Starting the mortgage free path

bownyboy

cb4fwh wrote: »

Just scanned over your thread - you've come a long way in 3 years!

I'm also with A&L - having got off the phone to them yesterday, you are able to switch to a new tracker product 4 months prior, and a new fixed product 3 months prior to your current product ending.

If your product ends 30/06/2014, that means you would be able to switch to a new tracker product on the 01/03/2014.

You mentioned 30/03/2014, although I didn't know whether this was because you have now decided to go with a fixed product?

Anyway, thought that I would mention it as you may save a few bob!

Hi cb4fwh, thanks for that, its good to know, I'll give A&L and call at the end of this month and see what they say.

I read that someone got a lifetime tracker at +0.99% from A&L/Santander who had just come off a five year fix, which I thought was unbelievable! I'd love to get that rate.

Our LTV is 20% (based on purchase price 5 years ago, house has gone up since then) so hopefully we'll get some good rates.

bownyboy

gallygirl wrote: »

Hi there BB - I too don't want to teach you to suck eggs but I find the 'send your spreadsheet to a fellow MSE'r and get them to do it for you' function is also very good at this . Except Lois has gone disappearo .

My (well, Lois's ) formula is =INDEX(D: D,MATCH(0,J:J,-1)+1,1) where D is the date column and J is my projected balance. Oh, the hours of fun I've had trying to get it to change :rotfl:.

Edit - had to remove the space between the : and D or it turns it into !!!!

Hi gallygirl, thanks for the formula, as I mentioned to edinburgher, I use a sheet that was provided on this forum to show the overpayments, wouldn't know where to start myself!

bownyboy

FloppyDisk wrote: »

Hi BB, just popping in to say hello! I've just set up my S&S ISA too, but just the minimum payments as a bit of fun on the side as opposed to a serious option for mortgage pay off like you. Very interested to see how it goes! All the best, Floppy

Hi FloppyDisk, its still early days for me too, just 3 months into regularly saving into Vangard Lifestrategy 60/40 and have lost money every month! (but hey, this is for longer term and not monthly)

The more I read about investing, the more I'm convinced investing into a tracker fund with low fee's is the way to go.

I'll keep you posted!

bownyboy

Was out doing some gardening on Saturday when I discovered what I thought were some old roof tiles within the overgrown weeds. Wondered how they got there when it suddenly dawned on me to check the roof!

Looking up revealed a gap toothed roof with a number of missing tiles, most likely due to the high winds we've been having the last few weeks (quite rare for Surrey).

Never having used a roofer before I had visions of it costing a fortune (scaffolding etc), so decided to check the linkedin group that our village has (over 500 members!). People have recommend trades people they've used on there and within an hour had a recommended roofer come over.

Cost for job £55 and he turned up on time with a ladder.

Could have been much worse! We're delaying the inevitable though as the roof does need sorting in the next few years (as was highlighted in our full structural survey when we bought 5 years ago).

FloppyDisk

Hi Browny, yep my OH has studied the markets and fair bit and all his tutors have told him the same thing, which seems silly really! I'm still waiting for my investment to go through but then I think I need to avoid watching it. Like you it's a long term thing and I don't want to get too interested in daily ups and dows.

bownyboy

Expensive month so far. It was my girlfriends birthday so arranged a surprise trip to Rome last weekend. Managed a fantastic deal on a 1 bed apartment just down from Termini station using airbnb (why have I not discovered this sooner?!) plus easyjet flights. Wether was a balmy 17c and Rome was fantastic.

Valentines this weekend and just spotted martins debenhams offer, now sorted

bownyboy

In preparation for our remortgage in June I've been reviewing my finances and realise I should do everything to minimise any application issues. Credit rating is excellent, LTV is about 20%, savings at £10k but have £5k on 0% credit cards which I'm paying off £500 per month.

I also dip into my agreed overdraft pretty much every month (usually for last week of month until payday by a few hundred).

It's laziness more than anything, so plan is as follows.

* Halt savings and investments for 1 month
* Ensure I get my account in credit continuously for 3 months (so if I'm asked for bank statements)
* By June balance will be £2.5k and cleared by October.

I know lenders can be picky but I hope with our very low LTV and my decent salary (over £70k) we should be ok.

bownyboy

I've looked at my spreadsheet and if I save the max into stocks and shares ISA from April, then I should be mortgage neutral by August 2018 (give or take depending on interest and performance) which sounds about right.

So 4 and a bit years to go!

gallygirl

Not long BB :j

bownyboy

Got my yearly statement from Satander yesterday. £22k paid off and just over £4k interest. Good to see all the hard work it in print.

I also got a booklet about remortgaging and confirming an earlier post that I can call them at the end of feb to ask about offers available to me.

Keep seeing news about 5 year fixes drifting up so hope I can still bag a decent rate, although the 2.84% rates appear to have gone now.