Wkdhoney is a MFW!

wkdhoney

October payment update

We can only OP in January the rest of the year we can up our payments but not make one off payments IYSWIM.

We decided to overpay the 02 section of our mortgage as that'll knock our amount right down (even though we will be paying more interest on the 01) Damn complicated deal I wish I hadn't signed up for!

Still

01 £85,212.73
02 £12,708.67

Total £ 97,921.40

Now keeping our OP exactly the same we will have finished the 02 section in August 2013. However our fixed rate ends in August 2012 and IF it stays the base rate stays the same we'll finish our 02 account one month early. Not great but I'd rather have the £402.03 in my pocket! Well I say my pocket it won't be, it'll be going straight on the mortgage..

So at the current rate of overpayment we will have finished our mortgage in 12 years. 3 years more on the loan then shifting the full current overpayment we're making now to the 02 acoount on to the 01 account will clear it in another 9 years according to the MSE calculator!

Fingers crossed... A 35 year mortgage paid off in 15 years would be some achievement for us!

x

SmlSave

35 year mortgage paid off in 15 years would be some achievement for us!

It would be an achievement for anybody! You're doing soo well

wkdhoney

Hello, I've not updated in a while as I've not made any changes except the normal overpayment till now. As it's January we get to overpay 10%. Silly me didn't realise that they meant 10% of each account I thought it was overall. Rookie mistake! So I've paid £1,112.29 on to the 02 account and I'm just waiting for my cheque (we had an accident in Germany two years ago that was pretty bad) to arrive so we can either add it to the 01 account or bump up our monthly repayments until it's swallowed the whole £1300.

It's put me behind slightly as I was hoping to get them both onto the 02 so we can have that completed by Dec 2012 but regardless of which we do it's swings and roundabouts and we'll get it back back soon!

I'll update my totals next week when I get them.

wkdhoney

As of July 2012 it stand as follows

Mortgage £77,532.12
Loan £3021.01

Our interest rate drops down to 2.49% on the 1st of Sept. I thought that's day would never come! We're getting there slowly. I'm just so happy we're out of negative equity and it's a nice feeling.

wantabetterlife

Long time no see WKD honey...that great news on the interest rate...we come off ours in october and i cannot wait!!! Like you i thought it would never come :j:j