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    • Tropically
    • By Tropically 12th Sep 16, 9:56 PM
    • 170Posts
    • 459Thanks
    Getting rid of a London-sized Mortgage
    • #1
    • 12th Sep 16, 9:56 PM
    Getting rid of a London-sized Mortgage 12th Sep 16 at 9:56 PM

    I tried to look for other situations which were like mine but you all seem to have everything so under control. You are all very inspiring so I thought I would put up my story too.

    I bought a house in June with my partner for £425,000 (London) and our mortgage is £318,000. Our mortgage payments are about the same as we were paying in rent but we have over 3 times the space now. Yes this a huge mortgage, no, we don't make a lot but the time came for us to buy instead of rent.

    1. Call bank tomorrow and see if I can 'round up' our mortgage which will cut off 2 years from the term.
    2. Get £10,000 in savings again as an emergency fund before over paying mortgage - I don't have any money at all any more.
    3. Get in a tenant from November 1st and rent the second bedroom for hopefully £700/month and apply that as over payments.

    It would be amazing if we could pay off the mortgage 10 years early. I would be just over 40. I have a lovely spreadsheet which calculates all of this for me. If we were to only apply the extra rental money to the mortgage, we would be able to pay off 10 years early.
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    • Fletchasketch
    • By Fletchasketch 9th Jan 18, 10:48 PM
    • 350 Posts
    • 597 Thanks
    Just a thought, but are you sure his mum *can* pay off his loan? I would have thought he'd have to call up personally and make the payment, in which case your partner would probably be on the same page as you and would want to take it off the mortgage, non?
    Debt @0% Jan '16; £9162, Jun '16 £5845, Jul '16 £3824, Aug '16 £3105, Mar '17 £2600 May '17 £2342 Jan '18 £1985
    #C25K Done!
    Mortgage overpayments 2017, 17k
    Student loan finally cleared!
    • Tropically
    • By Tropically 10th Jan 18, 1:39 PM
    • 170 Posts
    • 459 Thanks
    Apparently paying off student loans is a big pain!

    He has to call the student loan company with all his payslips, and then get a settlement figure. Then he has to wait until next pay day and find out how much has come off for student loans, then he has to call back and get an updated settlement figure. Then switch to direct debit and then he will pay it off via direct debit and his mum will give him the money. Yes, it's true, he'd have to make the payment. I could not bear the wrath of the mother-in-law if I said he should lie about paying it off!

    Super slow!

    Work is also slow. I have been doing some surveys, making my own lunch, doing okay.
    Mortgage started at £318,000 in June 2016. Original MF - 2041
    2017 OPs: £7000/£7000
    Mortgage in Nov 2017 - £297,808
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