My Mortgage Reduction and Savings Diary

evab_2

Well done on all your hard work and a nice goal to aim for!

SuiDreams

Final bill from Scottish power for electrity is on its way (apparently) a long with a cheque for my remaining credit of £56, Gas transfers tomorrow expecting the final bill to be around £16 so should get about £38 credit (hopefully before the end of October, plus should get £60 cashback for the switch. Home insurnace is due for renewl before end of october, still researching quotes, the above credits should cover 50% of insurance premium so shouldn't need to pull the money out of savings.

SuiDreams

Looking at Tesco Finest home insurance for £266.70, just standard excess (no additional voluntary excess) opinions please.

SuiDreams

Not updated for a while, but just checked mortgage balance today £22,400, not bad. MFIT take 2 is starting in a few days and am hoping to have mortgage paid off by the end of the challenge.

SuiDreams

I haven't updated in ages mortgage balance is now under £22K and still managing to save as well despite various disasters including leak in the hotwater system causing water to come through the living room ceiling. Mortgage is transferring at the end of the month. Unfortunately the BS increased the rate so decided to move.

Looking forward to being able to view my mortgage account on line for the first time, think it will be a big motivational tool. Can't wait to get it all paid off.

setmefree2

Fantastic - well done :T:T:T

SuiDreams

Some Mortgage musings from me.

Well upto March I paid off/Saved £200 less than my Target for the quarter, so need to do better next quarter. Think I need to review our outgoings again and see if there is anything we can cut back on. Next quarter it will be harder to hit Targets as we have summer Holiday to pay off and will be going the Holiday when the next update is due. I have the Holiday money saved up, but don't really want to be touching savings.

Also with moving to an offset Mortgage I need to think about where the best place to keep money will be. Should I have it offset or keep it all over the place where it is now. Plus I move money around a lot to try and keep best interest/benefit on it. Offset interest rate will only be 2.99% at the start (until base rate increases), so it may not be best to keep my money offset.

Any thoughts anyone?

SuiDreams

Well got my salary review letter and I am getting a small payrise this year, but have decided to increase my company pension contributions, so won't really see the benefit. I really need to improve my pension pot. Pensions year runs April to April, but unfortunately they are really slow with the Statements and they don't tend to get issue till July at the earliest and sometimes as late as October, so by the time you get them the information is so far out of date it makes it difficult to track.

SuiDreams

Well my mortgage has transferred and became viewable online today, made my first tiny payment by paying of the pence amount on the balance so its a nice round number now. 1st offical mortgage payment comes out on the 1st. Now just need to get to grips with the whole offset thing.

SuiDreams

Well doing ok so far. I've made the 1st payment on my New Mortgage (slightly higher than payment on previous mortgage, but I want to get it paid off a lot quicker). Its the 1st day of the New tax year and I've applied for my ISA for this year and even have my Transfer forms completed to transfer previous years to the better rate, can't believe how organised I am.