FinancialBliss: My mortgage free journey…

financialbliss

SmlSave wrote: »

A friendly reminder.......DO UPDATES! :-)

Who said that...

OK. Standard mortgage payment of £898.03 and automated overpayment of £101.97 was taken on 1st May. This cleared on Sunday 3rd May giving a mortgage balance of £54,793.53. Should theoretically stay in the £54,000's (just) if I've calculated correctly.

I've updated my signature, changed and uploaded the graphs on post #1 and updated some of the info on post 1 too. Now looking at a theoretical 43 months remaining on the mortgage, however having scaled back the overpayments, I've now estimated we won't be mortgage free until October 2014. Still, it's better than September 2015 that Nationwide advise - just need to keep chipping away at the end date until it moves towards December 2012.

FB.

financialbliss

The site I use to calculate our house price via the Halifax house price index was updated this week, so a stars update was due.

2008 year end house value: 232,022.54

Month: Change / Value / LTV

January: 1,990.83 / 234,013.37 / 24.94%
February: 859.68 / 233,153.69 / 24.63%
March: 3,167.24 / 229,986.45 / 24.65%
April: 135.73 / 230,122.18 / 24.20%

House went up ever so slightly in April. Loan To Value dropped slightly, but this doesn't change much month on month.

Overall - year to date we're worse off by £1,900, which seems a surprisingly small decrease seeing how much the press seem to talk down the housing market.

Was going to do another mini round up, but seeing as it's getting on, perhaps tomorrow instead.

FB.

financialbliss

ING Direct. Recently opened an account in the hope I'd get a £25 referral.

As I've now got ING login details - logged in this morning to see that I've had a £25 credit on 8th May with a description of "Friend Referral Bonus". :j

I'll probably transfer this back to current account and then on to mortgage account... but you expected me to do that anyway right?

FB.

taka

:doh:

*adds find appropriate cheque book and send ING my cheque to my weekend to do list :whistle: :rotfl: *

Done! :T

financialbliss

A post or two ago, I suggested that I'd use the ING £25 referral on the mortgage. I made a transfer out of ING on Monday, but also made the mortgage overpayment on Monday too.

The ING £25 has been received in current account today, plus the £25 mortgage payment cleared today too.

Mortgage interest for the year stands at £990.42, meaning we'll break through the £1k mortgage interest mark on Friday.

A quick number crunch suggests that the mortgage will be £54,969 or there abouts on 31st May, meaning we'll not slip back into the £55,000's.

FB.

financialbliss

financialbliss wrote: »

Mortgage interest for the year stands at £990.42, meaning we'll break through the £1k mortgage interest mark on Friday.

Mortgage nerd alert... :eek::eek::eek:

Since I posted that we'd break through the 1k mortgage interest this Friday, ie 15th May 2009, I've been wondering how this compared to 2008 mortgage interest.

As I've been keeping a close eye on the mortgage interest during 2008 and 2009, my spreadsheet tells me the mortgage interest at 31st March 2008 was 800.94. Quick projection forward using the daily mortgage interest of 8.64 in April 2008, we broke through the 1k interest barrier on 24th April 2008.

So we're 21 days or 3 weeks later in 2009 compared to 2008 - later being better in this instance.:T

Roll on the year we don't get as far as 1k mortgage interest :j

FB.

StuartGMC

financialbliss wrote: »

So we're 21 days or 3 weeks later in 2009 compared to 2008 - later being better in this instance.:T

Roll on the year we don't get as far as 1k mortgage interest :j

FB.

Great to see these convert to incentives; you'll be there sooner than you think!

We've just hit the "difficulty" of how to advise our effective interest rate as we are 100% offset which will bounce +/- with bills etc; but it is a nice "problem" to have, but it will be so much easier when the only interest I need to think about is that I am EARNING

Double_Trouble

financialbliss wrote: »

Mortgage nerd alert... :eek::eek::eek:

Since I posted that we'd break through the 1k mortgage interest this Friday, ie 15th May 2009, I've been wondering how this compared to 2008 mortgage interest.

As I've been keeping a close eye on the mortgage interest during 2008 and 2009, my spreadsheet tells me the mortgage interest at 31st March 2008 was 800.94. Quick projection forward using the daily mortgage interest of 8.64 in April 2008, we broke through the 1k interest barrier on 24th April 2008.

So we're 21 days or 3 weeks later in 2009 compared to 2008 - later being better in this instance.:T

Roll on the year we don't get as far as 1k mortgage interest :j

FB.

I love your analysis playing with figures is so much fun but as Stuart says it will be even more fun when it relates to interest received.

DTxx

financialbliss

Been lying low again, but I've also been ignoring my car insurance. It's due at the end of the month and this is creaping rapidly up on me...

I tend to use the screen scrapers, eg confused, gocompare, etc as per this article:

http://www.moneysavingexpert.com/insurance/compare-cheap-car-insurance

including bearing in mind potential cash back with quidco. So, any hot tips for car insurance that perhaps I should be doing that I'm not?

FB.

Double_Trouble

financialbliss wrote: »

Been lying low again, but I've also been ignoring my car insurance. It's due at the end of the month and this is creaping rapidly up on me...

I tend to use the screen scrapers, eg confused, gocompare, etc as per this article:

http://www.moneysavingexpert.com/insurance/compare-cheap-car-insurance

including bearing in mind potential cash back with quidco. So, any hot tips for car insurance that perhaps I should be doing that I'm not?

FB.

Just done two car insurances today :mad: saved £80 on one by using the above found the best quote no cashback from the usual sources but I used the money expert and will get £35 in 2 weeks. The other one which is OH car arriving on Wednesday got best deal by ringing our exisiting insurers and it was reduced even further when he added me as a driver although I wasn't planning on driving it I may do now just shows what an asset I am.:rotfl: Yes he did buy an Elise which is a blow on the debt clearing front but he is so happy it is worth it and I am just glad the will he won't he is over. Now we can concentrate on the debt busting.

DTxx