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Accelerate My Mortgage - Does it work

Narola1976

Narola1976 Posts: 529 Forumite

Fourth Anniversary

500 Posts

Name Dropper

24 February 2020 at 1:59AM in Mortgage-free wannabe

Hi, just heard about this - essentially it’s a cashback site but the money is paid directly to your mortgage, thus reducing the interest. about 45 retailers signed up including boots and John Lewis. I would love to give this a go but hoping to hear feedback from this great community first to make sure it’s all on the up and up. I already overpay my mortgage, have just under 10 years left but would love to pay it off sooner. Every little helps

Starting Total in September 2019 = £38287.77
Current Total = £25534.10
33% of debt paid off so far

Debt Free by Christmas September August July June 2023!

0

Comments

edinburgher Posts: 13,741 Forumite

24 February 2020 at 8:28AM

I'm not sure I get it, why not just use a conventional cashback site that will allow far more flexibility over paying out?

1
A_Frayed_Knot Posts: 3,308 Forumite

24 February 2020 at 1:58PM

What site is it and how much cashback do you get ? Seems strange to me, but then sometimes I am amazed at what's on offer.
Is it worthwhile and is it a safe/trustworthy site?

Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:

MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_

Now a Part Timer from 27.10.19

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A_Frayed_Knot Posts: 3,308 Forumite

24 February 2020 at 2:02PM

Ahh, just googled it, so totally agree - as edinburgher says -
why not just use a conventional cashback site that will allow far more flexibility over paying out?

Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:

MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_

Now a Part Timer from 27.10.19

0

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