Ideas of paying of my mortgages?

oz133

Hi

Hope someone can give me some inspiration.
I have 2 mortgages with woolwich or now barclays.
The first is the house I currently live in which is a £65k offset tracker repayment @ 0.75% above base rate this also has a reserve account of 65k of which I've spent 35K.
The second house is a intrest only @ the same rate, this property is rented with a rent of £480.
Intrest only payments £550
Repayment £525
Contribution to paying reserve account £400pm
I have a limited company and take £2500 pm(inc wage of £500)
anyone got any ideas of how I can save a little money or pay my mortgages of quicker in anyway. i seem to be in a hole not getting any deeper but not moving out either
thanks

setmefree2

Hi Oz,

If you want to save money you need to cut your costs. There are many ways of doing this:-

1) Cut your food bills. Head over to the old style board to do this. I managed to save about £100 per month - £1,200 per year.:D

2) Cut down on unneccesary clothes spending:o

3) Head over to the utilities borad and slash the cost of Electricity, Gas & Mobile phones. Check your council tax banding. get rid of any TV packages you are not using.

4) get cheaper insurance. Get rid of any you don't need.

5) Cut down on going out and take aways

6) Cut down get rid of magazine subs

7) get rid of your Car? Don't buy a new car

Was that the sort of thing you were thinking off...

It takes a while to absorb the MSE msg. You could always invest in Martin Lewis' books (you can find them on Amazon) :money:

SMF2