Mortgagenomore and his 7 Years to mortgagenomore 2010-2017

meaniegreenie

ok BIL advised that yes DOH if my rate is 1.99% now and then 3.99% then obv i pay 2% more to interest than repayment it took a while but sunk in, i think i get it now i love this website and the people on it so much debt being paid off i hope to do an SOA very soon when i can finally stand up and be counted!!!

mortgagenomore_2

just wondered if anyone can answer a question i have current mortgage offset tracker 25 year term with a supposed 19 years to go (without overpayments) question is would bank let me alter term ie keep same rate plan etc but change to 10 year?

dimbo61

I changed mine from 22 years to 10 years and my lender charged me £50 fee
But this will save me £50,000 in interest so not a bad return
My mortgage went up by £500 a month so consider carefully can you afford the higher mortgage payment each and every month!

mortgagenomore_2

thanks dimbo for the advice i sent an email to find out approx new payment would be my mortgage 33k so hopefully not to high just so keen to pay off the mortgage!

dimbo61

Use " whatsthecost" to play around with the mortgage figures and see what you are comfortable with paying each month on your current mortgage rate !

mortgagenomore_2

hi! ok cannot believe last time i made comment on this personal blog was 2.1/2 years ago :eek: but having now discovered it in my MFI3-T3 list i thought i would update since Jan 2010. I have smashed my target of bringing mortgage down from £33090 to £19080, this target should have been my final total for 12/12/12 challenge kindly being run by financial bliss. i am 3 months early with target and just wanted to say looking back i am amazed i managed it with every day life getting more expensive. One thing i did every monday morning was transfer £20 to my mortgage so i knew i had made some sort of donation to my quest, and any other monies ie. quidco, surveys i also added. i have now joined up for financial bliss's new challenge from 12/12/12 - 12/12/15 and my plan is to have mortgage cleared totally by then, reading the inspiration of others on here and being determined has helped. good luck everyone at the start it seems so hard and looks like nothing is changing but believe me eventually you (like me) will look back and think im so glad i did that. MNM

Heffi1

Wow that is great news, what an achievement, little and often is the way to go with payments isn't it.