The £100,000+ Mortgage Club

Doshwaster

I need to resign from the £100k club.

My two year fixed period is up shortly and a my latest balance was £98,000. I'm going to throw £5k of savings at the balance, re-mortgage at £93,000 and take 3 years off the term - plus I'm planning on overpaying by around £100 per month.

I'd really like this paid off in 10 years time but maybe 12-13 might be more realistic.

RenovationMan

Doshwaster wrote: »

I need to resign from the £100k club.

My two year fixed period is up shortly and a my latest balance was £98,000. I'm going to throw £5k of savings at the balance, re-mortgage at £93,000 and take 3 years off the term - plus I'm planning on overpaying by around £100 per month.

I'd really like this paid off in 10 years time but maybe 12-13 might be more realistic.

Congrats! Getting below 6 figures is a real milestone. Here's to you getting below 5 figures! :beer:

CountingPenniesClaire

I came across this thread recently - some relief after seeing most mortgages way under ours! But even then I think we might top the league here.

Mortgage 1: £296k (on house worth £370k)
Mortgage 2: £130k (on house worth £270k)

...and breathe!

RenovationMan

CountingPenniesClaire wrote: »

I came across this thread recently - some relief after seeing most mortgages way under ours! But even then I think we might top the league here.

Mortgage 1: £296k (on house worth £370k)
Mortgage 2: £130k (on house worth £270k)

...and breathe!

LOL, that's an impressive level of debt!!

Is one of the mortgages on a BTL property? If so, then at least your tenants are paying that one off for you.

CountingPenniesClaire

RenovationMan wrote: »

LOL, that's an impressive level of debt!!

Is one of the mortgages on a BTL property? If so, then at least your tenants are paying that one off for you.

Yes it is - so while it looks bad, and it is taking a bit of getting used to - particularly since we were only a year off being mortgage free only 3/4 months ago - it isn't so bad. I take comfort from the fact that we have reasonable equity in both and we overpay each month and save on top of that...

...but it is definitely true to say that we are in it for the long haul!

jaysb

RenovationMan wrote: »

Congrats! Getting below 6 figures is a real milestone. Here's to you getting below 5 figures! :beer:

that's some mortgage you've got there ! but you seem to be doing well on overpayments - so good luck

I should be down to the 40K mark next week and wish to clear that in the next 5 years

RenovationMan

jaysb wrote: »

that's some mortgage you've got there ! but you seem to be doing well on overpayments - so good luck

Well, you have to speculate to accumulate, as they say, and with lending rates set to be so low for perhaps the next 5 to 10 years and savings/investments returns being so poor, it bizarrly seemed to be the best policy to increase our net wealth.

jaysb wrote: »

I should be down to the 40K mark next week and wish to clear that in the next 5 years

Good luck with your MFW goal.

Hurdler

shala_moo wrote: »

Morning Hurdler, i usually use TCB as it gives a slightly better rate than Quidc0 with the "top up" rate added. I always check Martins cashback checker though just incase..

I love the sound of Vernon.. Is he an instant savings account that you put your extra cash into?? I may be adopting this strategy myself.. I can only pay in over £500 at a time, but i'm not sure which type of account to use.

FINALLLLLY ... TCB have had some purchases confirmed from play.com... AFTER TWO MONTHS!

Vernon is a savings account linked to my current account and it swooshes a load of money into it on the 1st of every month and then I can transfer what I need to cover my bills.
Then what's left is hefted into the mortgage...

Which brings me to my news y'all...
I need to update my mortgage house picture... Vernon's virtual leftovers... and my sig...
BUT.... I AM UNDER £100,000 in the same month I bought the house, 4 years ago!
Started at £195,000... so I feel like it's a phenomenal achievement - especially after taking Voluntary Redundancy along the way and actually looking to take a MASSIVE pay cut to become a journo... and that's the reason I am throwing money at the mortgage now.

Good luck to everyone in this challenge... will check in from time to time

:beer:

pleasedelete

Gosh I feel bad now. My mortgage is £512k. Interest only. Not paid any off in past 4 years. £1243 a month.

But have spent about £150k on rewiring, new kitchens , bathrooms, windows, removing trees etc etc
Don't really care what it is worth but I guess about £900k. It was a wreck when I bought it. It has a building plot and I would quite like to pay off this mortgage and build.

I am going to start paying this year. Plan is to pay a lump sum of £50k every 8 months.

Peonie

:T

Hurdler wrote: »

BUT.... I AM UNDER £100,000 in the same month I bought the house, 4 years ago!
Started at £195,000.
:beer:

£95K is 4 years is amazing. Well done.
Does that mean you will be leaving us?