FinancialBliss: My mortgage free journey…

financialbliss

abouttimetoo wrote: »

Wow FB, can't wait to see your £17K post :j

Forgive my memory but how are you handling repaying the CC card if you are using the money for the mortgage? I'm guessing that you must have enough time between your MFW date and the CC settlement date?

Regards
ATT

Had this one out with Mrs Bliss the other evening.

FB: Intend to throw 2k at the mortgage in February
Mrs-FB: Huh?
FB: Yeah - putting 2k towards the mortgage in February
Mrs-FB: How - don't have that sort of money

Then went through a 5 minute explanation...

The current card we're using is the Tesco card with 15 months at 0% interest. I've calculated that we will need to pay down the debt by mid-February 2013.

I'm also very interested in the Nationwide card which is 18 months at 0%.

Providing we can clear the mortgage by quarter 4 2012, that gives between 2 and 5 months to clear the Tesco card. Haven't yet applied for the Nationwide card, but if I leave until March / April, the end of the 0% period would be September or October 2013.

Could end up being a bit tight, especially with the Tesco card, thus the sooner we mortgage is cleared, the sooner I can attack the 0% debt.

Currently I've just put the funds to one side and allocated as "going to the mortgage", and I could repay the debt tomorrow should I need to. At some point, I'll need to commit the funds to the mortgage and it then becomes a fine balancing act, but with the mortgage cleared, our standard mortgage payment money (887.41) gets freed up.

Never a dull moment with me, eh?

FB.

frugalfrog

Hi just picked up on your diary, I cant believe how much people have paid off their mortgages in such a short time! I'm just starting out on my MFW journey, how I wish I had thought of this a few years ago!

I'm subscribed, looking forward to seeing you make you MF date this year! only wish I was nearer!

curlygirl1971

Hey Frugal Fog,

Have you joined the MFW 2012 challenge? If not then do consider it, you find that your OP'ing powers miraculously increase when you're in a challenge

frugalfrog

I tried to join the MFW 2012 but couldnt get the spreadsheet to work, I've PM'd the started of the thread.

Financial Bliss - I had a thought about your idea about using 0% credit cards last night when my DD wouldnt sleep at 4am, it sounds like an idea, I'm going to have a look at it

financialbliss

frugalfrog wrote: »

Hi just picked up on your diary, I cant believe how much people have paid off their mortgages in such a short time! I'm just starting out on my MFW journey, how I wish I had thought of this a few years ago!

Hi Frugal Frog,
I'm not particularly new at this - nearly cleared my last mortgage and put £105k down on current property and took a £95k mortgage. Suspect that had I not been wise to paying down the mortgage, the current property would have needed a mortgage of around £175k, putting it out of our reach.

I've also got my emergency saving tucked away in my mortgage account as overpayments and I'm using credit card 0% products - slightly higher risk / unconventional, but I've got a handle on things.

Keep chipping away at it - it does come down.

FB.

financialbliss

Quick post before I turn in for the evening. February mortgage payment has cleared today. Thought I'd grab an image of the mortgage account from Nationwide:



With also £4,410 of ring fenced mortgage savings (at a better rate than the 2.5% mortgage), that's an effective mortgage of £17,012.76

Just uploaded images to photobucket and off to do signature...

Financial Bliss.

gallygirl

financialbliss wrote: »

Quick post before I turn in for the evening. February mortgage payment has cleared today. Thought I'd grab an image of the mortgage account from Nationwide:



With also £4,410 of ring fenced mortgage savings (at a better rate than the 2.5% mortgage), that's an effective mortgage of £17,012.76

Just uploaded images to photobucket and off to do signature...

Financial Bliss.

Great FB :T. I owe just under that on my BTL, race you

financialbliss

Popped into the forums last night to put in an update to find out they were down for maintenance.

Forgot to mention that my February payment pushed my mortgage free date from August 2013 to July 2013 - this is assuming £200 savings as a minimum over the mortgage payment, although credit card stoozing is allowing larger payments.


Said I'd review my aims for 2012 monthly - not a lot to report here, as I think everything is currently in check.

FB.

abouttimetoo

Well done FB, it certainly sounds like everything is under control

Well done with your biking lark too Has the recent yakky weather put a spoke in your plans, no pun intended, honest guv :rotfl:

Regards
ATT

abouttimetoo

Hi again FB, I wonder if you could do me a favour please

I'm trying to help a new poster 'life's grand plan' and the thread is currently at the top of the first thread.

I'm not explaining things clearly enough for the OP and can't think of a better way of getting what I'm trying to say across

Basically they had planned to stop their OP's for a while as they will soon be taking a car loan at a higher interest rate than the mortgage and I'm trying to explain that interest rates should not be taken in isolation as the balances concerned for the mortgage and potential car loan need to be taken into account as it could still prove more beneficial to OP even though the car loan will be a higher interest rate

The OP has now provided some further information so all help gratefully received if you get a mo to help