Happy Ju's bid to be mortgage free!

Rosie_D

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linz

Welcome Happy Ju, and good luck in your journey and well done so far! Subscribing to follow how you're getting on

Lois_E

:wave: Welcome Ju

I hope you enjoy sharing your MFW journey with us. When is your baby due?

getmore4less

Happy_Ju wrote: »

Thanks, my baby is due around christmas, still really early days yet.

We have an offset mortgage with YBS fixed at 5.29 until end January next year, then it reverts to 0.75 above BOE base rate, although didn't realise at the time that it's collared at 3%, so will not go below 3.75%

Monthly payments are £575 but interest only, looking to pay £1,000 per month to get overpayment pot going, can't get the money back, but can use it to pay mortgage payments until it is used up.

If the money is in the offset pot you should be able to get them back.

have 2 pots one for the overpayments and one for spare cash but planned to be used.

Sepa74

Hi Happy Ju, my offset has a floor interest rate of 3%, so even though my offset mortgage is 0.49% above baserate, it never goes lower than 3%. You might find yours is the same.... don't know if a 'collar' is different, though. Fingers crossed, at any rate!!