Onwards to freedom! – page 18 – moneysavingexpert. com forums

Hello and welcome to my MFW diary. Housing benefit online form Not sure how often I’ll update as I’m going down the boring ‘increase monthly mortgage direct debit’ route, not the more interesting to read ‘random repayment as and when a bit of extra money is made’ route. Housing benefit limits Still, no harm in starting a diary here, even if it’s just for me to look back on in a few years time!

We bought our house in July 2010 with an 87k repayment mortgage, fixed for 10 years at 5.29%. How to claim housing benefit and council tax Nearly two years of £525pm standard repayments allowed us to rebuild our savings, but after 20 monthly payments (over 10k paid out) the mortgage balance had only dropped around 2.5k thanks to all the interest being paid…

We decided to make a small start on overpaying – small overpayments early on have quite an impact over the long term so why not start small and ramp up later? March 2012 we made our first regular overpayment, £50pm. Housing benefit opening times Amazingly, if we were to keep up with this £50pm over the life of the mortgage we’d be mortgage free nearly four years early (Nov 2031) and save ourselves a tidy bit of interest.

Housing benefit number cornwall Not bad rewards for just £50 a month!

A few days ago I decided to step things up a notch. Housing benefit accepted From next month the regular overpayments will increase to £250pm, £200 less will find its way into my long term savings (paying 2.8%, minus basic rate tax), £200 more will find its way to the mortgage provider. Housing benefit claim online Makes a lot of sense looking at the interest rates! I’ll keep on saving in a normal savings account though and won’t be putting every penny into the mortgage – I’m used to seeing my savings grow monthly, and like to try to be prepared for any eventuality, so I’ll keep on squirelling away a chunk of my income in savings each month. Housing benefit ni I know this isn’t the most efficient option in terms of reducing interest payments, but it’s a balance that keeps me sane, if there’s any major disasters the savings are there to fall back on, that kind of peace of mind is well worth a few pounds! Anyway, here’s where the numbers get really interesting – by overpaying £250pm for the life of the mortgage we’d be mortgage free nearly eleven years early (Oct 2024). Housing benefit explained Wow!

Seeing the massive savings I started looking into this stuff in more detail. Housing benefit number lambeth We’re allowed to overpay up to 10% of the mortgage balance each year without penalty. Housing benefit and council tax reduction form I don’t want to increase overpayments over £250pm right now, but maybe after another year or so of growing my savings I’ll step up the overpayments to £500pm. Housing benefit phone Two years later the overpayment would need to drop to £450pm (to avoid penalty), year after that drop to £400, and the following year drop to £350, and the years after that drop to £250 at which level the op’s would have to remain until the end of the fixed period (August 2020). Help with housing benefit If we were to follow this plan, at the end of the fixed period our mortgage balance would be around about 20k which we could pay off with a lump sum from savings. How to apply for housing benefit Mortgage free fifteen years early, at age 36, sounds awesome, and what’s incredible is that it also sounds very realistic.

At the moment overpaying is my project. Calculate housing benefit OH and I have our own accounts that our wages are paid into, and a joint account that we feed monthly to pay the bills. Email housing benefit As I earn a little more I also do the grocery shopping, pay a few extra bills, and overpay the mortgage. Apply housing benefit online Beyond feeding the joint account OH’s income is none of my business, it can be spent on whatever OH likes, same goes for my income. What documents do i need to claim housing benefit This works well for us – if I want to splash out on a new computer game or a night out or whatever I can do so without needing to consult OH, and if OH wants to splash out on a night out or clothes or whatever no need to consult me. When can you claim housing benefit We’re both debt averse and savers by nature, so as long as we spend less than what’s coming in and all the bills get paid all is well. Housing benefit number sandwell I’m hoping that seeing the mortgage balance reduce might convince OH to get involved in overpaying the mortgage (or at least split savings into two pots, one ‘spendable’ short term pot for holidays and home improvements etc, and a long term one earmarked for paying down a lump sum on the mortagage), but there’ll be no pressure, if OH joins in that would be excellent, but if not that’s ok.

Finally, I know life doesn’t always go smoothly – anything could happen in the next 8 years, babies, redundancy, armageddon, “the best made plans of mice and men, often go awry”… How much savings are you allowed on housing benefit But if things don’t go to plan, nevermind, we’ll have made a great start on the mortgage regardless, any overpayments we make early on will benefit us later on, so we may as well give it a shot while circumstances allow It’s nice to remember that circumstances can go up as well as down too – maybe there will be payrises and good fortune along the way that make achieveing the target easier, who knows!

Things have changed quite a lot since I first started this diary… Www gov housing benefit The new aim is to hit the MFiT3 target of a 40k mortgage balance by end 2015, and to have 40k in savings by that time too, making us mortgage neutral 20 years early! Anything can happen, but I think it’s time to aim high!

We did it! We are mortgage neutral (savings balance higher than outstanding mortgage) and are locked in to achieve the MFiT3 stretch goal of mortgage below 40k by the end of the year I’m going to keep this diary going, the aim is total financial independence now!

Thanks for that! I understand about financial anonymity – although I post some figures, I never post the whole lot, there are people dotted about mse who know who I actually am, a lot over the years, and it just feels too much. How do i apply for housing benefit online If anonymous ones do really badly, maybe you can be extra careful about listing your sources for figures you use (not your own finances, the economy and whatnot?)

My own – I have a personal one I haven’t touched in a couple of years, like you that was never intended to be monetised, but it tipped over into being a chore, so I left it. Housing benefit overpayments Could still go back if I win the big one on the premium bonds!

The others, my cat one is called allcatsarebeautiful – I won’t put the official link, but thats what it is, with .co.uk on the end. Do i qualify for housing benefit The latest post is about Buttercup in The Hunger Games

The other one, from which I have actually earned a metaphorical tuppence ha’penny, and is linked with the kindle book I published in March last year – it’s about preparedness which still seems a bit mad to me, but I’ve had a lot of compliments about how not-mad it is, how practical, so I’m keeping going I’ll pm you the name if you want.

I am sure you have thought about this but when your ISA pays up transfer it into another ISA wrapper as if you just cash it in you lose the facility for those years. How to apply housing benefit Some ISA products offer ‘transfer in’ and some don’t so be sure to check.

I was going to say that if you are only keeping your mortgage to save about eight quid then pay it off and bask in the smug feeling you will have.

However, Northernmonkey1 points out the two good reasons to keep a £1 mortgage, namely, that you have the deeds looked after and you keep open a facility for borrowing which doesn’t need the affordablity checks a new loan would engender. Who qualifies for housing benefit It strikes me that this is the reason we have kept out Virgin One mortgage going.

We used it on two occasions to fund large expenses and then paid it back down without having to resort to alternative mortgages or loans. Change address for housing benefit You are very diciplined in your attitude to money and will easily keep on top of things as we (stingy devils as we are) did.

On Autumn Statement Day we are hearing a lot about the JAMs, the ‘Just About Managing’. How do you claim housing benefit I sometimes wonder whether a little advice and education about money management would not help those whose money goes in and out of their accounts like trains through a station. Council tax and housing benefit calculator I have a close relative who thinks she is JAM but who has a relatively large joint income with her DH. Housing benefit number wigan She is imprudent and spendaholic and would think it horrific to wait for a bargain or save up for something she wanted. Housing benefit documents She told me she NEVER bought things in a sale, she works too hard to be bothered with things like that. Housing benefit entitlement for a single person I, in contrast, NEVER buy anything that isn’t discounted at least once.

I’m pretty much decided that we’ll pay the mortgage off in January 2018. Maximum housing benefit The mortgage is not flexible so it’s not like we can claw back our overpayments (not that I would want to), we have great credit limits available on 0% cards, and we’ll have cash and shares to fall back on should we need them. Online housing benefit application The mortgage’s days are numbered!

As for January 2017, it will bring with it a nice 2.5k fee free overpayment allowance. Housing benefit number rochdale I have the cash ready and waiting to be paid off in weekly £499.99 chunks

Slightly disappointing net worth figures at first glance this month. Check my housing benefit claim We’ve taken a tiny step backwards (net worth ~£500 lower than this time last month) despite doing everything right (apart from spending a little too much on baby preparations perhaps). Housing benefit form download On closer inspection, this is due to pensions losing some of the ridiculous gains seen in the last couple of months, which is of course to be expected. Can i get housing benefit I have no doubt that there will be far larger “losses” in future months, it’s all part of the game and nothing to be concerned about

The quarterly comparison does a great job of filtering out some of the monthly “noise”, and from August 2017 onwards I will have collected enough historical data to have a “year on year” comparison each month too. Housing benefit moving to a different council It really is quite sad the stuff I find myself looking forward to

Overall, I’m quite pleased – sure, the total figure has dropped, but the elements that we have control over are ticking along in the right direction, mortgage ltv is down, liquid assets up, and in percentage terms the drop in net worth has had barely any effect on our 300k net worth target and financial independence progress. Uk housing benefit Here are the figures in full: