Mortgage free!?!?

SAMMYE_2

A little update... Bank of Ireland gave my details to a mortgage broker London & Country and they called me and said they would look into the market for me for a better deal. They called me back to ask me to check if Bank of Ireland would waive my Early repayment charge as in some cases they are. I contacted BofI and they said they would send me a letter within 15 days giving me a final decision..... fingers crossed it is a yes as that will mean I will be able to get out of my sky high 6.99% deal and because I have been overpaying every penny I could I am at 79% so could get a much better deal!! Happy days fingers crossed..


Another good reason to overpay as if I hadnt I wouldnt be able to remortgage....

SAMMYE_2

Broker just called he is going to see if he can speed things up so I think he must have some good deals for me..

If this pulls off I would save over £4.5k of the early repayment charge and earn about £300 - £350 per month from the rent

SAMMYE_2

Still waiting for Bank of Irelands response reagarding the waiver of the Early repayment charge ...... fingers crossed big time as its around £4.5k

Heard from the Mortgage broker from L&C and he said even if Bank of Ireland do not waive any of the fee he has still found a deal for me that will save me £750 plus £1000 cashback which the Bank of Ireland are giving all customers who leave them. The deal is with ING I think and fixed for 2 years at 3.75%

Woooooo :j thank you MSE.com and all you other mortgage free wannabees for inspiring me to get into this position.

Onecoincloser

well done sammye!!! it will be great if you can get that interest rate down.....

SAMMYE_2

Onecoincloser wrote: »

well done sammye!!! it will be great if you can get that interest rate down.....

cheers got everything crossed at the moment apparently I should hear back from B of I by Thursday.

This will make a monumental difference to my life! :-)

SAMMYE_2

Well called them up and apparently they sent out a letter on Friday which I should receive tonight. They did tell me however that my request that the ERC be waived was refused as it would cost the bank too much money... she did say however that if I wanted to "challenge"!? the decision then I would have to put it in writing. Which differs from what I was told originally (which was they would send me their decision which was FINAL within 15 days)

I think that they may perhaps be hoping that I leave anyway after being offered a deal through L&C mortgage brokers which they say would save me £750 plus the £1000 cashback they are offering but that still means I would have to find £4,000 odd for the EPC.

I am going to call their bluff and say I just can't afford to leave unless they waive the charge. See what they come back with.. Worth a go

Sepa74

It all sounds ridiculously complicated! Good luck with it all

SAMMYE_2

Sent off the e-mail today about the ERC so fingers crossed.

I had a cold recently so stopped doing my BJJ...

Also I've started to think about perhaps starting up a blog about how I gave up drinking alcohol. May inspire others and perhaps could be quite popular which may mean a small amount of advertising revenue perhaps..

SAMMYE_2

Not really much to report except phoned BofI and they said the person who I sent the e-mail to had left and they had no record of receiving the e-mail. So have sent another one to someone else so fingers crossed again.

Got nearly £3000 that I can overpay which is the last of my 10% allowance for the year but I am holding off for cashflow purposes as I've got to pay for other things like car insurance (which I want to do in one go to save the 29.90% they charge for paying in installments)

Its a bit of a waiting game at the moment so just head down.

Had a drink again for the first time in 2.5 years but think I can limit it now and just needed a bit of a break from the norm. Not going to make a habit of it but just on special occasions to bond with others better.

SAMMYE_2

Well BofI wont waive the charge unfortunately so I can only leave if the new mortgage company value the flat at £120k which is a generous estimate... I bought for £112k three years ago but I knocked them down from £125k its had double glazing in that time.

If they dont value at that amount then I will have to stick with BofI as the early repayment charge will take me over the 75%LTV ratio meaning the deal they offer wont be good enough for it to be worth me leaving :sad: