Mortgage Free in 10 years

megela

Hi, I've been a long time lurker on this board and have now decided to take the plunge and start my own diary. The main reason for this is we completed our re-mortgage on Friday 21/4.

We were half way through a 10year fixed rate at 5.68% when we decided that we would be better off to pay the ERC of approx £2600 and re-mortgage at a lower rate. At the same time we also need to raise £24k to put down as a deposit on a commercial building for my husband's company. It seemed a good time therefore to re-mortgage.

When we approached our bank to suggest this we were told we could pay the ERC but we would have to re-mortgage elsewhere. Once we'd got over the shock of them giving our business away, we have now re-mortgaged with an Offset Mortgage at 4% over 20 years. At the moment we have borrowed £89284.57, with the facility to increase to £112,000 when we need the extra.

We have become used to overpaying over the last year or so, and have now budgeted an extra £300 per month for overpayments. According to my very simple spreadsheet this will pay the mortgage off 9 years early, so I still need to knock off an extra year.

Our initial target once we have borrowed the extra is to get back down to £86,000, where we were before we remortgaged and borrowed it. My spreadsheet calculates this as being in 3 years time.

I also do surveys and anything I earn from these also goes to the mortgage, with the voucher value being taken from birthday/xmas savings.

By the way, our family unit consists of me, my DH and 2 DD. My husband is a partner in his own business, and I work 2 part time jobs.

If you're still reading - sorry for the long first post, wanted to get the history and reasons for doing this down for myself more than anything!

Jackies

good luck! Started my MFW journey this weekend too with my own diary, good to see other people starting too! Will be subscribing and reading your diary with interest!

sweetdaisy

Good luck on your quest to become mortgage free .

megela

Hi Jackies and Sweetdaisy, thank you for the welcome!

Our mortgage has now moved to the Nwest, and I was waiting for online log-in details, but when I signed into the business accounts this morning they'd linked it to the business log-in, and presumably will do the same with my current and savings accounts. I wasn't comfortable with this so rang to ask them to seperate. I was told they were able to add them in together but couldn't de-link them!. Need to speak to our business manager to do this!

To do:

1. waiting for business manager to ring back to sort out on-line logging in and then start moving over savings from old bank to offset mortgage.
2. have applied for Hfax reward account online, need to work out how I log in, or wether I need to apply for online banking as well.
3. Keep a close eye on new Nwest current account and old Nwide account to ensure enough money in both while they move over the direct debits.

Why is nothing ever straightforward?

Tilly_MFW_in_6_YRS

Hi Megela, good luck on your journey. There are times when the process side of companies drives me insane too. Hopefully the BM can resolve it for you.

There are some amazingly helpful people on this site. I have only been posting since November so still have lots to learn, but anything I can help with let me know.

Best wishes Tilly

Anna_Glypta

megela wrote: »

Our mortgage has now moved to the Nwest, and I was waiting for online log-in details,

Hi - my mortgage is with Natwest and I was told I couldn't access it online. Not sure if that is because it's a fixed rate - I'd be interested to know if you get the details - perhaps I'll ask them again.

May get another reply if I speak to someone else - wouldn't be the first time.

AG:)

megela

Anna_Glypta wrote: »

Hi - my mortgage is with Natwest and I was told I couldn't access it online. Not sure if that is because it's a fixed rate - I'd be interested to know if you get the details - perhaps I'll ask them again.

May get another reply if I speak to someone else - wouldn't be the first time.

AG:)

Hi Anna Glypta,

Ours is an offset mortgage and we should be able to see it onine, along with any attached current and savings accounts. However at the minute they have the mortgage on my business log-in which i'm not happy with. But I've now also been sent a new customer number presumably for my current/savings accounts. They should really all be on the same log-in. I think they've got themselves a bit mixed up. Am hoping it sorts itself out before I need to ring them again though.

megela

Tilly_MFW_in_6_YRS wrote: »

Hi Megela, good luck on your journey. There are times when the process side of companies drives me insane too. Hopefully the BM can resolve it for you.

There are some amazingly helpful people on this site. I have only been posting since November so still have lots to learn, but anything I can help with let me know.

Best wishes Tilly

Hi Tilly,

There is one thing I'm finding confusing at the mo, and it's not a MFW problem (yet)!

Is there an easy way to find my thread so I can post or is it a case of trawling through the list each time?

Many thanks

Tilly_MFW_in_6_YRS

I am sure someone will come along with an uber quick way of doing this. I post every day, so am always on the first or second page of subscribed diaries. Or I go to my name, click on statistics and threads started by - I only have 1.

Hope that helps. Tilly

TwinnyD

I just subscribed to my thread (Thread Tools on the lower green menu bar) and then view the subscribed threads via Quick Links on the upper green menu bar.

Good luck on your journey

megela

TwinnyD wrote: »

I just subscribed to my thread (Thread Tools on the lower green menu bar) and then view the subscribed threads via Quick Links on the upper green menu bar.

Good luck on your journey

Thank you TwinnyD, that also answered another question on how I found the threads I had subscribed to!

I'm a bit of a novice at this, but learning as I go!