My Improbable 10 Year Target

Engeroosi

Phelpsie, I have managed to get below 80% LTV which opens up better rates. I then found the fee free HSBC lifetime tracker and thought if I applied for it and got accepted then I would make the decision then if I would go for it. I applied online and they then called me to go through the application, Then visited a branch with documents and ID and thats all. Pretty simple really. Just have to wait and see if we get accepted.

Phelpsie001

Engeroosi wrote: »

Phelpsie, I have managed to get below 80% LTV which opens up better rates. I then found the fee free HSBC lifetime tracker and thought if I applied for it and got accepted then I would make the decision then if I would go for it. I applied online and they then called me to go through the application, Then visited a branch with documents and ID and thats all. Pretty simple really. Just have to wait and see if we get accepted.

Wow!! Thankyou for that, I might just copy you if I can get the LTV to below 80% and see what happens? So...with the lifetime tracker, can you leave it for a different fixed or variable rate whenever you want?

Engeroosi

Yeah, no tie in, unlimited overpayments also. So if you need to fix then no ERC.

I just hope I get accepted but nothing ventured nothing gained. So no major problem if they reject, I just use the money I would of to pay the ERC to overpay on current mortgage!

justinj

Just read your diary so far, good luck and I hope you make your target. I'll be following your progress

Phelpsie001

Can anyone suggest a mortgage company with a good and accurate online tracker system? I am with the Halifax and their system is so poor ... It can be +/- thousands!! Plus you can't make overpayments from another halifax account online!!

Phelpsie001

Morning all,

Just about to look through my current account for any spare cash!! If I have any odd numbers ... (£2007.50 for example), I will overpay the amount that will make my account a round figure. I can't afford too much at the moment, but these little things always help

kingster2069

Phelpsie001 wrote: »

Can anyone suggest a mortgage company with a good and accurate online tracker system? I am with the Halifax and their system is so poor ... It can be +/- thousands!! Plus you can't make overpayments from another halifax account online!!

I have a Santander offset mortgage and find their on-line system very good. If I make an overpayment or change the term you get nice graphs showing the difference the change will make.
I also hear the First Direct have a good on-line system, but can't personally vouch for it.

Phelpsie001

Just to give an update, here is a plan that I hastily sketched onto the back of a post it note:

Year ending:.........Mortgage Debt:
2011 ..................£121,000
2012 ..................£118,000
2013 ..................£113,000
2014 ..................£107,000

My stretch target is to reach £100,000 by 2014!!

Here's hoping!!

Phelpsie001

Just updated my signature....forgot about my HP debt, grrr!!

It should be paid off by year end though

Phelpsie001

Just a quick update as to where I am

I am still trying to save around £5000 (I have almost £3000 at the moment) as well as paying OP's up to what I think that I can afford. I may even overpay by just £10 this month (over than my built in overpayment of £43.50).

I'd love to just say screw it, and buy loads of paintings and antiques and just forget about my mortgage, but my current plan means that I will have no mortgage in 10 years, so I have to steady the course!!

I should be able to dip below the £121,000 mark at year end though which does make me feel like I am heading in the correct direction At the end of the year, I will have an extra £120 a month and so I think that I will save £80 of this and overpay by £40, thus bringing my monthly OP's to approx £85 a month!

I dream of suddenly having £5000 to pay off my mortgage in one giant leap, but alas =(

Also, perhaps I have a different thought process to some people on here? Rightly or wrongly, when I OP I ask for my monthly payment to remain the same, thus overpaying an additional amount each month. However some people talk of their joy at their monthly payment dropping each month?

Actually, thinking about it, those people are probably wanting to keep their mortgage term the same but just overpay to lower their monthly payments....? Maybe?

Anyways, I can't WAIT to drop below the £121,000 mark and then when I break the £120,000 that will be a major milestone!!

£100,000 in 2014, here I come!!