MFi4 wannabe

patrick_bs15

Thanks for advice, gallygirl: I think I'm just going to stay put on SVR until mortgage is done now...

OP £537...

patrick_bs15

Just phoned First Direct - £12,382.29 to go.

Have definitely decided to stay on their SVR (bet the damn thing rises within days now!)

Am moving the goalposts forward a bit: now targetting the end of Sept next year to be mortgage-free (...well... to get 1st mortgage paid off anyway) - so that I can celebrate on my 40th birthday on Oct 3rd

patrick_bs15

Just got my annual statement... the redemption figure quoted at the end is £13,371.51...

Why is there a £989.22 difference between the mortgage balance and that figure? Is that normal?

gallygirl

Do you have an early repayment charge?

patrick_bs15

Hi Gallygirl: I shouldn't have (copied / pasted this from First Direct's site):

If you take a Fixed rate mortgage and you repay the whole of your mortgage during the Fixed rate period an early repayment charge will apply. This charge is calculated at 3% of the original mortgage amount during the first year of the Fixed rate period and 2% of the original amount if the mortgage is closed in any subsequent year during the Fixed rate period. If you choose to repay your mortgage after the Fixed rate period has ended, no early repayment charge will apply.

Also says on original mortgage offer: there will be no ERCs when mortgage changes to FD's SVR, which it did on 04/11/12.

I will phone them to check later - seems there would have been a £960 charge if I'd paid it off in the 2nd year of my 2 year deal, but that shouldn't apply now. Must get that in writing!

patrick_bs15

OP £600

£11,782.29 to go...

patrick_bs15

OP £787...
£10,995.29 left...

patrick_bs15

OP £625

£10,255.16 left...

On target to clear days before 40th birthday in October

patrick_bs15

OP £200

£10,055.16 left

icontinuetodream

just popped in to say....wow!!! you are doing brilliantly