Mortgage free before I'm 45!

mikecmr

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I went onto the svr after my deal was up which was 2% above base but now due to the LTV I can get some really good 5 year deals @1.70 but have restrictions on over payments need to sort my spreadsheet out and decide which is best, currently nursing a hangover though so my head isn't into figures haha!
 

mikecmr

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Did a bit of searching today and with a LTV of 65% I can now get a new mortgage deal of 0.89 fixed for 2 years with Yorkshire building society, which would save me 2400 in payments over the 2 years, or in other terms knock off about 7 months off the full term if I kept the payments as the same. I really don't like the SVR rates after the deal is done though 4%.

Some good bits and pieces have come in recently so on course this year and also put some aside for a new car :D
 

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We're with the Yorkshire Building Society and just so you know they've been nothing but great whenever we've had any dealings with them!
 

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mikecmr said:
Jon said:
Go for it! Love this target!

I'm 35 as well and would love to be mortgage free by 45!
I use this calculator

http://www.halifax.co.uk/mortgages/mortgage-calculator/overpayment-calculator/

and it is crazy how much money you save by over paying, really opened my eyes to it
Wow that overpayment calculator is really fantastic, thank you! Blows my mind how much you can save actually even just pumping a few extra quid in.
 

mikecmr

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So to carry on my investment portfolio I have now started up an investment fund ISA at Halifax, the growth of the fund to date is around 19% so im hoping it is a better investment than a standard ISA, but currently my initial investment of 100 is down 67p! damn haha!
 

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mikecmr said:
So to carry on my investment portfolio I have now started up an investment fund ISA at Halifax, the growth of the fund to date is around 19% so im hoping it is a better investment than a standard ISA, but currently my initial investment of 100 is down 67p! damn haha!
Haha.. i recently started investing with a new app (Moneybox) and was looking at my daily profit/loss every day... soon realised i was wasting my time and its the long term figures that matter.

NB. MoneyBox is NOT worth using unless you have a large investment and even then there are better things out there. I closed my account :p
 

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Sounds like great progress - will follow your journey to being mortgage free with interest (no pun intended!)
 

mikecmr

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its a good read, I must admit I haven't done anything but look at the moment, heres to some 0.50% deals :)
 

mikecmr

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So a quick update,

My ISA was doing nothing for me so i have moved a lump to the funding circle with great results currently getting 9% off these, which is high risk but i like the idea of having different investment pots.

I have been a bit quiet of late on the boards just been a bit manic, motivation is always an issue but the goal is still there haha!
 

mikecmr

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its been a quiet period the last few months, personal life took priority over trying to earn some extra cash, slowly getting back into it and looking more and more into a passive incomes rather than active incomes (we all want to earn money with zero effort)

i will update my first post in due course
 

Jon

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its been a quiet period the last few months, personal life took priority over trying to earn some extra cash, slowly getting back into it and looking more and more into a passive incomes rather than active incomes (we all want to earn money with zero effort)

i will update my first post in due course
It happens sometimes where life gets in the way of earning money - It's just part of the course I would say of online earnings.

Good to hear you are looking into ways of earning a passive income instead of having to manually work for the money - have you got any ideas yet?
 

mikecmr

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It happens sometimes where life gets in the way of earning money - It's just part of the course I would say of online earnings.

Good to hear you are looking into ways of earning a passive income instead of having to manually work for the money - have you got any ideas yet?
Currently getting 8% on my funding circle account, which is nothing massive but its money each month for doing nothing - its all automated
I'm looking at buying a second house in the north durham/Hartlepool area can buy a house for 30-40k and get a good return
I have the opportunity to buy a single garage too which i'm just working out if there is a market to rent it out or should I say a good return

this has all been funded by my extra earnings lodgers and information gathered from here, great resource jon hats off to you
 

Jon

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Currently getting 8% on my funding circle account, which is nothing massive but its money each month for doing nothing - its all automated
I'm looking at buying a second house in the north durham/Hartlepool area can buy a house for 30-40k and get a good return
I have the opportunity to buy a single garage too which i'm just working out if there is a market to rent it out or should I say a good return

this has all been funded by my extra earnings lodgers and information gathered from here, great resource jon hats off to you
Am interested to know how you get on with that garage idea as I've thought about it myself as they go for peanuts in Leeds on rightmove :)
 

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Wow i wish the houses round here were 30-40 k.

Would that second be buy to let?
 

mikecmr

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Wow i wish the houses round here were 30-40 k.

Would that second be buy to let?
I wish they were that price around here too haha! yeah a buy to let, just looking at ways to get a paycheck each month with no effort haha :)
 
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Cas

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I saw that your using funding circle , take a look at Moneything .

They are quite similar but the interest rates are better between 10-13%
 
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mikecmr

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I saw that your using funding circle , take a look at Moneything .

They are quite similar but the interest rates are better between 10-13%

I shall have a look always good to spread the risks around, I'm getting 8% with funding circle as i have gone for low risk loans there are options on there at 21% but i don't have enough in the pot as yet to cover any loses.

Looking at high dividend share options now too, some are paying 12% which is nice :)
 
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Cas

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I shall have a look always good to spread the risks around, I'm getting 8% with funding circle as i have gone for low risk loans there are options on there at 21% but i don't have enough in the pot as yet to cover any loses.

Looking at high dividend share options now too, some are paying 12% which is nice :)
Share options sounds interesting . ill have a look as well thanks
 
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