Best advice for a newbie

sparkymummy

Hiya

I'm short of time so apologise if his info has been posted already elsewhere but DH and I really want to work on being mortgage free in the next few years. We have already been overpaying a bit but although we know that the amount we owe is coming down it feels like the money is disappearing at the mo (we have only had mortgage for 5 years so still lots to go!). Can anyone offer any advice on how to pay it off, and what you do to keep yourselves motivated as at the mo I almost prefer to see my savings account going up instead of my mortgage going down, even though I know that any interest my savings are making is insig compared to the interest going out on the mortgage!

Thanks

Daft_Pegasus

If you like to see your savings go up as opposed to your mortgage coming down you could try looking at offset mortgage's where you can see both of these.

As for keeping motivated, I have a couple of things I use. Firstly I'll surf for holiday homes abroad and look at what's available - I know I won't buy until the mortgage is paid off but it's great to get a picture of what I'm working towards. If I want something more immediate I'll look at my monthly budget and see how small my outgoings are without my mortgage payments and associated costs. Finally I'll look at my offset mortgage account and compare where it was when opened to where it currently is.

Keep in mind the reason why you want to pay off your mortgage early - that should be your motivating factor.

Di-Dough

Hi Sparkymummy:hello:

Just wanted to say that Im a newbi at this as well but I have joined the 2008 MFW challenge which is people paying extra off their mortgages - Im trying to pay off extra each month and have challenged myself to pay off £3000 in a year (I think:rolleyes: ) - why dont you come and join us? it keeps you motivated and on the right track