Goodbye Mortgage - the beginning of the end!

lilmissmup

I am sure you can manage it!

Beckyy

Still waiting for our switch pack to come through for the rate change so is probably going to be later than when our fi ends by the time it's all done. Will need to call provider when the call centre opens and chase it up!

Our renewal for BTL insurance is due soon and work is still ongoing so I have no idea what the renewal will be but there's no way we would be able to change providers so just going to have to hope they're reasonable about it. I'll count myself lucky if it's 3 figures without a massive excess added on after hearing the deal some of the neighbours had with theirs.

Once that is done I should be able to properly adjust all of our budget and see how we are looking for plans for the rest of the year

Beckyy

Rate switch pack is here and relatively simple so that it good news.

Our current balance is £86,980.54. I won't be OPing any more until our rate switch has gone through (providing it is next week) so my calculations don't get changed.

The figured I'd originally mentioned aren't do-able this year, as we've also had to pay the product fee for the new mortgage. I'll come up with some new (realistic figures) and put them down so we have to stick to them! I hope you're all having a good weekend.

Beckyy

Our rate switch has gone through and we're now on 1.49% with no ERC - Woohooo! :j

The switch went through mid month so we have to pay the SVR repayment for June then it should go down dramatically saving us £150-200 a month. This will then go into either an OP or savings pot. Will recalculate everything once we know the monthly repayment.

We're having problems with BTL insurance renewal post flooding, an endorsement is being placed on our renewal making us liable for the first £10,000 of any future flood/storm claims. It's a ridiculous amount of money and I'm waiting to hear back from the underwriters as to whether they would amend or remove it if we put preventative measures in place but I have my doubts. This means we either need to look for alternative insurance after work has finished or selling up with 3 years still on the mortgage fix for it. Neither are what I'd planned! We are going to get the house valued once work has finished and go from there. It's feeling like less of an investment for the future now!

Current mortgage balance: £86,835.48

lilmissmup

Gosh that's harsh!!! :cool:

If you sell would you make a profit you could put towards a new house or your own?

Beckyy

With the ERC on the BTL mortgage and the effect of the flooding on the value I think we'll be lucky to find a seller. If we sold it for anything less than pre-flood value we'd take a hit due to the ERC. We're going to get it valued after the work is finished but not really sure the best plan of action yet.

Thinking if we could sell up we may be able to use the money to buy a bigger house for ourselves then port the BTL mortgage onto our current house and let that out instead but it would be complicated and depend on loads of different things working.

Time will tell! Thanks for stopping by, hope you're well x

lilmissmup

Hope all is well

Beckyy

Thanks lilmissup! It's been a busy sort of month!

We've had a vets bill just shy of £1000 for an emergency op for the dog. Very thankful for the pet insurance - we've just had to pay the £160 excess.

I've lost track a bit of the minor figures for this month, with having to buy specific things for the dog to eat, visiting family and trying to get all the loose ends tied up with our BTL. It's just been a rush to pay for X, Y & Z.

Work should be finished on BTL soon then we can get it on the market. It looks the best it ever will so I hope that we can sell without making a loss, which may be tight with a large ERC on the mortgage. Cheaper than the £10,000 endorsement on the insurance policy for us though... If it doesn't sell I'm confident we can let it out again but would need to find alternative insurance which probably wouldn't provide the bells and whistles that we had with this policy and would mean we wouldn't be able to buy a bigger house ourselves for sometime.

Our current mortgage balance is £86,413.05. No OPs to report this month due to trying to boost savings.

Pearla*Merle

Howdy I've just been catching up - yikes on the flooding and subsequent insurance problems, what a horrid thing to go through. I hope it all manages to get sorted the best it can, sending you lots of positive vibes!

Hope the doggle is on the mend! Give him (her?) a hug from me

Beckyy

Thank you, he's doing well so far!