Starting the mortgage free path

in_need_of_direction

I just like the idea of a tracker as I always think that if other costs creep up, the Bank of England will need to keep interest rates low to balance the books. Good deal for me this time round. My first mortgage which was 1990 we got a good fixed rate of 12.9%!

cb4fwh

bownyboy wrote: »

Anyway took the 2.49% fee free tracker rate, doesn't kick in until June when my 5 year fix ends, I thought when they said you could call 3-4 months before fix ends that it would be effective immediately, I've never remortgaged before so didn't realise this.

Only took 10 mins and means I will also be able to access account online at last.

Will keep an eye on interst rates and can always jump onto a fix if I need to.

Bownyboy,

I'm about to be in the same position as you - fixed mortgage ends 31st August so want to switch to a 5 year fix at the earliest opportunity. If I do this in early May, do you know whether I would be able to cancel between then & 31st August if required?

bownyboy

Morning all,

Payday today so time for monthly update:

• January 2014 - £106,929 / £358 / £11.96
• February 2014 - £105,967 / £355 / £11.85
• March 2014 - £105,002 / £352 / £11.74
• April 2014 - £104,034 / £349 / £11.64
• May 2014 - £103,066 / £345 / £11.53

Savings & investments now at £10.5k so effective mortgage of £92,566

Only two more payments left on my fix before I move onto the Santander tracker at 2.49%

bownyboy

cb4fwh wrote: »

I'm about to be in the same position as you - fixed mortgage ends 31st August so want to switch to a 5 year fix at the earliest opportunity. If I do this in early May, do you know whether I would be able to cancel between then & 31st August if required?

I don't see why not. As technically the fix won't have started. But I guess the key facts document should explain.

cb4fwh

Thanks for that. Am giving them a buzz tomorrow so will ask anyway...

bownyboy

Got another £31 today deposited in my Santander 123 account from savings and direct debits I've paid. It really is a fantastic account.

Gave them a quick call regarding my retention tracker mortgage as I handnt heard anything since I sent the signed papers back. Turns out its al set up and they will send letter a week or so before fix is due to expire to confirm (end of next month).

Have been watching closely the news regarding interest rates possibly starting to inch up sooner than expected, but I'm thinking MMR will cool things off, so hopefully they won't inch up too fast.

cb4fwh

Just off the phone to Santander - I've switched to the BofE BR+1.99% lifetime tracker product as well. I was also offered the 2yr BofE BR+1.44% tracker product, but once you'd factored in the product fee of £999 it made more sense to go with the lifetime tracker.

Like you say, lets hope interest rates stay low - but at least with this product we have full flexibility...

bownyboy

Good call. Can't wait to switch onto it now. Will be saving over £150 a month in interest which I'll overpay by keeping my direct debit the same.

bownyboy

So our building and contents came up for renewal. I got a good deal on last 2 years of £184 all in. This year they quoted me £464 from only 2 providers and said no one would quote me at my postcode (this is in the safest borough in the country!).

So onto topcashback to see who was offering the most cash back and then onto confused.com. 5 minutes later better deal with Legal & General for £155 whith £10 M&S voucher and £55 cashback!

The £55 will go onto next months overpayments (can do unlimited from next month when moved onto the tracker).

Why insurers never want to keep existing users, I'll never know.

bownyboy

Morning all,

Payday today so time for monthly update:

• January 2014 - £106,929 / £358 / £11.96
• February 2014 - £105,967 / £355 / £11.85
• March 2014 - £105,002 / £352 / £11.74
• April 2014 - £104,034 / £349 / £11.64
• May 2014 - £103,066 / £345 / £11.53
• June 2014 - £102,088 / £342 / £11.42

Savings & investments now at £12k so effective mortgage of £90,080