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Catanddogs
Posts: 93 Forumite
Hello everyone,
So this is where my journey began.....
6 months ago we purchased a property for 195.00 @ 6% fixed for 3 years (over 30 years). We paid a £20000 deposit when we purchased the property and the Monthly repayments are £1200, these seem to be very high at the moment not sustainable in the long term. MB Dec 08 £157000ish.
Luckily we were able to pay 17000 in December, which brought the term down to 22years. MB April 09 £155000.
My OH's job is a bit risky at the moment but we plan to overpay as much as possible.
Regards Catsanddogs
So this is where my journey began.....
6 months ago we purchased a property for 195.00 @ 6% fixed for 3 years (over 30 years). We paid a £20000 deposit when we purchased the property and the Monthly repayments are £1200, these seem to be very high at the moment not sustainable in the long term. MB Dec 08 £157000ish.
Luckily we were able to pay 17000 in December, which brought the term down to 22years. MB April 09 £155000.
My OH's job is a bit risky at the moment but we plan to overpay as much as possible.
Regards Catsanddogs
July 2008 .......£175.000 :eek:
December 2010, .£126500, March 11 £113.000, March 2013 .£103.000, October 2018 .........£61.000, Feb 2019 59800.
December 2010, .£126500, March 11 £113.000, March 2013 .£103.000, October 2018 .........£61.000, Feb 2019 59800.
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Comments
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We can pay 10% per year, so the over payments will be going into a bank account until Dec 09.July 2008 .......£175.000 :eek:
December 2010, .£126500, March 11 £113.000, March 2013 .£103.000, October 2018 .........£61.000, Feb 2019 59800.0 -
Welcome and good luck on your journey.
I'm in the same boat with the 10% and have to wait till JanurayCurrently studying for a Diploma - wish me luck
Phase 1 - Emergency Fund - Complete :j
Phase 2 - £20,000 Mortgage Fund - Underway0 -
Good luck, I paid mine off last Nov, it's well worth the effort.Don't wait for your ship to come in, swim out to it.0
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Follow the sensible advice on the forum, if you may need access to some cash in the future, please amke sure you have savings to cover you.RosieTiger - Highest £242,000 Feb 2004 :mad:
Lightbulb Dec 2008 £146,000 by March 2026:eek:
MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
Current Position-Fully off set by savings since March 20130 -
We started our journey in April and there has been little progress since really due to spending £1000.00 on the garden, £1000.00 on garage door, oh well it's gotta be done i guess!!July 2008 .......£175.000 :eek:
December 2010, .£126500, March 11 £113.000, March 2013 .£103.000, October 2018 .........£61.000, Feb 2019 59800.0 -
i dread to think how much we've spent on the garden :eek: but like you said it's gotta be done and hopefully we won't have to do it again soon!Currently studying for a Diploma - wish me luck
Phase 1 - Emergency Fund - Complete :j
Phase 2 - £20,000 Mortgage Fund - Underway0 -
and
with your mortgage free journey
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I'm wondering what people think......?
Now that we have done all the major stuff in the house, i rang the bank today and told them that i wanted to reduce the term to 12 years instead of 21. This has increased the monthly payment by approx £300 we are fixed for another 2 years and have the £300 x 24 monthly payments in savings, so are covered if we need to use it. A reduction of 9 years seems good to me and a possible saving of £60000.July 2008 .......£175.000 :eek:
December 2010, .£126500, March 11 £113.000, March 2013 .£103.000, October 2018 .........£61.000, Feb 2019 59800.0 -
I'm just popping into to update my signature.July 2008 .......£175.000 :eek:
December 2010, .£126500, March 11 £113.000, March 2013 .£103.000, October 2018 .........£61.000, Feb 2019 59800.0 -
Hi Catanddogs,
You are doing really well. I didn't know that you could reduce your term while on a fixed mortgage. We are on a fixed mortgage but could afford to pay another £100. I wonder how much that would take off the term?
Must check it out.Total (Aug 19):€58,567 Now:€26,947
DFD:Nov 22/June 22
Mortgage: €199,712
MFD: March 2042/July 20340
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