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Our Mortgage is going DOWN
sasaya
Posts: 5 Forumite
Right
I've been lurking on here for ages, and thought starting a thread might actually be a bit more motivational
So, about my mortgage...
My husband and I bought a house for £172 000 in 2009, with a 5% deposit. Not entirely sure what the mortgage started at, as we had fees etc added on. My husband is self employed, and didn't have 2 years accounts, so we started on a sub-prime mortgage about 6%. Ulp.
Fast forward to the start of last year and we came to remortgage. The only deal we could get was for 90% on a new valuation of £170 000, so we had to beg and borrow to get the cash together. Luckily we had been saving.. Seeing the balance go down was great, so much so that as soon as we could afford it we started overpaying. Since October last year we have been making regular overpayments of the maximum allowed £500 each month, mainly by having no life.
Our current balance is £135 511.86 as of the start of the month.
We are on a tracker deal at 4.08% - missed out on the very low rates unfortunately, but it could be worse.
Our aim is to get it down to £100 000 by the end of 2012. That's totally do able - we need to shift about £1150 off the capital a month, and are currently removing about £850. So it's an extra £300 to save somewhere ready for next spring
Any suggestions gratefully received
I've been lurking on here for ages, and thought starting a thread might actually be a bit more motivational
So, about my mortgage...
My husband and I bought a house for £172 000 in 2009, with a 5% deposit. Not entirely sure what the mortgage started at, as we had fees etc added on. My husband is self employed, and didn't have 2 years accounts, so we started on a sub-prime mortgage about 6%. Ulp.
Fast forward to the start of last year and we came to remortgage. The only deal we could get was for 90% on a new valuation of £170 000, so we had to beg and borrow to get the cash together. Luckily we had been saving.. Seeing the balance go down was great, so much so that as soon as we could afford it we started overpaying. Since October last year we have been making regular overpayments of the maximum allowed £500 each month, mainly by having no life.
Our current balance is £135 511.86 as of the start of the month.
We are on a tracker deal at 4.08% - missed out on the very low rates unfortunately, but it could be worse.
Our aim is to get it down to £100 000 by the end of 2012. That's totally do able - we need to shift about £1150 off the capital a month, and are currently removing about £850. So it's an extra £300 to save somewhere ready for next spring
Any suggestions gratefully received
We are going to be mortgage free!
Currently £135 511.86 May 2010
Aim £100 000 Dec 2012
Currently £135 511.86 May 2010
Aim £100 000 Dec 2012
0
Comments
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hey good luck!
we too are paying loads off by having no life!!
i think it helps having a diary even if its just to read back and see how far you've come
look forward to following your progress!Mortgage November 2003 was £135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
Now just over 2 years we have taken on the challenge again! )(starting £237k Nov 2014) Current mortgage £232,399.82, current overpayment total £1550, years remaining= 170 -
Hello sasaya, goodluck on your journey, you have made brilliant progress so far :j:D:jCredit card £4461.15Home mortgage £137117Buy to let mortgage £83,0000
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Hello and welcome to the MFW board!Currently studying for a Diploma - wish me luck
Phase 1 - Emergency Fund - Complete :j
Phase 2 - £20,000 Mortgage Fund - Underway0 -
Getting below £100K by 2012 would also mean that the best 60% LTV deals would then be available to you so keep up the good work0
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Well, some good new today - I've been asked to do a few hours of A Level tuition. At £20 an hour that should make me £60-£80 quid
Also I am swapping to a current account that pays £100 bonus, so that will be more money eventually.
Next step - start a spending diary for the next month so see where we can economise.We are going to be mortgage free!
Currently £135 511.86 May 2010
Aim £100 000 Dec 20120
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