I'm almost there!

I purchased my first property back in 2004, with a mortgage of £167,000.
I am the main breadwinner - my wife does not work for the moment and looks after our 3 young children.

Over the past 10 years I have been scrimping and saving, using the credit card deals and offers where I can (paying all off without any interest being paid whatsoever).

I have always taken out 2 or 3 year fixed rate mortgage terms - shopping around to find the best rates etc.
At the end of each term I pump all off my savings into the mortgage, and start over.

I am now at a position where my mortgage is at £53,000, and I have enough in my savings account to pay it off completely!!


So my current mortgage fixed rate deal ends on 1st Nov.

The initial plan was to obtain a redemption statement and then pay off the mortgage.
However, I rang my mortgage lender and realised I can use a credit card to pay my mortgage off........so I got thinking......

I currently have an Amazon/MBNA card, with a £5800 limit.
The plan was to wait until my fixed rate mortgage ends (hence avoid fee's by overpaying during the fixed term) and put £5k into my mortgage using the credit card.
I would then pay the card off straight away, and then put another £5k on the mortgage, then pay the card off, and so on - until the mortgage had finished.

By doing this, with every £5k place don the card and then cleared, I would earn £50 in Amazon vouchers - hence making me just over £500 in vouchers by paying off something I would have otherwise paid in a lump sum!

HOWEVER - then comes the news that the Amazon/MBNA relationship is ending!!! So there goes that option!

I am now on the lookout for another card to use instead - may go for a Tesco one - but either way I should be completely mortgage free in a few more months!!!

BUT........A big BUT.........we are now looking to move into a bigger property at some stage in the next 1-3 years or so!!!! Ahhhhhh!!!! I'll have to start a huge debt al over again!!!!!
On the bright side, at least we'll have a nice big deposit of around £250k from the sale of our current house!

Just wanted to share the story as my first post ;)


  • Hi,

    Wow! Well done on your achievement. You have done so well to pay that much off in such a short time.
    I like your way of thinking about the credit card. I am fairly new on here and haven't started a diary (intend to in September). I am sure that someone with more 'experience' on here will advise about a credit card deal that may be able to help you.
    Interest rate 1.25%, offset mortgage Woolwich
  • jodles16jodles16 Forumite
    1.5K Posts
    Car Insurance Carver!
    Just wanted to say wow and well done! Im not sure about the credit card stuff though sorry!

    Well done and happy house hunting!

    Jodles :beer:
    MFW2020 #115 250/3000 J-250
    1% challenge- /1525
    Save 1k in 2020- /3000

    Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
  • lulabelle1lulabelle1 Forumite
    2.7K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker
    Congrats (read... Well Jel!)
  • That is fantastic :) Well Done :)
    MFW Start Date: 18/08/14
    Mortgage At Start £183389.89 Mortgage Now £151000
    Mortgage Free Date - [STRIKE]October 2038[/STRIKE] [STRIKE]July 2036[/STRIKE] November 2021 :T
    2014 Overpayments - £11600
    2015 Overpayments so far - £18000:j

    Aim to be Mortgage free by November 2021:beer:
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