FinancialBliss: My mortgage free journey…

financialbliss

Hi all,

Just a quick post this evening. Finally got around to doing something I’ve wanted to do for a while.

If you flick back to page #2 – post #40, you’ll see I’ve digi-cam’d the chilli sauce I made. This was a 900g jam jar according to the label and started out about three quarters full of sauce. We’re still getting good use from it, possibly as I sterilised the jar.

Registered earlier on photobucket, except part way though, I needed an email address, so financial bliss now has a separate email address!

FB.

financialbliss

Quick round up this evening…

Mortgage. Further to my post #27, my mortgage today is at 69,998.37. Mortgage was collected from current account but hasn’t yet been applied to mortgage account. I’m hoping / presuming it will tomorrow, otherwise I’ll be back to 70-odd k due to daily interest. My mortgage goes up (currently) around 9.15 a day due to daily interest being added.

Mortgage payments. Contacted Nationwide regarding upping payments / reducing mortgage term. Got a reply that form is being put in the post. More details on this shortly.

Quidco. Purchased some books on-line for Christmas presents and got some cash back via quidco.

Challenge term. As the December mortgage payment has now been collected, I should theoretically have a maximum of 60 months remaining.

Money. We seem to be not so much spending, but currently hemmoraging money like it’s going out of fashion. We both have small pots of savings for personal use, plus joint savings. I needed to “borrow” from mrs bliss to cover direct debits starting from 1st December, as the joint savings didn’t have enough immediately accessible money to cover the direct debits. Made a request of out icesave account, but this takes 3 days via direct debit.

Monthly savers. We’re not going to have enough spare savings to feed these products in 2008 – they run until October 2008. We can either reduce the payments into both of these or reduce mine (taxed) to a minimum. These are Lloyds TSB 8% 2 year accounts. That said, I have the luxury of being able to ignore this issue just now, although something needs to be done here in 2008.

Northern Rock. Got another investor letter at the weekend saying Virgin is preferred bidder. Again, knew all of what was in letter. Shares took a slide today as, as far as I understand, it was revealed that Virgin are not particularly far into discussions with the Rock.

FB.

financialbliss

Stats update again. My December payment, 597.31 has been taken, I’ve also overpaid by 2.69 to make a round 600.00. I’m probably now all done for the year payments wise and the mortgage interest will creep up over the rest of the month.

I’ve updated my sig and knocked a month off post #1.

A mere 60 payments to go!

FB.

Kaz2904

Well at the moment I have 69 payments to go. The reason I've got this is because I still have my Mum's loan to repay at the end. My mortgage is down now to be cleared by my payday on 22/11/2012. I'll then have a few more payments before I clear my Mums loan.
I don't think I have any possibility of repaying everything by 12/12/12 but I'm going to have a damn good try.
I have an idea thanks to one of my fellow MFi3 buddies. I don't think there's any way that it could net me £10869.91 which is what I will need to earn extra to be clear by then.
I think that I'm going to create a new snowball which has my minimum payments on it so that I can see each month how much time I have really knocked off. That might cheer me up a little!

financialbliss

Did anyone else notice that the BoE reduced the base rate by .25% today?;)

Apparently, Halifax and Nationwide have already said they would pass on the reduction. Presuming that I’ve a sufficiently small mortgage when I come off my fix in March 2011 that re-mortgaging isn’t an option due to fees and I end up staying with Nationwide, I’ll probably save a little in interest, but this is pure speculation / guesswork at this point.

Kaz – I’m really impressed in the accuracy of your projections. In theory, providing I can commit to 1,250 a month, I’ll be able to clear my mortgage by 12/12/12, but that’s the sticking point; until I’ve had a few car loan free months next year, I’m not yet 100% sure that much a month on the mortgage is do-able.

I guess it’s like many things – the further you want to plan ahead, the more difficult it can become. Right now, I’d say 12/12/12 is a possibility, not a certainty. As the months reduce, I’ll get a better feel for our situation, but for now, we’ll just have to see how it goes!

FB.

setmefree2

Hi FF

"My mortgage goes up (currently) around 9.15 a day due to daily interest being added."

This is an interesting way of looking at things. Hadn't thought of looking at interest per day:D. I used to be the type of person who couldn't have told you what our"interest rate" was at all, at all - let alone what our interest was annually.:o and now I'm wanting to know what it is daily..

Anyway, Hooray for Bof E interest rate drop:j....let's hope it gets passed on to my Barclays Base rate tracker:j

JonnyBravo

setmefree2 wrote: »

Anyway, Hooray for BofE interest rate drop:j....let's hope it gets passed on to my Barclays Base rate tracker:j

It's not much of a base rate tracker if it doesn't get passed on! :cool:

setmefree2

Hi JB

You're right there:rolleyes: I only have trust banks to pass on bad news I'm afraid:eek:;)

Kaz2904

The work in calculating my dates is not my own! I use the tools on whatsthecost and have my snowball saved. Every time I make any payment to anything I update my snowball so I can see the gradual reduction. It keeps me motivated to carry on otherwise I would just think what's the point?
I always do much better breaking things up into small sections so that I can nibble away at things. Otherwise it would seem like an insurmountable task!

financialbliss

Having previously had a PS1 and currently owning a PS2, I’ve always wanted a PS3. Being slightly put off by the high price of the 60GB version, I’ve been holding on until they got cheaper. Well Sony recently slashed 75.00 off the 60GB. I was planning on getting one in the new year!

I’ve not been particularly on the ball PS3 wise, I’ve just found out this week that the 60GB PS3 (one that plays older PS1/PS2 games) is now discontinued.

Was on ebay last night and very nearly put a bid in on a 60GB model, but had second thoughts in the end. Really disappointed in myself here. While trying to save some cash – I could have had one a few weeks ago for 349.99 plus 2 or 3 games, but they’re shifting on ebay now for 450 plus – that’s more than the original price.

As I’m not desperate for one immediately, ie not required as a Christmas present, I may see how ebay pans out after Christmas, or if Sony release any further 60GB stock, although at present it looks like everywhere is sold out. If anyone knows any different, please do post here.

Otherwise, I may have to settle for the 40GB without the backwards compatibility. Not sure I'd want to pay way over the odds just for a 60GB, when I've still got my PS2.

I'll let you know how I get on here...

FB.