The Mortgage Free in Three - Take 2 challenge (MFiT-T2)

SuiDreams

Sorry another post!

Does anyone have a spreadsheet for Offset mortgages, my current spreadsheet is just for standard repayment mortgages. Thanks

taxi73

Have decided to back out of this challenge and take it at my own pace when ready.

curlygirl1971

SuiDreams wrote: »

Sorry another post!

Does anyone have a spreadsheet for Offset mortgages, my current spreadsheet is just for standard repayment mortgages. Thanks

Hi SuiDreams

Search for a poster called Locoblade - he has a thread 'My Mortgage Spreadsheet' and in Post 1 you will find a link to his calculator which includes offset.

HTH

Kaz2904

I've just updated all of my bank stuff and was sad to see that my snowball had me about £480 out so I'm not actually ahead of target (SOB!) so I will have to try even harder. Ach well! Onward and downwards.

motch

Finally paid off my 5 year Loan as of today :j Although it doesn't update online until tomorrow.

can start paying more off my mortgage soon. :j

TheBees

Rang the mortgage company yesterday and we're not allowed to come out of our fixed rate onto the variable rate - only into another deal which would cost money to set up alongside the release fee from our current deal. So basically we're stuck in the fixed rate for another 2 years! :mad: Mustn't complain though - it's a gamble when you take out a fixed rate and unfortunately rates went down after we chose ours.

We will continue to save overpayments in a savings account and then pay off capital repayments at the end of each year or the alternative suggested by the lady on the phone was to overpay each month so that the balance comes down straight away. I forgot to ask her if the monthly repayment would change monthly too if we do this. Does anyone know?

gingernutbizkit

TheBees wrote: »

We will continue to save overpayments in a savings account and then pay off capital repayments at the end of each year or the alternative suggested by the lady on the phone was to overpay each month so that the balance comes down straight away. I forgot to ask her if the monthly repayment would change monthly too if we do this. Does anyone know?

Ours does. We're with Nationwide and pay the maximum overpayment of £500pcm automatically. We've been doing this since July and our repayment has come down by over £10

Probably best to check though.....

HTH, Ging x

cha97michelle

Actually, NW offer that you can reduce the term or the payment. It all depends on the terms of the mortgage. My mortgage was previously portman before it merged with NW, and when we made an overpayment with them they would reduce the payment and then i would have to ring up and put it back up. I then found they classed the difference as an overpayment taken from my 10% i could overpay each year. Best to read the small print or make a phonecall to see what happens. Eventually i got put on my file i didn't wish to reduce the payment so i didn't have to ring each time.

Superfast_Gran

TheBees wrote: »

We will continue to save overpayments in a savings account and then pay off capital repayments at the end of each year or the alternative suggested by the lady on the phone was to overpay each month so that the balance comes down straight away. I forgot to ask her if the monthly repayment would change monthly too if we do this. Does anyone know?

We're with Alliance & Leicester and we can pay up to £499 monthly including the scheduled payment of £217.01, and we can also pay 10% of the outstanding balance in January every year but it doesn't automatically reduce the monthly payments.

Hope this helps

TheBees

Thanks everyone for your replies regarding the overpayments. I'll have to ring C&G to clarify next week. TBH we quite like saving the money into an account and paying off at the end of the year as it's nice to have that cash available just in case there was an emergency and we desperately needed the money such as a redundancy....:(

Just checked the balance on our "Pay off the mortgage account" and it's looking very healthy even though it's only April. The target each year is £3k but I reckon we should be able to exceed that. :j