Hiya All
13 may be unlucky for some but there's only 13 days left to the start of The Mortgage Free Challenge - T2 and it feels like Christmas is coming early, I'm that excited!!
I know this sounds crazy but since joining the Mortgage Free Challenge on Martin Lewis's Money Savings Expert website, I've never felt so focused in my life - OK, obsessed is probably a more accurate description but if it means my family and I become Debt Free sooner rather than later, then that's OK with me.
My last Mortgage Payment before the challenge begins is due to go out next week and I can't wait to ring up the Mortgage Provider for an Outstanding Balance quote. I've already set an objective but I think it's a touch too optimistic. I will be making a final decision next week and will update with my Starting Mortgage Balance along with a new End Target Balance.
I have talked of a spreadsheet I have created (thanks to financialbliss!) that helps to calculate the effect of the Mortgage Payments, but more interestingly, the effects of Mortgage Overpayment's - it's so addictive that I am playing about with different figures the whole time.
Although this challenge is for 3 years, I have extended this spreadsheet to the end of the term of my Mortgage. Interestingly, I have worked out what my Outstanding Mortgage Balance will be at the end of my 5 Year Fixed Mortgage Deal I have in place now. The Outstanding Mortgage Balance after 5 years will be significantly less after making the Mortgage Overpayment's - which is great - but it also means I will have a better Loan-To-Value Ratio (LTV) and as you all know, I'm sure, this will help me find a better deal next time, meaning my Mortgage Overpayment's will work even harder in future!
13 Days and counting - Role on 12/12/09!!!
Px
Showing posts with label overpayments. Show all posts
Showing posts with label overpayments. Show all posts
Sunday, 29 November 2009
Monday, 26 October 2009
£78 Minimum gain from playing Bingo Scratchcards
Hiya All
How many of you play Bingo Scratchcards? I've been playing on one since January 09 and the other since about June 09. For those of you who aren't aware, a number of Bingo sites offer a free daily scratchcard and you can pocket the cash once you reach a certain limit (either £5 or £10). I was working out earlier this evening that even if I earned the minimum of 10p per scratchcard, per day then I would earn a well respected £78 per year. This is clear profit with no outlay - well, there is a bit but you get it back pretty much straight away!
Since the beginning of the year, I've won £5 on a scratchcard on at least 3 occasions and I've won £5 on the Bingo on at least 2 occasions - I'm already £25 up!! I have done really well with these scratchcards and more than that, it's a real buzz to play. Even better, it doesn't cost me a penny but it takes me a step closer to my goal of being mortgage free. I now use this money to make overpayments on my mortgage!!!
Px
How many of you play Bingo Scratchcards? I've been playing on one since January 09 and the other since about June 09. For those of you who aren't aware, a number of Bingo sites offer a free daily scratchcard and you can pocket the cash once you reach a certain limit (either £5 or £10). I was working out earlier this evening that even if I earned the minimum of 10p per scratchcard, per day then I would earn a well respected £78 per year. This is clear profit with no outlay - well, there is a bit but you get it back pretty much straight away!
Since the beginning of the year, I've won £5 on a scratchcard on at least 3 occasions and I've won £5 on the Bingo on at least 2 occasions - I'm already £25 up!! I have done really well with these scratchcards and more than that, it's a real buzz to play. Even better, it doesn't cost me a penny but it takes me a step closer to my goal of being mortgage free. I now use this money to make overpayments on my mortgage!!!
Px
Friday, 16 October 2009
Can you get Obsessed with Overpaying?!!
Ok, so how am I going to prepare for this challenge? I have 56 days left until the Mortgage Free Challenge begins. I have been reading posts on the www.moneysavingexpert.com website for quite some time and have gained some invaluable advice. I've been overpaying on my mortgage for quite some time now (but not long enough!!).
We got our first mortgage over 10 years ago and honestly, if I knew then what I know now, I would be in a far better financial situation. If any of you feel inspired to pay a little bit extra each month then that's great. Honestly, every penny helps. Don't think you have to overpay by hundreds each month. It doesn't have to be like that. With the present levels of interest rates, if your payments go down, then leave the payments as they are - the difference is classed as an overpayment and means you will pay off your mortgage months, if not years earlier.
I have created a fabulous spreadsheet (curtesy of the challenge founder) and it's amazing! It lets you complete the figures relevant to your own situation. You can then test out the impact of making overpayments - even by paying £10/month, you will make a big difference to the length of the mortgage term, hence how much you re-pay for the mortgage over the years.
So in answer to the question in the title - yes you can get obsessed with overpaying. Once you realise what an impact overpaying can have to the term on your mortgage, you too could start giving in to the obsession.
If anyone would like to know how to create the fabulous spreadsheet I'm referring to, please let me know and I will post some instructions on.
Thanks for reading!!
Pintsized1 x
We got our first mortgage over 10 years ago and honestly, if I knew then what I know now, I would be in a far better financial situation. If any of you feel inspired to pay a little bit extra each month then that's great. Honestly, every penny helps. Don't think you have to overpay by hundreds each month. It doesn't have to be like that. With the present levels of interest rates, if your payments go down, then leave the payments as they are - the difference is classed as an overpayment and means you will pay off your mortgage months, if not years earlier.
I have created a fabulous spreadsheet (curtesy of the challenge founder) and it's amazing! It lets you complete the figures relevant to your own situation. You can then test out the impact of making overpayments - even by paying £10/month, you will make a big difference to the length of the mortgage term, hence how much you re-pay for the mortgage over the years.
So in answer to the question in the title - yes you can get obsessed with overpaying. Once you realise what an impact overpaying can have to the term on your mortgage, you too could start giving in to the obsession.
If anyone would like to know how to create the fabulous spreadsheet I'm referring to, please let me know and I will post some instructions on.
Thanks for reading!!
Pintsized1 x
Wednesday, 14 October 2009
My Mortgage Free Challenge
I have joined a challenge that begins on the 12th December 2009 via the the http://www.moneysavingexpert.com/ website - the 'Mortgage Free in 3 Years - Take 2 Challenge' I suppose it's literally what it says on the tin other than you set your own target.
I can't imagine for one minute that I'll be mortgage free in three but am aiming to plough every hard earned penny I have into making overpayments so that I can make a dent and reduce the mortgage term by years!
I hope you enjoy following me on my big challenge and I will provide updates most evenings so make sure to come back and see how I'm getting on - you never know, it may give you the incentive to give it a go yourself!!
I can't imagine for one minute that I'll be mortgage free in three but am aiming to plough every hard earned penny I have into making overpayments so that I can make a dent and reduce the mortgage term by years!
I hope you enjoy following me on my big challenge and I will provide updates most evenings so make sure to come back and see how I'm getting on - you never know, it may give you the incentive to give it a go yourself!!
Subscribe to:
Comments (Atom)