Mortgage free!?!?

SAMMYE_2

Just thought I would post to say that I am still on track!

Currently got £4,500 to overpay so as soon as April 1st comes along (only a few days) I will overpay that which will leave me another £5000 to overpay which I will try and do as soon as possible (4ish months).

When that is done my mortgage will be down to £550 a month :j with the rent i collect being £644 per month.

So thanks to you guys and Martins fantastic site, I've gone from paying £690 a month and having only 5% to in next few months owning 25% and only paying £550 a month :j

Come remortgage time if all goes to plan I will have at least 60%LTV so should get a good deal............do you think?

[Deleted User]

wow sammye thats fantastic- well done!
Im not that great on deals but I think 60% LTV tends to get a much better rate...someone else will come along with more knowledge soon Im sure!
sounds like you have made some real changes and positive steps in all areas as well as just the money saving

prettym3

dimbo61 wrote: »

Be aware that if you rent out the property for more than 3 years you will pay capital gains on the profit!

very interesting, hehe

SAMMYE_2

Deleted_User wrote: »

wow sammye thats fantastic- well done!
Im not that great on deals but I think 60% LTV tends to get a much better rate...someone else will come along with more knowledge soon Im sure!
sounds like you have made some real changes and positive steps in all areas as well as just the money saving

Thanks alot youngone I should also have about £20,000 savings in 2 years time so could always put a few quid more in if I need to get it lower.

I suppose it is just projected and I dont know what will happen around the corner but I've been on this path for 2 years since I stopped drinking and been consistent. I've made sacrifices and even split up with my fiancee (at Christmas) partly because she liked to spend everything she could and I liked to save everything I could.

I just think if I can make these sacrifices now I can make it so much easier on myself in the future and life will be easier and I will have much more money.. and as they say "make hay while the sun is shining" I am working and in good health so best to make the most of it while I can!

SAMMYE_2

Oh and worked out saved myself £23,754.52 of interest over the life of this mortgage by overpaying in December this will rise when I make my overpayment on 1/04/11 to £34,348.56 saved over life of mortgage!! :j:T

prettym3

prettym3 wrote: »

very interesting, hehe

oops. double post. love internet

SAMMYE_2

Overpaid a further £4,500 on Friday so I'm down to 81% so £595 a month!! :T slowly getting there!

got another £5,000 that I can overpay this year so should have done that by the end of June all being well which will take me down to 77%

SAMMYE_2

Hmmm been waivering recently! Tenants move out in June so I need to get new tenants. Been thinking about perhaps moving back in which I think has been spurned on because I have met someone new and difficult to find alone time with my Dad around! lol

But obviously that would put a massive dent in my saving projections (not so much the mortgage as I can only overpay 10% per year and I can manage that.

Anyway last night I had nightmares about my teeth falling out!:eek: It was horrible lol and apparently people say that is due to money worries!

Anyway that is the sacrifice I have to make I suppose if I want a better future. Keep my head down keep renting out to tenants!

LilacViolet

Well done on all your hard work so far, and good luck with whatever path you choose in June.

SAMMYE_2

LilacViolet wrote: »

Well done on all your hard work so far, and good luck with whatever path you choose in June.

Thanks LilacViolet. Just good to have a rant really. I know I have to continue to rent the flat out but just waivered a little bit!