Giving it a go!

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  • LibranharryLibranharry Forumite
    39 Posts
    Sixth Anniversary Combo Breaker Mortgage-free Glee!
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    Done it done it done it!!!

    10% has gone! Yeay!

    I also paid off an extra month at a charge of £3, but it was more than worth it. I've saved a full month's interest, so I don't feel too bad for "wasting" it.

    I'd like to see how the mortgage pans out now. I think I may monitor it for the next month or two and work out if the charges are money saving in comparison to the interest it would cost me. I wonder if anyone else has any experience of this way of working?

    In the meantime, happy days for me! Feeling very proud of myself!
    The aim is to be mortgage free by 2020. :j:j
  • LibranharryLibranharry Forumite
    39 Posts
    Sixth Anniversary Combo Breaker Mortgage-free Glee!
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    Hello money saving experts!

    It's been a couple of months since my last update.

    Not sure if I'm breaking the saving rules here or not, because in the interim I'm paying, but saving in the long run :D

    I've made a couple of small over payments and managed to reduce the mortgage by 2 more months. Each time it has cost me 5% in charges, but I've saved roughly 70 quid a time!

    The term stands at 16 years and 9 months now. When I got it originally in 2016 it was put to 33 years and 3 months! In three years I have halved the term!!! Unbelievable!

    Three months to go, but only two monthly repayments before I can slide onto the variable, which means no charges!

    I have looked at new rates but don't want to be tied in to another fixed term, so it looks like a tracker is the only option for me. New territory! I hope I'm doing the right thing! :embarasse:doh:
    The aim is to be mortgage free by 2020. :j:j
  • LibranharryLibranharry Forumite
    39 Posts
    Sixth Anniversary Combo Breaker Mortgage-free Glee!
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    Hello!

    Just in case anyone is following this thread, I thought I should give an update.

    I'm very proud of myself today. I have had the house in my sole name for three years this month.

    As I have said before, it was given to me with a term of 33 years and 3 months and I was mortified.

    After struggling and saving and barely spending anything, today I have managed to throw everything I had at it, and it's down to 3 years and 6 months!!!!

    That's almost 30 years erased!!!! I'm over the moon! I have a way to go, but the end is very clearly in sight! Go me!!!! ��
    The aim is to be mortgage free by 2020. :j:j
  • FIREdocFIREdoc Forumite
    53 Posts
    Second Anniversary 10 Posts
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    Yesss! :money: so inspiring, well done you!
    Starting mortgage Summer 2018 - £213,500
    2018 [STRIKE] Dec £205,330 [/STRIKE]
    2019 [STRIKE]Jan £204 200 MAY £199,650 August £196 000[/STRIKE] December £193 500

    [STRIKE]Goal for 2019 - £195,000.[/STRIKE] Goal for 2023 - £125000
    MFW2019 #89 £4303/£10,000
  • Amazing very well done :T:T:T:T:T
    Mortgage restart June 2018 £119950
    Re mortgage August 19 £110470, HSBC 0, Hfx £5800, MBNA £6000
    … Mortgage £96500
  • savingholmessavingholmes Forumite
    19.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Very inspiring. Congratulations
    Target 1) Debt free April 22 Target 2) Lose weight & get fit (started) 3) Write regularly 41426/70000 words Book 2 4) Develop passive income streams 5) Get to £3K EF (at £2.2K June 22) 6) Declutter 7) MFW starting at £201999 Nov 21 with 264 258 payments to go. Now £197487. 8) Mortgage neutral progress (via private pension starting value c£3643 Nov 21) extra payments £312 including tax relief
  • LibranharryLibranharry Forumite
    39 Posts
    Sixth Anniversary Combo Breaker Mortgage-free Glee!
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    Thank you all!! Your praise means a lot to me. It has been really hard going for my children and I. I'm on minimum wage, too, so paying for three growing teens in itself is hard going, never mind being able to put a bit in the pot too!

    We are currently on a DIY holiday to London, including the Harry potter tour, so we celebrated paying off the extra on the house in style! Expenses from the past few months paid for the petrol and the tickets, and then we have done everything that's free, walked for miles, to look at all the poignant places, and packed sandwiches to eat in the park at lunchtimes. It's been brilliant spending time with them all instead of working all the hours I could to make ends meet.

    Back to the house..... I'm hoping to get another 1k gone by Christmas. It doesn't give me much time but I think it could be doable.

    I am moving over onto a tracker so interest is higher but I'm allowed as many overpayments as I can manage, so I think that will overcompensate for the addition percentage. It's a bit scary, knowing my rate can change at any time, but if it goes too crazy the Spanish bank said I can move onto a fixed if I need to.

    Here's to the next leg of my journey. Wishing you all well on yours!
    The aim is to be mortgage free by 2020. :j:j
  • Watty1Watty1 Forumite
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    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
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    You have done amazingly well. I'm so impressed with what you have acheived.


    One thing I thought as I was reading through .... now your mortgage is so small could you transfer the balance by paying it off with an interest free credit card?
    Made it to mortgage free but what a muddle that became

    In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!
  • LibranharryLibranharry Forumite
    39 Posts
    Sixth Anniversary Combo Breaker Mortgage-free Glee!
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    Hi Watty1. Thank you! I feel like I have achieved the unachievable!!!

    I considered a card, or even a loan from family for the final bit, but I still have to pay it off, so I decided just to stick where I am for now. Stubborn, perhaps, but after being told by the Spanish bank I wasn't financially viable, now I totally intend to prove them wrong! If I keep the term for the 3.5 years with no overpayments, interest is 600 quid. I fully intend to overpay so that interest will be halved at very least! :j I don't like debt of any kind and if I have to do it I will, and pay it as fast as I can, but if I don't, I keep my distance as much as possible!

    I have just called the bank. The overpayment is sat there, but not yet applied and I wanted to know why. It seems they had made an error, and put a block on it :mad:

    They are going to recalculate the interest I would have saved had they taken the amount off on Thursday when they received it, and recoup that. It seems things are never straight forward!

    I also made enquiries into the account fee, again, just to be clear. I can pay that at any time so perhaps I will make that vanish once the term changes next month to the tracker. I'm not allowed to make any more overpayments until 03/09, otherwise it will compromise the deal, and all it takes is someone to apply it to the wrong place.

    The next challenge is the 1k Christmas Crunch! I'm a mixture of things, elated, frightened, skint..... :rotfl: but I'll try to do it!
    The aim is to be mortgage free by 2020. :j:j
  • LibranharryLibranharry Forumite
    39 Posts
    Sixth Anniversary Combo Breaker Mortgage-free Glee!
    Forumite
    Unhappy update.

    Spanish bank have made a booboo. They haven't taken the payment off the capital. Marvellous! Lots of phone calls later, and it's still not resolved.

    Gone online and it now tells me I am in arrears?! Not a happy camper!!!!

    No interest has been taken off either, so all in all, the mortgage stands at a monthly payment that's less than my mobile phone bill, with more years on it than a Ming vase!! Great!

    Apparently they are calling tomorrow with an update and hopefully a rectified situation.

    I had similar issues when I made a large payment three years ago too, and I'm actually dealing with the same complaints colleague I spoke with then, so fingers crossed, she can sort it out.

    Feeling deflated :(
    The aim is to be mortgage free by 2020. :j:j
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