Abba1772's Debt Free Diary

beanielou

I think you are overthinking it & everything will be fine.
Even if you extend the term you can still overpay.
How long is your fix for? xx

abba1772

So far it’s 24years beanie but if this mortgage advisor has mucked up our initial paperwork then it might be longer.

we pay £400 a month for our mortgage but this mortgage advisor reckons we can only afford £250 a month......hhmmmmm not sure how they work these figures out considering how much I’ve put away these last couple of months xx

jwil

If the worst comes to the worst, you could always overpay to the maximum, then pop the rest in a savings account.  Then when your deal runs out you can overpay a huge chunk, and then get a new deal on the lower balance with a shorter duration.

beanielou

Your fix wont be for 24 years.
That is the mortgage term I think.
A fix is usually for 2 years, 3 years or 5 years.
Then you revert to the SVR.

abba1772

you're right @beanielou we are hoping to lock in for 5 years so I suppose after that time we can then get another mortgage with a shorter term

AdventureWanted

Our new mortgage is going to be fixed for 5 years and the term increased to 25 years.  There's a bit on this site where you can calculate how regular overpayments will affect the term. I think when I did it overpaying by £100 a month would take over 3 years off the term.  The way you are able to hit goals I am certain you'd be able to reduce the term loads!x

abba1772

morning

been mucking about with a SOA and it's nice to see everything wrote down might even send it to the mortgage advisor but we have money left over which I already knew due to me paying everything down and then saving.

Sent £3.87 towards the savings we are sitting at £3827.02 hoping to have £4K in there by the end of the week.

Had a nice relaxing weekend didn't do much

need to book a tip run this weekend to get rid of stuff that has started to pile up.......ooooooo exciting lol 

Homegrown0

Your savings are piling up Well done! It'd be amazing to get to 4k by the end of the week and so achievable for you!

moneyonmymindsam

That would be amazing  what a great goal.
Sam x

abba1772

Abbie's given me a pile of stuff she no longer uses or wants so I've made her a deal I will sort it all out and decide what can be sold and what needs to be binned and half the money goes into her house saving account and I get the other half for my savings fund.

sold her name wall art that she said she's outgrown so made £20 so it's been split in half and sent to each of our savings accounts so its a start.  Need to post this tonight after dinner.