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

manka04

:j
The remaining balance is £1400 at the moment from £60000 when we started this Challenge.
We are thinking of moving to larger house in two years time,This is a two bedroom with Two children.
Need advise on this, Should we pay off the mortgage completely or leave £1000 for the credit history?

Thanks to everyone for your inspirational stories and encouragement during this journey.

Thanks
Manka04


:j:j:j:j

Trying_to_be_good

Hi Manka!

Amazing progress - well done!

I think people used to keep a small balance on their mortgage in case they needed to borrow back on the original mortgage - if you need significantly more for a new property, I don't know that it would make much difference if you had a small mortgage on the selling property - your credit history would go back 6 years, so they'd know you'd previously had a mortgage (and worked hard to pay it off!).

Other outstanding credit would count against you, so the only thing I can think of is not to pay off your mortgage whilst leaving balances on any other loans and credit cards.

Well done!

manka04

Trying_to_be_good wrote: »

Hi Manka!

Amazing progress - well done!

I think people used to keep a small balance on their mortgage in case they needed to borrow back on the original mortgage - if you need significantly more for a new property, I don't know that it would make much difference if you had a small mortgage on the selling property - your credit history would go back 6 years, so they'd know you'd previously had a mortgage (and worked hard to pay it off!).

Other outstanding credit would count against you, so the only thing I can think of is not to pay off your mortgage whilst leaving balances on any other loans and credit cards.

Well done!

Thanks for the advise,
I will take on board paying off all my credit cards.
We are planning to keep the House to Let it out and Buy another one to move in.Currently Our rate it really Good at APR 1.34% with Hsbc,
We can port the mortgage, but do you think they will agree us to move with the same rate to the New house if that happens?
We will take a New mortgage of Aprox 180000.

Please advise.

Thanks
Manka.:T

gerbiljo

manka04 wrote: »

We can port the mortgage, but do you think they will agree us to move with the same rate to the New house if that happens?
We will take a New mortgage of Aprox 180000.
Manka.:T

incase it helps hsbc let my sister port her mortgage but only the existing amount, they weren't allowed to borrow more at the same rate, any extra had to be taken out at the current deal available, well done

manka04

gerbiljo wrote: »

incase it helps hsbc let my sister port her mortgage but only the existing amount, they weren't allowed to borrow more at the same rate, any extra had to be taken out at the current deal available, well done

Thanks for the information.:)

black_taxi_2

last pep talk

Only 26 days till 12/9/12 -- the last quarterly till final payment for MFW in three 12/12/12

i remember when we all were waiting MFW to start 12/12/09

then it felt slower--still 3 years to go

how time has flyed

many of us have had setbacks a few will reach the goal

well-done all those who have stayed with it thru good/bad times

i will hav a teen mortgage 12/12/12:T

all the best

RosieTiger

black_taxi wrote: »

last pep talk

Only 26 days till 12/9/12 -- the last quarterly till final payment for MFW in three 12/12/12

i remember when we all were waiting MFW to start 12/12/09

then it felt slower--still 3 years to go

how time has flyed

many of us have had setbacks a few will reach the goal

well-done all those who have stayed with it thru good/bad times

i will hav a teen mortgage 12/12/12:T

all the best

Definitely always a good idea to look back. We have slowed down as we begin to rebuild on savings, but any way we look at it we will be around £130,000 lower - much of this could very easily have been squandered on nonsense.

gallygirl

Thanks BT, you're a good cheerleader

mortgagenomore_2

19 days until the penultimate cash weigh in :j

I will be on the 12th Sept totals at my target with only £150 left to pay with my mortgage payment 2nd and top it up £30 to pay on it!

Looking forward to MFI3-T4 commencing if FinancialBliss still up for it to pay the rest of the mortgage off!

Well done to everyone its coming to the end but we got to keep going :T

gerbiljo

today is the day for us, current balance £5!!