Mortgage Free in Three Yrs

drenbo

Kaz2904 wrote: »

drenbo why is your current interest rate so high?

Thanks Kaz...

You made me think about remortgaging. So far found an offset tracker deal with Hinclkey and Rugby BS @ 5.84% for the term of the mortgage.

Will shop around a bit more then will probably go with another lender..

Cheers,

[Deleted User]

So is it too late to join this or how does it work? We're unlikely to have paid off all our mortgage by April 2010 (there's about £59k on it at the moment), though we're aiming for a target date of the end of December of that year. By that reckoning, we should have somewhere in the order of £14,300 left outstanding at 1 April 2010.

Karmacat

Hi Marvin, I'm not sure to be honest - Tall Girl, Dithering Dad or one of the "cheerleaders" will be on here at some stage to tell you. I hope you can. We're just about to do another update, so you may well get in under the wire!

drenbo

Hi Marvin,

For first timers please send your:
1 Your name & quest number (you will get this from Dithering Dad when you first post on here - see post 1)
2 What your mortgage was when we started this quest 1st April 2007
3 How much your mortage is to date

Send PM with the above to Dithering Dad (except quest no) then if you get a number PM Tall girl with the same info.

ailuro2

7.25% is pretty high- are you locked into that for any reason?

I'd have a read of Martin's mortgage buying guide- see if you can find a cheaper mortgage, then ALL of the amount of the mortgage wil be less interest.

http://www.moneysavingexpert.com/mortgages/remortgage-guide


You're absolutely right in thinking the cheaper the interest rate, the better!

AnW'sMum

Hi Marvin

There have been discussions about whether to allow more people to join the quest. As you are aware the aim is to try and pay your mortgage off in three years but there are many members who will not manage that (for various reasons) but are aiming to substantially reduce their balance owing. The reason we talked of limiting numbers was twofold really; 1. The more members the more work for Tallgirl and Dithering Dad 2. The further into the challenge we get the harder it will get for those joining part way through (we are six months in and so those joining now 'only' have 2 yrs 6 months to achieve the aim)

I am sure TG & DD (as the rest of us) will welcome anyone who still wants to join after all any reduction over and above normal repayments is to be celebrated. I think the main concern is that people start to feel that being MFi2.5 (or less!) might be a challenge too far for a lot of people. BUT having said that we do want to support anyone who wants reduce their mortgage and the support on here is great

So to sum up, if you do as Drenbo suggests and PM DD & TG with your details then we can add you to the list and hope that see you achieve your aim by 1st April 2010, welcome aboard

~daisy~_2

for the reasons above i think i may need to adjust my goal - but maybe ill just suck it and see what happens

might be pleasantly surpised - might take me another 6 months

time will tell

setmefree2

Hi Marvin,

You could always just set up your own thread as a sort of blog. This is what I've done as me and Mr SMF are trying to be mortgage free in five.:money:£ is too hard for us....

Kaz2904

Drenbo, it was kind of my aim to get you to question why you are paying the rate you are on.
This is part of the quest in that by supporting each other and flagging up things that we spot we could save someone a substantial amount of money.
TBH even if we can save someone a tenner then it has to be good doesn't it!

I know myself I get jaded and come on here and the debt free board for some inspiration.
I'm not doing too well at the moment because DH seems to be spending faster than we're earning!

He went and got a film last night but as always doesn't just get one- no it has to be 2- why is that? It was already 8.45 when he got it so you're not going to be watching both are you?

Anyway, back to your mortgage- 5.84% seems reasonable for the current time and if rates go down you could then look at shifting once again. If it's a tracker then what is the real rate ie. 0.5% discount from BoE base rate? Don't forget that if it is a tracker it is variable.

[Deleted User]

setmefree2 wrote: »

Hi Marvin,

You could always just set up your own thread as a sort of blog. This is what I've done as me and Mr SMF are trying to be mortgage free in five.:money:£ is too hard for us....

I might just do that - I guess I could start with that post I wrote in the welcome thread.