D'oh! Better get started... I wanna be Mortgage Free!!

adwat

Froggy-G wrote: »

Thanks Iris!

I have no idea when the mortgage will be paid off.. If we go full term, it would be November 2041 :eek:, and I would be 61 years old !! No way I will be waiting that long!

The dream would be to be mortgage free by the time I am 40, therefore cutting down 21 years off the term... Think its time to seriously increase the OP's!

Froggy G :rotfl:

Hi Froggy

Good luck with the MFW journey!

Am I right in thinking your original term was 35yrs?

I didn't realise lenders offered those sort of terms - shows how out of touch I am!

Froggy-G

adwat wrote: »

Hi Froggy

Good luck with the MFW journey!

Am I right in thinking your original term was 35yrs?

I didn't realise lenders offered those sort of terms - shows how out of touch I am!

Hi Adwat! :j

Thanks for stopping by and your support!

Yes the original term was 35 years.. We had the mortgage from hell :eek:... Northern Rock, 35 years term, no deposit, 102% mortgage... We had well over £35K of debt back then as well...
We were very lucky to get the mortgage approved

You are not out of touch, these kind of mortgages have not been on the market for 3 or 4 years at leats, and I don't expect to see those for another few years again

Froggy G :rotfl:

babyb06

You are not out of touch, these kind of mortgages have not been on the market for 3 or 4 years at leats, and I don't expect to see those for another few years again


I'm not so sure - I got my mortgage two years ago over a 35 year term, based on one years accounts (I am self employed) with a 10% deposit, but they gave me a £10k home improvement loan at the same time (which i used for stamp duty, solicitor's fees and the rest of my deposit (I only had 7%). I still don't think banks are responsible :mad:- but hey ho - I am on the property ladder and now a MFW!:D

Babyb06

Iris_Blue

I worked with a girl and I'm pretty sure she got hers on a 40 year. ( if that's at all possible) We were all shocked at the time as she'd be 60 when she paid it off and it was really nothing of a property. She couldn't afford it either , had 0% deposit and ended up letting it out in the end as she couldn't afford the bills , she moved back home with Mum.

froggy you've come a long way ! Are you still on the same mortgage?

Babyb You're right banks are irresponsible. It's scarey.

Froggy-G

Iris_Blue wrote: »

I worked with a girl and I'm pretty sure she got hers on a 40 year. ( if that's at all possible) We were all shocked at the time as she'd be 60 when she paid it off and it was really nothing of a property. She couldn't afford it either , had 0% deposit and ended up letting it out in the end as she couldn't afford the bills , she moved back home with Mum.

froggy you've come a long way ! Are you still on the same mortgage?

Babyb You're right banks are irresponsible. It's scarey.

Iris

Yep, we are still on the same variable mortgage... Payments went up to a £1000 at the highest, and drop down to £500 at the lowest in the last 4 years...:eek:

I agree with you, bank are still lending irresponsibly :cool:... I work in Finance, more precisely, I deal with credit management (on a B2B basis only)..so I know the criteria that we look at and I can tell you very few applications are granted... No wonder there are still so many repo these days...

Anyway, back to the football, while I wait for OH to get home... Her tea is in the oven, so no panic

Have a great evening

Froggy G :rotfl:

Froggy-G

Evening all :j

Hope you are all and that you are on your way to being mortgage free!!
No new overpayment as yet However after loads of haggling, I renewed the building & contents insurance with Barclays, and managed to get a very good deal.. On top of that, while negotiating with them, we noticed that we had emergency cover on both the contents & building insurances over the last 4 years, when we only needed one!! :eek:
Therefore, the "lovely" people at Barclays are sending me a refund of £204 before the end of this month! Result

We also received the answer from the council concerning the banding, and their final answer is no (can't appeal as been in the house more than 6 months) and don't think our case is strong enough to appeal anyway.. So I will have to find another battle to take on now...

Nothing much apart from that.. Not long till xmas, we are starting to get presents together slowly but surely...

Froggy G :rotfl:

*Jellie*

Well done on the insurance.
We can't go for council tax rebanding. It actually went up when removed in as they had realised it had been extended extensively!

Iris_Blue

Hiya Froggy!

Well done on the insurance refund. It all helps - Just think if you weren't being so financially aware you would have let that go on for another 4 years or so! It's better off in your pocket.

Are you op-ing it or spending it ? ( Look at me shamelessly encouraging you to OP here. You'd think it was MY money :rotfl:)

When's you Mum over? Any plans to go anywhere nice?


Iris

wynnvegas

Morning Froggy,

Good job on the insurance refund. That's a proper result. I had a look at the council tax re-banding but we're right on the egde so it didn't seem worth going for. Glad to see everything is trucking along swimmingly...

Cheers,

Billy

Froggy-G

Iris_Blue wrote: »

Hiya Froggy!

Well done on the insurance refund. It all helps - Just think if you weren't being so financially aware you would have let that go on for another 4 years or so! It's better off in your pocket.

Are you op-ing it or spending it ? ( Look at me shamelessly encouraging you to OP here. You'd think it was MY money :rotfl:)

When's you Mum over? Any plans to go anywhere nice?


Iris

Hi Iris :j

Thanks, very glad we managed to get a good deal.. Don't know yet what we gonna do with the refund... OH mentioned a trip to IKEA, or spoiling my mum on a shopping trip...

My mum arrives on the 22nd for a week.. Thinks she is desperate to go to the Trafford Centre, and we might go up to the Lakes...

Froggy G :rotfl:

wynnvegas wrote: »

Morning Froggy,

Good job on the insurance refund. That's a proper result. I had a look at the council tax re-banding but we're right on the egde so it didn't seem worth going for. Glad to see everything is trucking along swimmingly...

Cheers,

Billy

Hi Billy :j

Shame about the council tax, but it was worth trying, it was only a couple of minutes phone call to the council...At least I noe know I am in the correct band... Still a good learning experience, for when we next move, we know what to check first!

Froggy G :rotfl: