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

setmefree2

Wynnvegas - the setmefree2s have a Barclays base rate tracker and have been on 0.94% interest rate for quite a while. I think it saves about £700ish per month - but probably less now.

Long may it continue.

taka

Annoyingly I took a 5 year fix in summer 2007 - 5.78% :mad: I really suck at this... I think its now the 3rd time I've fixed and the rate has dropped below my fixed rate! :rotfl: I came so close to choosing a 0.5% above BOE tracker but chickened out! :wall:

mortgagenomore_2

If am IF offset tracker 0.55% above base rate and am currently overpaying approx 600-800 per month although my mortgage is very low!:rotfl:

taxi73

i was lucky as well and took out a Abbey 0.49% above base rate lifetime offset tracker.
because the rate is so low I'm paying my normal payment but putting all spare money in savings..we have an ISA each with £5100 in at 3% and the rest is in accounts that pay 2.8%...so am gaining by saving(I think) rather than putting it in the offset.

black_taxi_2

im on .75% above base rate-tracker--with around 4 years till i clear it--no point changing it with costs involved if rates go up

gerbiljo

I am on a tracker too, so we currently pay 0.94% currently, it was only because of it all being on the news that I got my 'lightbulb' moment (as it seems to be called). Our fixed rate of 4.5% with HSBC ended in November and the week before I phoned them to book my 10 year fixed rate of 6.21% (!!!!) but they actually said I had to call on the day or I'd have to pay an early repayment charge (as if!), this annoyed me so much I didn't want to call them again so decided just to go onto the tracker.... it is honestly been the luckiest thing we have ever done and I truly believe this will change our lives from how it could of been, we are so fortunate, I seriously feel like discovering here and overpaying is like getting 5 numbers on the lottery. I would of never thought of overpaying otherwise, even if the rates go up we have learnt so much now we will still be appreciative.

Keep up the good work guys

hoobydoobydoo

We're also on a tracker (not sure of the details and due to my laptop being rebuilt today with a new operating system I can no longer log on to the Nationwide until I drag out the original letter to get the customer number) paying 1.24% at the moment which seems to be significantly below everyone else in my office. We are currently overpaying by the £500 maximum allowed and should finish our Further Advance early next year and the main mortgage significantly before the redemption date of September 2027!

tiddles

We're on 0.49% above base rate, and I also think this is one of the best financial decisions we've ever made, as it has meant that we've been able to make more payments into our offset account, although we are currently saving into ISAs for the better interest rate (only 2.5% for us, though).

We seem to be well on track to either pay off the mortgage by 12/12/12 or have all the money available in savings accounts to do so if we wish.

Thank you to everyone taking part in this challenge for your inspiring posts - you really have played a big part in making us more sensible with our money, so that we can enjoy a more financially secure future.

Tiddles x

cha97michelle

We dropped onto the SVR at 2% above base rate in April last year. I've looked into locking into a fixed rate, but all the calculators now say it is not in our interest to move, as even if we were paying 15% we would still be better off not paying the fees to move. We do now own 2/3 of the house since purchasing in 2004. The credit crunch is definitely helping us a little bit.

gallygirl

We have 2 mortgages on main property, both on 1.49% (deal on one ended last month so increased from 1.24%, added 27p a day interest & 2 months on the term :eek:). One BTL at 1.74%. I've always taken a chance on variable deals and I'm sure the last year or so has made it more than worth our while :T

Just taken out a BTL at 4.99% :eek: so I could give DD deposit for a house. Lower rates were available but this was fee free and as I only borrowed 30k it still worked out cheaper over 5 years. Now trying to pay it off asap. 304 days knocked off term so far:rotfl:.

Great to see so many others profiting from the low rates. For those on high fixes, well, you have security & may end up with the last laugh