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#264328 16-Jan-2020 14:42
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My partner and I have been saying it for a little while now, we should go and see a financial adviser to figure out how we can smash to mortgage off a bit quicker.

 

We know we spend a lot of money on useless things, and frankly don't care that we do. But figure if they can show us how to better put that money in to the mortgage then happy days..

 

My partner found EnableMe who had a statement on their website I found interesting: "If your annual income vs mortgage ratio is 1:4, we would expect you to get mortgage free in around 8 years". We fall in that category and so instantly my thought process was "well 8 years is better than the current 20 years our mortgage is on".

 

But then I kept reading and found this gem (link): "we use enableMe’s patented mortgage optimisation formula to repay your debt fast." Which made me go "run for the hills, this is pure bollocks". But perhaps I was too hasty to think that. 

 

Long story short, has anyone used their services? Was it worth while? Are you really killing your mortgage as fast as expected?

 

 


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  #2399070 16-Jan-2020 14:47
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Go to your bank, and get them to explain to you how to pay your mortgage off in 8 years.





BlinkyBill


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  #2399071 16-Jan-2020 14:49
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You could estimate this for yourself using your bank’s online mortgage calculator, using different repayment options and amounts. For example, increasing your payment amount to the equivalent of 13 months of repayments, over 12 months, would save a few years just by itself.

 

then go to your bank for a refined answer.





BlinkyBill


 
 
 
 


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  #2399075 16-Jan-2020 14:52
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Yep, used them a few years back for 1 year. That was enough to get us to better understand how we were spending and how we could restructure to use our money in better ways. 

 

You could probably pull together the same advise from other sources but having to turn up and go through your spending with an advisor on a regular basis helped to keep us in check.





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  #2399078 16-Jan-2020 15:00
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BlinkyBill:

 

You could estimate this for yourself using your bank’s online mortgage calculator, using different repayment options and amounts. For example, increasing your payment amount to the equivalent of 13 months of repayments, over 12 months, would save a few years just by itself.

 

then go to your bank for a refined answer.

 

 

Appreciate the input. Obviously we know we can do that, but so far have chosen not to as no one is making us.

 

Just looking for feedback in enableMe.




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  #2399080 16-Jan-2020 15:02
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geekiegeek:

 

Yep, used them a few years back for 1 year. That was enough to get us to better understand how we were spending and how we could restructure to use our money in better ways. 

 

You could probably pull together the same advise from other sources but having to turn up and go through your spending with an advisor on a regular basis helped to keep us in check.

 

 

Thanks. Yea the assumption is we should be able to gain the knowledge of the period of something like a year and then take it from there.

 

I do like the analogy they use of 'personal trainers'. For me a PT is what kept me going to the gym until a point where it became enjoyable and now I don't need the PT anymore.


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