Was Mortgage Free until 52!!!

A_Frayed_Knot

Morning, and its one horrible morning, rain lashing and wind knocked a bin over which woke me early on this morning:( at least no other trees down - yet.

Just completed another survey which gave me enough points to claim £5 , not received the £8 claimed previously yet- so they are a bit slow, but will try to remember to keep watching for it, and managed to pay in a cheque yesterday that I received for shares that are no longer.

And just had a look at one of the other survey sites, I can exchange my ££ for high street shops which gives me a much better option as the other shops offered were just not where I would shop, so another 50p and I can exchange for £50.00 but might just keep this rolling until I'm actually going to buy something.

Have a few more items to list on the bay, but no offers of listing for me, at least I have the free 20 per month to use

A_Frayed_Knot

SueP19 wrote: »

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

OK, I'm sad too but who cares if we get to pay off our mortgage sooner and save along the way :j. Only saw your post this morning - don't know how I missed it :eek:

This is another light bulb moment :rotfl::rotfl::rotfl: Good fun isn't it - just when I thought I had ran out of ideas :D me also thinks, worth further work, :D

Oh, and don't forget the bonus for switching, you could get up to £150 bonus :D :money::money:

A_Frayed_Knot

ok, had a few figures thrown into the snowball calculator and very disappointed

If I choose to o/p monthly against saving for a year with interest included then o/p, I save the massive sum of £78.07, surely I must be calculating this wrong :eek: brain must be frazzled after a long day will try again tomorrow night after a good nights rest.


confused

shangaijimmy

I tortured myself with the whole OP v 5% savings conundrum, and in the end although my head completely told me to save and then lump sum OP, my heart told me I need to see the mortgage balance reduce otherwise motivation reduces. So,in the end i compromise with myself. £300 into a 6% reg saver which is the max per month with FD, and anything else gets OP'd immediately.

I still have mental turmoil over this other £200 but at this time the mental benefits are greater than the savings which in reality would be about £60 per year difference with my mortgage rate. I'm settled with the £300 now, and am looking forward to tHat maturing in March so I can send it across. I will start anitHer immediately, and who knows after writing this I may well tweak my other into a savings...!

Decisions, decisions..

SueP19

A_Frayed_Knot wrote: »

OK, I'm sad too but who cares if we get to pay off our mortgage sooner and save along the way :j. Only saw your post this morning - don't know how I missed it :eek:

This is another light bulb moment :rotfl::rotfl::rotfl: Good fun isn't it - just when I thought I had ran out of ideas :D me also thinks, worth further work, :D

Oh, and don't forget the bonus for switching, you could get up to £150 bonus :D :money::money:

It's finding that magic account that pays 5%.............not sure they are there, I am stuck with current bank as would only get a basic account at the moment...............story of my life, never could get a 0% credit card either :mad:

But I am going snowball this with my 3% 123 account to see if it's enough of a difference

SueP19

shangaijimmy wrote: »

I tortured myself with the whole OP v 5% savings conundrum, and in the end although my head completely told me to save and then lump sum OP, my heart told me I need to see the mortgage balance reduce otherwise motivation reduces. So,in the end i compromise with myself. £300 into a 6% reg saver which is the max per month with FD, and anything else gets OP'd immediately.

I still have mental turmoil over this other £200 but at this time the mental benefits are greater than the savings which in reality would be about £60 per year difference with my mortgage rate. I'm settled with the £300 now, and am looking forward to tHat maturing in March so I can send it across. I will start anitHer immediately, and who knows after writing this I may well tweak my other into a savings...!

Decisions, decisions..

I agree, motivation is a big part of this and the successful diaries I have read all seem to point to regular OP's

A_Frayed_Knot

When I started my MF Journey, my aim was to o/p, reduce the balance, term time and stop paying any more interest than I had to - this I took great delight in

So after much consideration I have decided to "stick" with my o/p being made directly to my mortgage account, as next months payment will take me under the £30,000 mark :j Happy with that for now :j

ScotinLondon

Morning - I have lurked on your diary for a long time. Coming out of lurkdom to say that Nat****wide bank also have a flexible regular saver, £500pcm 5% for the year. Like the FD regular saver you need to have their version of the Flex or Flex direct current account.

HTH

Disappearing off to lurkdom again.

Good luck with your journey. It's been a good read so far and lots for me to learn!

SueP19

A_Frayed_Knot wrote: »

When I started my MF Journey, my aim was to o/p, reduce the balance, term time and stop paying any more interest than I had to - this I took great delight in

So after much consideration I have decided to "stick" with my o/p being made directly to my mortgage account, as next months payment will take me under the £30,000 mark :j Happy with that for now :j

I think I am with you on this, I don't have masses of spare, life has a habit of going wrong, I can just see me now stashing into an account and then have to buy a car with it, so back to square one. If it's OP'd I can't get it back

PS not that any bank would give me an account tbh xx

A_Frayed_Knot

ScotinLondon wrote: »

Morning - I have lurked on your diary for a long time. Coming out of lurkdom to say that Nat****wide bank also have a flexible regular saver, £500pcm 5% for the year. Like the FD regular saver you need to have their version of the Flex or Flex direct current account.

HTH

Disappearing off to lurkdom again.

Good luck with your journey. It's been a good read so far and lots for me to learn!

Hi SIL
Thanks for delurking to let me know about the [EMAIL="N@....wide"]N@....wide[/EMAIL] account, I do actually have an account with them but only because I had an account with the Dunf...1ine which was taken over by them. Actually have no idea of the name of the account though will have to check, as this was next on my hit list to switch

HTH - ??? means

Many thanks and don't stay in Lurkdom too long, delurk anytime - your most welcome - keeps me motivated, to know someone is reading and watching - not too sure about you learning though

Are you on a journey as well ?? From a fellow scot - I take it, that's not your name