£14310 off mortgage 2010 lets make 2011 better

sarahevie

Calculated today that when we took our mortgage out our interest per month was £713, it is now £599 so def a step in the right direction:j

sarahevie

Have done four hours of overtime today.

I was chatting to a customer at work and she asked me the names of my children. I told her and afterwards she said: Are you growing a garden:rotfl:Well it did make me smile.

Note to self, no more themed names:rotfl:

pammyj74

I checked my interest last night. It was £427 so only paying £269 off the capital a month in 2009, 2011 its now £187 paying £508 off the capital. Such an amazing difference isnt it.
Its horrible when you pay so much interest.

I too have a really dull life but thats the way I like it. I am a bit of a recluse really. I am thinking this might change when the kids are a bit older and I can have a life and do evening classes and social life and of course my mortgage will be paid off too. (hopefully lol)

sarahevie

My new tenants have been in touch asking how they can pay their rent, they are moving in from 1st Sept - so that can only be a good sign.

Really starting to look at whether it might be worth moving mortgages, our fix is up Nov 2013, but from this Nov the ERC is very small so might be worth it.

Requested info from the Halifax about remortgaging, as our mortgage is with them and they have calculated our LTV as 66% - A lot better than I thought (I was thinking 75%) .

Our income/mortgage owing isn't great. Was 7 times OHs salary when I started this diary, but is now 4.5 times joint so getting better. Surprisingly there is actually quite a lot of lenders would take our case, before we really thought we would be stuk on SVR with halifax.

CathT

That's a great LTV. Have you worked out how far off 60% LTV you are as you can often secure better deals. We come off our tracker in April (really regret going onto this as paid hefty arrangement fee but found MSE 2 months later!)

I would like to go on a fixed rate but when I looked online Halifax's availability was awful and I just can't find the rates on their site. We are not locked into Halifax though as I'm sure another lender would be satisfied with our income (well - I hope!) Are you on a high fixed rate at the moment? I could be wrong but it's probably worth changing in November rather than later into the year of that fix iukwim?

sarahevie

Halifax have valued it at £160,000 which is what we paid 2007, but have since put in new bathroom, kitchen, had the back garden landscaped. Full re wire etc. Spent around £10,000 on it. Do think that this is probably generous.

Woolwich's desktop valuation was £140K. Zoopla and mouseprice I know they aren't the most accurate but have it around £150K.

We currently owe £110K, so based on £160,000 valuation would need to take it to £96000 to get 60% ltv.

CathT

Still a way to go to get to 60% then. That's a good valuation, we paid £165,000 in beginning of 2005 and had it valued at £175k by the end of that year. All we have done to ours is convert the garage but I don't think it would even be marketed for £160k at the moment.

sarahevie

Just been on the phone to tax credits and they have updated my award - due to me starting work.

She didn't ask me my pay for the next year until I prompted her. There's no wonder people are overpaid. She just was interested in my employment details. Address where I work etc.

Anyway shall await with baited breath our new award notice.

sarahevie

It would have taken us 13 years to get to the mortgage balance we are at, with overpayments it has taken four:j:j

To anyone starting 30 year terms (like us) well worth overpaying the savings are huge, you can make a big difference really quickly

tellmeitsfriday

You're totally right.

My latest calculations show that a 30 year mortgage taken out 6 years ago will be paid off in a total of 16.8 years... 10 years to go, and I don't feel very stretched by the over payment even