortgage Free until 52!!!

A_Frayed_Knot

brizzledfw wrote: »

Amazing reduction in daily interest rate over a short period. That is definitely worth a celebratory drink :beer:

Do think about renting etc. Air BnB would not be my first choice (personally) as you need to be around, do breakfast , change beds, etc etc but we find lodgers good. Taking a break at the moment but pretty sure we will start again in a few months..preferably M-F only to give us the space at the weekend. Either way do something useful with the space that you are paying the mortgage on..

Thanks, Brizzle - new deal helped alot along with some o/p's. And I would really like the extra cash putting the extra rooms to good use, just don't know what would be expected of me as far as entertainment/company wise, etc, etc, I must have a hundred questions on the subject, like do you put locks on all the bedroom doors? as if there are other guests in - etc etc. I would be at work all day long.

HelenDaveKids wrote: »

That's incredible. Fantastic!!!

Thanks Helen, as I said all down to a good new deal and some o/p's. I'm in complete awe at what you have done, completely turned around, something I would also love to do, lose weight, get fit, pay off mortgage, you seem to have achieved it all :T:j:beer::p;):D:cool::rotfl: :A:A Well done.

A_Frayed_Knot

OH, another parcel being posted today. Am off work for 2 days plus the weekend :j

A_Frayed_Knot

Having a bit of a "moment" here. (lightbulb)

As looking through some bank accounts to switch to and see there is one that will give you 5% interest - now sometimes I'm a bit slow and not "up" on financials, but since my mortgage has a rate of 1.89% and I can get interest of 5% am thinking of saving my o/p's to the 5% interest account (once opened) then o/p the lump sum incl interest before year ends then start again.

Will still continue to pay my odds to even up/down - as my OCD :rotfl: still needs fed

Need a few more moments to think this through, but sure i'm on the right track, am I ?

tattycath

A_Frayed_Knot wrote: »

Another parcel posted today - profit of around £7 Mortgage payment off at last.

New daily interest rate is £1.52 :j compared this time last year's daily rate of £4.33

Well done on the interest rate drop. :T
How did you work it our please? I'm clueless at stuff like that.

A_Frayed_Knot

tattycath wrote: »

Well done on the interest rate drop. :T
How did you work it our please? I'm clueless at stuff like that.

Just looked at my mortgage account online to see what they added on in interest for the month then divided that by the number of days in the month, then went back to this time last year and done the same.

You have nearly the same targets as me - started off at 2030, then went to 2023, and I hope to be fully paid up by 29.2.20 - 8 years to the day I started paying my mortgage, so i'm almost half way


And I missed posting on 2.2.16 it was 4 years to the day I bought at auction :eek:

shangaijimmy

A_Frayed_Knot wrote: »

Having a bit of a "moment" here. (lightbulb)

As looking through some bank accounts to switch to and see there is one that will give you 5% interest - now sometimes I'm a bit slow and not "up" on financials, but since my mortgage has a rate of 1.89% and I can get interest of 5% am thinking of saving my o/p's to the 5% interest account (once opened) then o/p the lump sum incl interest before year ends then start again.

Will still continue to pay my odds to even up/down - as my OCD :rotfl: still needs fed

Need a few more moments to think this through, but sure i'm on the right track, am I ?

I do the same with a 6% reg saver at FD. Pay the full £300 per month and will OP it once the interest is credited after 12 months along with the interest (£108 i think)

A_Frayed_Knot

shangaijimmy wrote: »

I do the same with a 6% reg saver at FD. Pay the full £300 per month and will OP it once the interest is credited after 12 months along with the interest (£108 i think)

So, I must be along the right tracks then, (was asking myself if I was missing a trick, and should maybe be paying it monthly plus the interest, (eg 1.79% of £30000 - more or less than ?? - 5% of £250 per month) I'll never know how my mind works, sometimes. The account I'm thinking of pays interest monthly - I think.

So you can recommend this way then, Shangaijimmy ? as it works out best value (savings).

SueP19

Use the snowball

Be sure to add a withdrawal of the saved amount each year so that cumulative interest doesn't accrue that way you can compare properly by adding that into your mortgage snowball and seeing if it actually does save in the long term :cool:

http://www.whatsthecost.com/savings.aspx

SueP19

OK call me sad

I just did a quick illustration and...............

....if I OP'd £200 a month direct to my mortgage my balance after 2 years would be £57,996


....if I paid £200 into a one year fixed 5% return and then paid it as a lump sum my mortgage would be £54,371

:eek::eek::eek::eek::eek::eek::eek::eek:

A difference of £3,625

This needs further work me thinks :D

SueP19

Just wondering what the % tipping point is