tag:blogger.com,1999:blog-31097430758765482122024-09-10T05:10:50.561+01:00Are you wanting to see your Mortgage reduce as quickly as possible, then this is the blog for you!Banksyhttp://www.blogger.com/profile/14534000449439356197noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3109743075876548212.post-1411764317771435442011-01-14T06:00:00.000+00:002011-01-14T09:21:05.240+00:00Are you one of those people who just wants to clear the mortgage off quicker than the term you've borrowed over?<br /> <br /> If that's a yes, then welcome to my new blog where each month I'll be listing my progress on my target of overpaying my mortgage by £1000 this year, and feel free to add your progress too!<br /> <br /> I've set up a Standing Order from my bank account for £20 per week which will hopefully achieve the aim of clearing the decks quicker than expected.<br /> <br /> For the record, I've got 14 years left on my mortgage, but I'm intending on reducing that to 12 right now so that I can be mortgage free by the time I'm 50 - and as my 38th birthday arrives later this year - it's a great time to start overpaying.<br /> <br /> Some of you may of course have been overpaying for years on end, but I've just made my first overpayment this month - finances have dictated that I couldn't do so before, but 2011 was time for a change, and that is why I've committed myself to doing this, this year.<br /> <br /> So, if you've read this and are in the same boat - a mortgage to pay off - then why not consider putting a little extra away each week, for instance say you've got a £100,000 mortgage, and you have a mortgage rate of 4%, that probably costs you about £530 a month, but just another £5 per week means you'll knock 18 months off your mortgage - yes 18 months for just a fiver a week.<br /> <br /> That fiver probably gets wasted on booze, fags, a dvd, or on the mobile phone bill. In my life a bottle of wine probably costs me around a fiver, and I know I have more than one a week, so I decided to stick a tenner a week away to my mortgage, than having those 2 bottles of wine in the middle of the week.<br /> <br /> Now some may of course say, why bother, you could be dead in a month, so use it whilst you have it. Well yes, I could be dead next month, hopefully I won't be, and if it doesn't happen then in just 12 years time I can enjoy not having to pay a mortgage off, and life will be that little bit more easier to get through, so that's my motivation.<br /> <br /> The end is in sight, and even if you have just started out on the mortgage, see what things you can do to save just a little bit each week...<br /> <br /> There are plenty of films on the PC that you can get hold of, hook it up to your tv and watch those instead, it'll save you spending about £4 on the film in the shop which you'll probably spend a quid or so of petrol to get to, and chances are you'll grab hold of some popcorn too - and maybe that bottle of wine!<br /> <br /> So, that would maybe cost about £10, well check the internet, find that film for free, have a look in the fridge or the cupboard and you'll find something as a substitute, and that money can be put away as part of your mortgage reduction plan.<br /> <br /> It's easy really when you think about it, the challenge is of course putting it into action - so if any of you reading this have any ideas on how you can throw little amounts in to help, then please leave your comments below.<br /> <br /> Let the fun begin!Banksyhttp://www.blogger.com/profile/14534000449439356197noreply@blogger.com2