Ultrarunner's aim to be mortgage-free

cplusb

I have enjoyed reading this diary, there are quite a few bits I can relate to & some handy bits of knowledge for the future.

With regards to keeping your previous mortgage deal when moving (base rate), is there any particular name/terminology for this? Our current deal with the same provider as you is 2.5%, but looking to move in the new year & would hate to lose this rate.

gallygirl

cblakey wrote: »

I have enjoyed reading this diary, there are quite a few bits I can relate to & some handy bits of knowledge for the future.

With regards to keeping your previous mortgage deal when moving (base rate), is there any particular name/terminology for this? Our current deal with the same provider as you is 2.5%, but looking to move in the new year & would hate to lose this rate.

It's known as porting your mortgage. Hope you can do it, 2.5% is a good deal .

cplusb

Thanks very much, will have a little google now

ultrarunner

Yep porting is what I did... the only catch was I had to have started proceedings on a new property before my existing one sold. Otherwise I wouldn't have been able to port the fixed rate I was on at the time (which reverted to Base Rate + 2% when it ended 5 months after moving).

I found my house 2 weeks before the sale of my flat completed (lived in a friend's spare room for 3 months in between properties) - in which time interest was added daily to the amount I owed. Worth it though to keep the cheap rate.

cplusb

Thanks for the tip, I suppose I better tell my wife to start looking... oh, dear.

gallygirl

cblakey wrote: »

Thanks for the tip, I suppose I better tell my wife to start looking... oh, dear.

Oh dear indeed :rotfl:.

ultrarunner

Well that was an expensive weekend!

Christmas shopping, clothes shopping for me, food shopping, petrol, night out in Bristol, trip to Southampton to see my brother... not good on the wallet!

But a good weekend as well.

Got a few meals out coming up with work Christmas do's etc... however I will limit spending by not drinking at the work do.

ultrarunner

Ended up not overpaying in December. Christmas period predictably fairly pricey. Not helped by too many takeaways and a few very expensive evenings, dates etc. Anyway, back on track now.

New season ticket bought last month so £2300 on a zero percent credit card is my target now. £750 paid off already, and will probably chuck another £300 at it before payday. Aim to have this cleared when I get paid in February.

Then full steam ahead on mortgage. Plan is to keep attacking the element linked to base rate as chances are this will be rising in 12 months or so. With potentially no foreign holidays or expensive work on the house this year I've got a chance to put 6 or 7k in as overpayments, minimum!

Have canned jobhunting for now - 2 reasons - I'm now on a leadership development programme at work, and in my heart of hearts I know that the environment where I work now is one I thrive in. Have made myself open to relocation however, as we also have an office in the Manchester area. Have already scouted out that houses are a lot cheaper than the Royal County!

Must get out for a run later while it's sunny

MissShoes

Just read this from start to finish- a few years covered in a few pages. Some really helpful tips for a relative newbie to having a mortgage (9 months done!)

Enjoy your run:o

ultrarunner

Hey MissShoes, thank you for your feedback. Glad you've found some useful tips in here - do you have a diary yourself?

Fairly quiet week at work finished on a high with a very good annual appraisal. £300 paid over against credit card to further reduce Season ticket loan balance.