Excited to try and be mortgage free

chumpy45

Ooops where did that time go? I blame it on the new term and evenings taken up with ferrying DS4 to multiple activities. Both DH and DS4 have already had horrible cold/virus type infections, so fingers crossed I don't succumb. Well, we are still awaiting the remortgage to go through, but have also done lots of number crunching sorting out payment of our new bathroom (due to be installed in October), DH's new car (:eek:), and my plans for FIRE. DH has an existing CC with T*sco, and after a discussion with them this morning, it transpires the interest free on purchases lasts for another 14 months. This is a great result (and nothing like the information that DH gave me initially :rotfl:), as it means we can carry on saving the little bit of remaining balance we need and then pay it all off from savings next December :T

From reading these wonderful forums about FIRE, many people seem to plump for S&S ISAs. I have about 10 years before retirement which I think is probably sufficient time to hopefully achieve some gains from a S&S ISA, and have been investigating the Cavendish website which gives some useful "suggested models" (useful as I am very much a novice and wouldn't really know what funds to choose). However, I am wondering if it is better to increase my existing TPA AVC instead or to have the same amount split between the AVC and the S&S ISA in order to diversify investment? Any thoughts gratefully received.

A beautiful sunny day here, so might try and do some garden tidying whilst cooking roast dinner. (I will try and achieve this whilst also ignoring the ironing pile in the corner which is doing a very good impression of the Leaning Tower of Pisa :rotfl:)

greent

I've recently taken out a S&S ISA with V*nguard - there's a reasonable bit of info on their site about funds. I also went on Hargreave5 Lan5down and downloaded/ sent off for their advice leaflets/ brochures too. I have absolutely no advice to offer with regards to AVC/ ISA possible split or not, though!


Down to 2 at home here - will be interesting to see what difference it makes to the bills (am expecting much less water usage, for a start - DD has 30 min showers and DS1 showers twice a day)

Good news re the 0% period on Tesc0! :T
x

chumpy45

So just rang the mortgage company to find the latest balance (unfortunately am unable to see my mortgage on line) and scores on the doors as of today stand at:

Mortgage balance - £23,914.45
Daily interest - £1.84

In Feb 2017 (when I first started recording balances) the mortgage was £36,584.00 with daily interest of 2.35 so pleased with today's figures. :T it's going down slowly. Don't really understand the daily interest as on 06.08.18 it was given as £1.73 so not sure how it can have gone up!

Hopefully new FD remortgage will be finalised soon, seems to be going on for ever. I can't wait to be able to see the balance online. I am sure it will be even more motivating to pay off when you can actually see it. Have been TTing ready to pay over a lump sum once new mortgage showing. Just off to walk the dog in beautiful sunshine. Have to make the most of the sunny weather at this time of the year. Happy Friday everyone.

abba1772

just spent tonight reading your diary

Can I just say WOW

I can't wait to tackle our mortgage once we get our debts paid off xx

**subscribed**

chumpy45

Thank you for your kind words Abba, and well done on persevering through my ramblings. Do you have a diary yet? will try and find you. It really does keep you motivated even if I don't manage to post every day (or week!). It was my silver wedding anniversary yesterday !!!! How did that many years pass? It has been a rocky journey but we made it and decided to splurge last night on an expensive meal for the two of us. It was so delicious and we were really decadent having taxis there and back and a really lush bottle of champagne (on a school night as well :rotfl:). What's more, I am not even going to feel guilty as life is for living after all :j However, back to it today. About to rush off to work, but just made a TT of 10p. Seems slightly pointless after last night's excesses but hey, every little helps. Have a good day everyone.

abba1772

Yes I have a diary try and get on it everyday to keep me accountable

Congrats on your silver anniversary that's quite an achievement xx

chumpy45

Thanks Abba1772 - I will check out your diary too. Today we have paid the bathroom deposit (ouch) and collected DH's new car (double ouch). Spends were planned but are taking advantage of a 0% CC to keep the money earning interest for as long as possible. Have heard from FD that the remortgage should complete on Wednesday so interest rate will reduce from 2.5% to 1.89% and term will reduce to 4 years :T Have set ourselves a mini target of reducing to £20K by the end of the year. Won £15 in the postcode lottery this week, so have tranferred that to the TT/bits and bobs account ready to OP. House currently looks as if we have been burgled, so need to motivate myself to do some tidying/laundry/cooking etc ready for the week ahead. May be a little cup of tea first .......

chumpy45

So, finally the remortgage has completed and it seems the new interest rate is 2.09% fixed for 2 years. I was sure it was 1.89% but after a long phone call they do not seem to have any evidence of this. Any how it is still lower than we were paying and we have reduced the term to 4 yrs, so all is good. The outstanding mortgage as of 16.10.18 was £23, 940.00 with a monthly repayment of £520.80. Disappointingly, despite being an online only bank, it is not possible to view the mortgage account online with FD !! Even the man on the phone agreed it was ridiculous. Apparently, you can see it on the app, but I am currently using an old phone as DS4's phone is broken (not entirely sure why I had to swap - something to do with looking cool may be? lol), The old phone won't support the app, so that has prompted me to sort out the repair on DS4s phone. I have just under £100 ready to OP, so I will round it up to £100 exactly and send over a test payment with the new account details. Hoping to make another payment by the end of the month. It's Friday and it's the start of half-term. Have a good weekend everyone.

chumpy45

Yippee, made my first OP on the new mortgage. The grand sum of £50. I have also discovered that I can use my Ipad to use the mortgage app so can finally, finally see the balance online which is so exciting and very motivating :T Am now investigating ISAs again. Am thinking of setting up £100/month until the mortgage is gone and then can ramp it up a little. Combined with my £100/month AVC hopefully, this will help boost the pension a little. I am only too aware that it is far too little far too late, but at least I am taking some steps to resolve things. A beautiful day here now the mist has cleared, so about to take the dog over the fields. He is watching me with one eye at the moment pretending to be asleep, but I know as soon as I whisper the magic word he will spring into action!

Kittenkirst

Fantastic to make your first overpayment on your remortgage and to be able to see the balance. I have to call every month to check the interest applied and balance which is annoying but is worthwhile when I get to update my app and my spreadsheet (& generally do a little happy dance)

Enjoy the doggie walk!