10 months and counting

mel19632

Had some very unexpected good news this morning when I checked my bank account. Our mortgage has gone onto SVR, which I thought was 4.59%, but is infact 2.25%! Svaing of around £400 per month
Will be using this to reduce debt for now, but when debt has gone, I should start paying off the capital.

Actually, maybe I will just save it and then when we have to remortgage or rates go up I can pay off some of the mortgage then? Not really sure what is best to do. Guess I should head to mortgage free forum - didn't think i'd be able to say that anytime soon!

claire0788

My mortgage goes from fixed to SVR in feb, does that just automatically happen and have you been sent info on what your payments will be month to month ? What if they go up how do you know what your paying :S

claire0788

ps youll only be 33 off your target now !

coldstreamalways

Mel, you've done amazingly well!! Boo hiss for big mortgages but I just keep thinking, one day we'll have a lovely house and no mortgage at all! One day......

mel19632

Hi Claire - totally missed your post!! With me, when the fixed rate has ended the mortgage have gone straight onto SVR. Do you know what yours is? We weren't sent anything that I can think of - they just applied the new rate to the mortgage! Who is your mortgage with?

Our mortgage is MASSIVE - especially when I look at the mortgage free forum. We live in an expensive area of the country, and our mortgage is probably not far off average. Can't wait to pay it off - but we need to move if we want kids - so an even bigger mortgage! I will have to think about the best thing to do once we have finished paying off debts.

Thanks for posting coldstreamalways!

Ps - looking at the budget for December, I will be about £600 off target for 10 month challenge - boo hiss! But need to look at bigger picture. When I look at how we owed last xmas, it makes me feel good to think how much debt we have paid off. If you are interested we owed £32,374 (inc. work loan) and £29,353 (ex. work loan). So thats £17,626 paid off inc. WL, and £16,376 e. WL.

I remember how pleased I was to be under £30k! Can't wait to be under £10k. I hope to do this by the end of Feb....

claire0788

I have no idea what the details of my mortgage are really... Ye ye boo hiss Claire from mortgagey knowledge people - I do however know that when Feb hits the SVR will be applied. Im with northern rock and their current SVR is 4.79%, I should probably phone them and see whats happening there ! My mortgage was only for just over 40k and when I got my place valued at the beginning of the year it had increased by roughly 10k (average from 3 valuation). I got valuations done when I was thinking of selling it to pay off my debt as I wanted a quick fix, then I realised I wouldnt learn my lesson of saving for things like education and double glazing if I took that route... so here we are a year later still paying it off...

Ill add this mortgage stuff to the list of things I need to sort out this week

Thats amazing seeing written down what you have paid off ! :T

mel19632

eek! our mortgage is £225k (plus fees - so probably nearer £226k). Shame the SVR with NR is not lower - do they have a product SVR? Thats why ours was so much less - i thought we were going onto SVR, but we went onto a product SVR. (i'm not complaining though!)

Hope you are feeling better now? Are you back to work?

claire0788

Ill have to look into it because I clearly have no clue lol

Still not feeling better and not back to work. This is the longest I havent worked all year ! I need to go back to work tomorrow to get things done though because I HAVE to get things done. Things just arent good just now, finding it really hard to stay positive. Im not well, my family have just lost a close friend and a friend has just lost a member of their family. Not the best festive period.

mel19632

Oh - thats doesn't sound very good. Try to keep your chin up - this forum is always good for helping keep me positive and sometimes its nice to be able to talk to people about your problems who don't know you in the real world! I'll keep an eye out for your diary xx

mel19632

Merry Xmas all! made my final payment for the month and year of £899.

Total paid off to date (since Sep 09) as part of my 10 month challenge = £7,595:T