How to be mortgage free after 8 years

[Deleted User]

Today I stood drooling outside the Lotus car showroom - the most expensive was a tad over £53k!

The cheapest was about £29k.

Nice to know these cars now cost more than my mortgage balance! I'll be more impressed however when I can say the same about a little ole Ford Ka....

Susan_C_4

Re Mortgage Statements - we do on-line banking with Nationwide and can check our Mortgage balance every day if we want to, can check the daily interest amount, the rate etc. This is very encouraging when you see the beginning of year balance versus the current balance.

Miss_Penny_Pincher_2

Susan_C wrote:

Re Mortgage Statements - we do on-line banking with Nationwide and can check our Mortgage balance every day if we want to, can check the daily interest amount, the rate etc. This is very encouraging when you see the beginning of year balance versus the current balance.

Is this easy to set up? I received letter from Nationwide saying I can register online but haven't tried yet!

comping_cat

I have online banking with the Nationwide (not my mortgage tho) and it was really easy to set up, just took a couple of days, as you need to wait for a code to come through the post, but once you have that, its all but done!!!!
My mortgage is with Northern Rock, and they are in the process of putting mortgages onto online banking, but at the moment you still cant do it, phoned them the other day, and they said they didnt know when it would be up and running, so i have to be patient and wait!!!!!

Thefunkygibbons

paulfoel wrote:

Hardly rocket science is it?

Be a tightwad and earn loads of cash and pay off your mortgage !!!!

If we didnt eat or pay any other bills we still wouldnt have £2K a month to pay off the mortgage with !!!

We had this argument before on this thread

My point always was, start with whatever can be afforded

I started with an over payment of £50 a month and as payrises and jobs came along, I made sure that most of the increase went towards the mortgage rather than increased living expenses, that is how it has grown to where it is now

Ignoring the principle because you don't think you have a high income is missing the point.

Newtonlot

I totally agree with TFG.

I only work 19 hours per week due to having a small child. I have had 3 payrises in the last year due to increased responsibility or annual rises. For each one I have worked out what I was originally getting paid, and taken that as my wage. Anything extra has been used to overpay the mortgage.
yes I would love to spend the extra wage increase on nice things, but we managed before I got the payrises so we can manage to pay it off the mortgage.
My parents brought me up to think what you didn't have you can't miss. As I have never had this money we don't miss it. But will feel the full effects on our mortgage. Plus as someone else has said, £10 paid off my mortgage is more like £20 when you take into account the interest we will have saved.

Newtonlot

jonnydoe

For anyone who has a big mortgage (cos bad timing) and earns less than 20k yr:

Cut out all luxuries in life, live on the basics (water and bread and a few other essentials), never go out, get depressed from mal nutrition, get divorced and commit suicide. At least you'll have paid my mortgage off..

OR

Overpay mortgage by smaller amounts (if you can) and live for today a bit more without getting more in debt. Live happily, have a happy marriage and be content with having travelled the world and seen life a bit more. (which doesn't have to be expensive nowadays). Buy things when you can afford them never borrow..

OR

Stay living with your parents (if you get on with them) and enjoy life more but forego the independence..

What is life all about? Experiences, sensations etc.. It would be a shame to have missed out on these just because you want to reduce a figure down to zero..

In life most people have a list of things they would like to do: Examples:

Parachute jump
Holiday to Australia
Drive a ferrari for one day..

By all means pay your mortgage off but do it sensibly without foregoing some luxuries and fun in life.

Also if you don't get excited by all this money spending what are you saving up for in the first place? Religious people may say spirituality and friendship is more important than material things but they always seem to be rich?!?!

Work hard play a bit more.. Be happy

PS Friend of mine works at a hospital and saw a 34yr old die of a heart attack so try and be healthy also! (This will be easier if happier)

esthomizzy

aliwatts wrote:

I only get an annual statement, can I ask for a more frequent 1, do you know?

Thanks

Ring them up and demand the figure every month. My mortgage company have got used to talking to me on the phone now Also even if your interest is calculated daily sometimes they only apply it once a month so if that's the case for you find out when that date is and ring just after the interest has gone on (otherwise you might be out by this months interest depending on when you ring).

esthomizzy

jonnydoe wrote:

Work hard play a bit more.. Be happy

PS Friend of mine works at a hospital and saw a 34yr old die of a heart attack so try and be healthy also! (This will be easier if happier)

Couldn't agree more. I'm a part time moneysaver myself. I feel chuffed if I pay extra off the mortgage or shop around and get a bargain but I don't want to deprive myself of all the things I want either. I'm going on holiday tommorrow in fact. Yippee! (it's a moneysaver holiday though, staying in parents in law's house while they are away, luckily for us they live in France).

I'll tell you what though if I go and die before getting all that damn money I've put in my pension back I'll be very put out

Susan_C_4

To Miss PennyPincher re on-line access with Nationwide. I think it was quite easy to set up. I did it a while ago now and I check the statement quite frequently. You can also see how much daily interest goes on each day and I keep a note of how the daily interest amount is reducing each month as we try to overpay when we can.