Mfw newbie

lenny76

Hi all,

Been reading the Forums on and off for a couple of years and have finally decided to start my MFW journey.

I currently have a house in Kent which has £25k remaining with a term of 4 years and 6 months remaining with a BTL deal with the Principality which is No Fee Fixed Tracker BBR + 3.49% and the deal expires 30 Sep 13 with current monthly payments of £523.29 and no overpayments allowed. This is purely for background information.

My main focus is a mortgage I hold on a house in Hampshire which has 147k remaining on a mortgage with a 5 year Fixed 6.09% with the Halifax and monthly payments of £845.91 and the deal expires soon 30 Sep 12. I have a consent to lease which lasts until March 2013 and I automatically go to a 3.99% (at present) SVR which appears to be my best option at the moment.

I made my first overpayment last week of £250 and checked the Overpayment Mortgage Calculator on this site and was amazed at the savings. When I start the new deal in October, if I were to amend the mortgage term from 34 years to 30 years and make an OP of £250 each month, the mortgage will be paid almost 12 years earlier.

Once I make the last payment of my Tesco loan in September 2012, I'll have that bit extra to add to the monthly overpayments.

Wish me luck and any tips are greatly appreciated.

Mortgage When Started = 160k
Current Mortgage = 147k
Mortgage Free Day 10 Oct 2030

Spiggle

Welcome lenny,

Good luck with the addiction that is overpaying!!!

All the best,
Spigs