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

cake21

I'm on a tracker 2.49% above base rate, capped at 5.99%. Far too nervous to go for a normal tracker/variable, but the fixed rates available to me at the time were around 5% so I almost had nothing to lose

Edited to add: Gerbiljo, wow, that is lucky!!!

Trying_to_be_good

We took out a 5-yr fix this time last year, 4.49% offset, as the mortgage is way too big to risk interest rates rising in the short term. Still very happy with our choice, and the flexibility the offset gives. Sometimes, fixes are still the way to go!

golfiematt

fixed in 2007 on a 10 year 5.28%, i dont regret it as i know what im paying every month & hope to clear before deal ends

RosieTiger

We went with a tracker at 0.58 above base and did it just before the markets crashed. Timing worked out perfectly ( very lucky !!). When we did this out mortgage stood at around £140K and the payment was loer than previous deal. We opted to continue paying athe old rate and did so through the rate drops that have taken place - meaning an OP within our standard payment. Have also Op's above this too.
As others have said, we got very luck in our timings and it's worked out well. At the same time, I fully get the reason why people who have fixed (even at higher rates) are comfortable with their decisions given that it means the payments going forward are known. Suppose it depends how much spare cash you have should the rate rise.

mfwin2019

We have a foot in both camps

£70k was on a tracker of base + .17 for the life of the mortgage started in 2007
£120k on a 7 year fix of 4.84 started in 2009

We are happy with the mix between the 2 as who knows what will happen to interest rates over the next few years. With payments of over £1000 a month this mix gives us piece of mind.

spidystrider

Just been in and paid off another lump sum of £6500. I think that's us for this year, we were allowed to overpay £15,000 and managed £14,500. I am delighted as this is our first year of this new mortgage.

wynnvegas

spidystrider wrote: »

Just been in and paid off another lump sum of £6500. I think that's us for this year, we were allowed to overpay £15,000 and managed £14,500. I am delighted as this is our first year of this new mortgage.

Congratulations Spidy,

To overpay very nearly the maximum allowable in your first year is excellent.

Cheers,

Billy

ElusiveLucy

I took my mortgage out 9 and a half years ago on a tracker that was 0.25% below base rates for 2 years, then 0.75% base rate for the rest of its lifetime.

As soon as I took it out rates started to drop, so with a constant monthly payment I have been overpaying slightly for a long time but it is only really this year I decided I should be over paying more.

I am set to meet my target for this year's OPs, either at the end of this month or beginning of November, so I am pleased with myself. :j

If I can continue this for the next 3 years I could potentially pay the rest of my mortgage off by my 50th birthday, which I would love to do.:A

Kaz2904

I got my fixed rate of 5 years in May 2005. It was set at 5.29% and it finished in May this year. I dropped onto the SVR and was getting a little excited. Then I found out that I was dropping to 4.99%. Not as impressive as I thought it might be was it!

Desperate_Housewife_2-2

I was just passing by and thought I'd drop in to offer my support to all you guys who are busy chipping away at your mortgages. As you can see by my sig I successfully completed the first mfi3 challenge and although it was hard at times I learnt a lot and appreciated the support of the forums. Keep at it and don't give up its worth it at the end. I am so glad I did it as my workplace closed down and I had to find another job, it took some of the pressure off knowing we had a roof over our heads. Its hard times now and set to get harder so its a good thing to be debt free.

Good luck.