Just another MFW

Catanddogs

clearmydebts wrote: »

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.

You'll be amazed how much of a difference it will make.

clearmydebts

Catanddogs wrote: »

You'll be amazed how much of a difference it will make.

Was just using the BBC calculator and if I pay an extra £100 a month it looks like I can cut my mortgage down by 5 years. That is amazing. I am defo going to investigate it further

Catanddogs

Just popping in to update signature.

Catanddogs

Hi everyone,

Feeling really good today because i have just updated signature after paying another 10%. I don't really get chance to update as i go along but just knowing that this diary is here helps me to keep motivated and i look forward to updating each month.

pammyj74

You're doing fantastic CaD, look at the difference in july 08 to now :eek: and just think of the amount of interest you have saved as well.
I am currently on 20 year term and my fixed rate of 5.89 finishes end of feb and I am them going to reduce the term to 14 years when it drops to SVR 3.5% (saving over £10k in interest :eek:) its absolutely amazing when you see it like that. and the mentally know i have reduced it by 6 years as well is a great boost

Good luck to be MF

Catanddogs

Hi there,

Yes i think the original loan interest over 30 years was going to cost £219000 in interest alone!!!

Now the interest is £58000ish ............ I cannot believe the difference.

pammyj74

Yes its amazing when you look at it like that. Just how much the banks make out of us all! (for there bonuses )

Catanddogs

I'm just popping into to update my signature.

setmefree2

Fabtastic

clearmydebts

Catanddogs wrote: »

I'm just popping into to update my signature.

Wow, that is impressive!