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Newbie needing advice please.
Comments
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I am on the same mortgage deal as you ... my advice is to pay the mortgage off!!Original Mortgage Debt - £130,330.
Current Mortgage Debt - £116,605.
2010 O/Ps - £5,000. 2011 O/Ps - £1,978.42.
Original Loan Debt - £6,000. Current Loan Debt - £3,500.
Original HP Debt - £1,000. Current HP Debt - £240.0 -
Just an update, we paid off the £1500 and it saved loads of interest but what i didn't realize was the monthly payment what drop slightly. its knocked £10 of the monthly payment that also means i will be over paying by £10 so all is good. when the fixed rate finishes in July the interest rate will drop from 6.49% down to 4.49% so should drop by £100ish if the rate stays as it is.
I plan on keeping my mortgage payment at £700 so im well on my way to my target. :jMortgage over payments.
Outstanding £92,072.56
Aim for 2011 = £1,500/£10,000
Jan - £0
Feb - £1,5000 -
wheatchief wrote: »Just an update, we paid off the £1500 and it saved loads of interest but what i didn't realize was the monthly payment what drop slightly. its knocked £10 of the monthly payment that also means i will be over paying by £10 so all is good. when the fixed rate finishes in July the interest rate will drop from 6.49% down to 4.49% so should drop by £100ish if the rate stays as it is.
I plan on keeping my mortgage payment at £700 so im well on my way to my target. :j
hello again wheat.
Well done on that OP!
I wouldn't bet on the rate staying where it is, the BOE is under a fair amunt of pressure to increase soon.
Keep us updated!
Mortgage free - 01/05/2019, mortgage high £200k 20110
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