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

KazLA

deefadog wrote: »

:T Thanks for confirming that!

So at least i know if i pay a fiver off, a fiver will come off the total - this is going to be addictive!

That is really good to hear, I didn't realise that! I agree - it will be very addictive!

Thanks to those concerned for the links to the spreadsheet and overpayment calculators - I'll have a look at these over the next couple of weeks and work out what our target will be.

maz123 wrote: »

Hello Twinklie and Horse Owner i was also on a fixed rate but looked into it and decided to pull myself out of it and go onto a offset mortgage. If your able to you might be able to decrease your term with your mortgage, if your able to, I know i did that (I was with Nationwide)
I'd got critical care with the fixed rate and soooooo could have done with it now. I cancelled it when i changed to an offset..........that's life!
maz

With this talk about fixed rates - can I ask some advice (or opinions...):

The majority of our mortgage is on a fixed rate with Britannia of 4.39% that is due to finish Dec 2010. They called last week to offer us a 'deal' where we could extend that rate for another 5 years, starting now - so basically staying at the same rate for an extra 'nearly' 4 years.

I'm very tempted to go for it, for several reasons -
-I like the security,
-It is fee-free,
-It seems a reasonable rate for a fixed rate,
-It will save us having any hassle trying to sort out a new rate next year,
-Their variable rate that we would end up on seems to be 4.24%, so not a great deal better.
-My earnings have more than halfed (due to having a baby and only working part-time) since we originally took out the mortgage, so I think I am perhaps more likely to get the go ahead on this, and worry that we may not be able to get a 'new' mortgage when the time comes.

But - am I doing the right thing??

We have 14 days to send the paperwork back - any thoughts would be greatfully appreciated.

Karen

taka

KazLA wrote: »

But - am I doing the right thing??

We have 14 days to send the paperwork back - any thoughts would be greatfully appreciated.

Karen

Sounds good to me but there may be some things that you may want to think about before making any final decisions...
What are the early redemption fees?
Can you "port" this mortgage to a new property if you decide to move in the next 5 yrs?
What are the other rates out there theoretically available to you with your LTV and salary etc?
Can you overpay this product? If so does the limit (if there is one) fit in with your overpaying plans? :rotfl:

Good luck making a decision!

macgirl

Hello Financialbliss
Please can I join?

I'd like to pay our £56k mortgage off completely.
Current fix of 5.69% finishes in December. I was checking with our current lender Natwest last night and they're doing a 2 year fix for 3.89%, which looks ok. I know current thinking is against fixing, but we're not in a position to gamble at the moment.

The first year I expect will be small amounts until my personal debt is cleared, however we've currently got 10 years left, which I'll cut down to 7 when we change the deal, increasing the payments by £150 pm. So that feels like a good start.

Our youngest is in full time childcare until next September, so that should free up more cash.
That's the plan so far....:)

sleepingpintsized1

Hiya All

I've never created a blog before but have decided to use one as my MFi3 - T2 diary. Please follow me and keep me motivated :j

My blog is:
mortgagefreechallenge
. blogspot
. com

Can't post a link as I' m new

Anyway, thanks Everyone :T

Px

financialbliss

sleepingpintsized1 wrote: »

Hiya All

I've never created a blog before but have decided to use one as my MFi3 - T2 diary. Please follow me and keep me motivated :j

My blog is:
mortgagefreechallenge
. blogspot
. com

Can't post a link as I' m new

Anyway, thanks Everyone :T

Px

Hi SPS1,
You mean this link http://www.mortgagefreechallenge.blogspot.com/

Simply click on the address URL from your browser, click on the MSE globe with two chain links and paste into the text box and you get a link such as the above.

But what I do on the initial post is wrap these up in a HTML anchor tag similar to:

<a href= 'my address'>My text</a>

so you just see 'My text' as the clickable link, but you go to 'My address', eg: sleepingpintsized1. I've now linked to your blogspot entry from here.

By the way - 50 days and counting...

FB.

sleepingpintsized1

Thank you so much Fb!! That's brilliant and I've even got an extra follower now, though not sure if it's as a result of the earlier post or not. Would love to get more followers but feel a bit self concious about what I write now!! I'm sure I'll learn to overcome it (given half the chance!!)

Thanks again.

Px

gallygirl

sleepingpintsized1 wrote: »

Thank you so much Fb!! Would love to get more followers but feel a bit self concious about what I write now!! I'm sure I'll learn to overcome it (given half the chance!!)

Px

:rotfl:Don't worry we'll soon have 'inane streams of consciousness rambles' from you as if you'd been here as long as the rest of us

tomtom03

Okay - relatively new here so a bit slow on the uptake! How do I find this thread when I go into 'Forum'. I'm currently going into my message folder, retrieving my message from Finacialbliss and clicking on the link.......now I'm pretty certain I could be doing something easier?!

hypno06

gallygirl wrote: »

:rotfl:'inane streams of consciousness rambles'

I don't know WHAT you mean gallygirl :rotfl:

I have a "new" way of working out my minimum desired overpayment......sort of linked to this challenge but sort of not

As banks are (quite sensibly) supposed to look more at "affordability" for mortgage applicants, I have worked out what I would need to pay on a, say 5%, rate for my desired mortgage for when I can buy my dream house....and if I make that same payment to my existing mortgage then I will be overpaying nicely for this challenge, but also they will have proof that I can afford the new payments when I apply to move house.....

And of course if we never get round to moving, then the current mortgage will just reduce quite happily instead!

Hopefully a win-win situation

hypno06

tomtom03 wrote: »

Okay - relatively new here so a bit slow on the uptake! How do I find this thread when I go into 'Forum'. I'm currently going into my message folder, retrieving my message from Finacialbliss and clicking on the link.......now I'm pretty certain I could be doing something easier?!

Go into the forum and click on "user CP" on the bar that runs across the screen about a third of the way down the page....

That should give you your "subscribed threads" of which this should be one!

Or, go to the right hand side of your screen where it says "forum jump" and select Mortgage Free Wannabe from the drop down menu where it will give you all the threads on the MFW board, and you can scroll through and find the MFiT one in there.

Good luck!