Barny's Mortgage-busting thread!

Barny1979
Barny1979 Forumite Posts: 7,921
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in Mortgage-free wannabe
Right, on Friday I complete on a property, the mortgage will be £180,900.00 for 25 years.

I am 40 in July and aiming to be Mortgage Free by 55.
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  • beanielou
    beanielou Forumite, Ambassador Posts: 87,964
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    Happy shiny new diary :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.Lou~ Debt free Wanabe No 55 DF 03/03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free February 2021**** "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.***Fall down seven times,stand up eight*** ~~Japanese proverb.It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***Weight loss. ** 2 stone 7 lbs.***
  • Barny1979
    Barny1979 Forumite Posts: 7,921
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    Contracts exchanged today
  • beanielou
    beanielou Forumite, Ambassador Posts: 87,964
    Part of the Furniture 10,000 Posts Academoney Grad I'm a Volunteer Ambassador
    Ambassador
    Your journey begins :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.Lou~ Debt free Wanabe No 55 DF 03/03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free February 2021**** "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.***Fall down seven times,stand up eight*** ~~Japanese proverb.It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***Weight loss. ** 2 stone 7 lbs.***
  • Barny1979
    Barny1979 Forumite Posts: 7,921
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    And the house is mine :-)
  • Barny1979
    Barny1979 Forumite Posts: 7,921
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    First overpayment made today, £100.
  • LeighofMar
    LeighofMar Forumite Posts: 665
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    Congrats on the new house and starting your mortgage free journey.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • Barny1979
    Barny1979 Forumite Posts: 7,921
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    Another £100 overpayment made.
  • billy2shots
    billy2shots Forumite Posts: 1,117
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    What's your mortgage rate?

    Would that £200 be better off in a 5% savings account if you haven't maxed them out?
  • Barny1979
    Barny1979 Forumite Posts: 7,921
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    billy2shots wrote: »
    What's your mortgage rate?

    Would that £200 be better off in a 5% savings account if you haven't maxed them out?
    Is there a 5% account available with a minimum opening account?
  • billy2shots
    billy2shots Forumite Posts: 1,117
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    Nationwide have a current account for saving up to £2500 in for a year. That will also give you access to their savings account that you can deposit £250 in each month. Both 5%.
    You can open up 3 current accounts, you, partner , joint. 2 savings accounts, you and partner.

    TSB do a 5% account upto £1500, again open 2.

    Santander have a 5% savings account where you can put in £200 a month if you have a 123 account. Check that though as I heard they may discontinue for new customers.

    HSBC have a linked 5% savings account if you have an advanced current account.

    Ok so the HSBC and Santander can be a bit of a hassle to open but the Nationwide 3 accounts and TSB 2 accounts are pretty straight forward.
    £10500 for the year earning 5% is probably a better saving than paying the equivalent off your mortgage depending on your mortgage rate and whether you have help to buy etc.

    Everyone always thinks mortgage mortgage mortgage. That's not normally the most cost efficient way to do things.
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