FinancialBliss: My mortgage free journey…

financialbliss

Thriftyknickers wrote: »

Have you seen Nationwide has a new regular saver where you can make variable payments of between £25 and £250 and unlimited withdrawals paying 6% interest? I had a look at it at lunchtime. Its only open to Flexaccount holders but it looks good to me. You can open it online so I'm going to have a go tonight, just incase they're inundated and it gets withdrawn!

Hi thrifty. Yes!

I spotted this on Friday as it launched then. Haven't excluded this product, but I'd be getting the net amount at 4.8% but that's still not a bad rate. As Mrs Bliss is a non tax payer, she's get 6%, but she doesn't fund her current account, so she's not eligible. Guess you can't have it both ways.

May still open this once I get paid this month, which (checks - should know this ) is Friday this month.

I've pretty much done the mortgage thing now - our net mortgage debt is roughly £4,575 so it's now how to grow the savings over the next 12 months to be able to pay off the 0% debt. This does appear to fit the bill.

Need to check cash flow to see if I can afford to open one! It may actually put our mortgage free date back :eek:

As ever, I'll post here if I open one...

FB.

Mortgage_Reduction_Novice

Just caught up with your thread... so will you fly past 1212 miles today?! Hope so!

financialbliss

Mortgage_Reduction_Novice wrote: »

Just caught up with your thread... so will you fly past 1212 miles today?! Hope so!

Hi MRN,
Just put my morning commute in. Previous to that, I was at 1,207.80 - after the update I'm at 1,214.68 which is greater than the 1,212 commuting miles I set myself.

https://docs.google.com/spreadsheet/ccc?key=0AnhcWfGMRVgddGNmWGhidkNhWFZBLUZkeUNKeE5qM2c&hl=en_GB&single=true&gid=0&output=html

Wasn't sure how I'd manage the commute, but I suspect I'll easily get 2,000 plus commuting miles now. Did a 10.5 mile lunchtime cycle yesterday due to the nice weather.

FB.

Mortgage_Reduction_Novice

Thanks for spreadsheet... the puncture section is particularly interesting! (I love a bit of spreadsheet !!!!!!!)

Congratulations on exceeding your target of 1212. How about a new goal of 2012, it seems fitting for the year and achievable too!

financialbliss

Mortgage_Reduction_Novice wrote: »

Congratulations on exceeding your target of 1212. How about a new goal of 2012, it seems fitting for the year and achievable too!

Gauntlet thrown down... :eek:

financialbliss wrote: »

• [STRIKE]4.07 : Cycle more than 1,212 (two twelve's) commuting miles in 2012[/STRIKE] Achieved: 14Aug
• 4,07A : Cycle more than 2,012 commuting miles in 2012 - inspired by mortgage reduction novice - post #1855

Ok. Objective achieved and new one set.



Unless we get a particularly harsh / early winter, 2,012 miles should be achievable.


FB.

Mortgage_Reduction_Novice

Hurray... I guess now I should really subscribe to your thread so I can keep tabs on your [STRIKE]punctures [/STRIKE]progress. At least you're already past the half way mark for this new goal!!!

financialbliss

Mortgage_Reduction_Novice wrote: »

Hurray... I guess now I should really subscribe to your thread so I can keep tabs on your [STRIKE]punctures [/STRIKE]progress. At least you're already past the half way mark for this new goal!!!

Hi MRN - I got my first non-puncture last weekend. We have a sports and leisure department and there was an organised cycle ride. 30 miles mind you.

Part way through the ride, I noticed something shiny embedded in my front tyre, which on closer inspection revealed it was a chunk of glass. Out comes pliers and I take it out. Having recently replaced both tyres with thinner "slicks" they have the addition of a kevlar lining built in. Would have certainly pierced the tube on previous set of tyres.

Total distance was a massive (for me) 55.79 miles :eek: - I cycles to/from start point...

Quick round up while I'm here. Opened the Nationwide regular saver last Friday - 6% (4.80% after tax) and waiting for it to be shown in my online account. Intend to fund with £250 on the first of the month.

Got paid in the latter part of the week last week and I may just have enough cash to be net positive, ie add all accounts up and take off the mortgage balance. Need to check this tonight

Can't afford to clear this month as we have other direct debits coming up, plus I'm using £150 + per month to pay off the (just more than) minimum payments on the 0% credit cards.

FB.

Mortgage_Reduction_Novice

I'm glad the glass didn't cause a real puncture - thanks for the update! Also congrats on the mileage... that must have boosted you towards your second goal!

pavlovs_dog

FB what's next after the mortgage is cleared? MSE won't be the same without your spreadsheets. You can't abandon us

financialbliss

Fairly late in the day to post month end stats, but still the 31st August, so no fail there...

Opening Balance: 23,172.41

Overpayments in Blue.
Interest in Red.
Balance in Green.

Month: Payment (Std / OP) / Interest (day) / Net reduction / Balance

January: 900.00 (887.41 / 12.59) / 47.36 (1.53) / 852.64 / 22,319.77
February: 900.00 (887.41 / 12.59) / 41.14 (1.47) / 858.86 / 21,460.91
March: 900.00 (887.41 / 12.59) / 43.71 (1.41) / 856.29 / 20,604.62
April: 900.00 (887.41 / 12.59) / 40.56 (1.35) / 859.44 / 19,745.18
May: 900.00 (887.41 / 12.59) / 40.07 (1.29) / 859.93 / 18,885.25
June: 900.00 (887.41 / 12.59) / 37.02 (1.23) / 862.98 / 18,022.27
July: 900.00 (887.41 / 12.59) / 36.42 (1.17) / 863.58 / 17,158.69
August: 900.00 (887.41 / 12.59) / 34.58 (1.12) / 865.42 / 16,293.27

Totals: Payment / Interest / Net reduction.

Minimum: 900.00 / 34.58 / 852.64
Maximum: 900.00 / 47.36 / 865.42
Average: 900.00 / 40.11 / 859.89
Grand Total: 7,200.00 / 320.86 / 6,879.14

Balance outstanding: 16,293.27

Ring-fenced mortgage savings: 11,700.00

Net mortgage: £4,593.27

Credit card stoozing information:
Tesco CC @ 0% : 5,100.00
Nationwide CC @ 0% : 6514.82
NatWest CC @ 0% : 699.01

Total CC debt: 12,313.83


Funds are in place for a further £2,250 towards mortgage and savings being debited on 1st September. Getting closer...:j

FB.