Mortgage Free in Three Yrs

pink_fairy_7

Thanks wisewoman.
Just realised I forgot to take off the May 1st pyt so reduced the mortgage by £246 already.:D (interest cost £560)

pf x

taka

Miss_Penny_Pincher wrote: »

Hi taka

If you want to give me a couple of mortgage options e.g. amount would be with loan / without, length of term and interest rate I should be able to calculate what your mortgage will have reduced to in 3 years

You are probably going to regret the offer but here goes!!

Current Mortgage (origionally £54k 25years taken out Dec 2002)
~£48,680 outstanding as May 07 and 21 yrs 7 months(?) left to go on rate = 6.74% SVR :eek:

I want to take out a fixed rate for 4 or 5 years (have been looking at Nationwide 5yr at 5.63% as I'm with them at the mo to base my calculations on. If I can beat this without paying all sorts of fees all the better so I'll check if I can do better whenever I know the amount (see below)!

You may want to skip the next bit its v boring everyone :rolleyes:

Simple so far but........

The bathroom and general plumbing in my flat need a complete revamp urgently (have lived with it for 4.5 years and its only just about functional and it won't last much longer)!
- old lead :eek: cold water tank removed, replastering in the bathroom and part of the hall, get rid of all lead pipes in my flat and sorting out mains water in my kitchen, new window, bath suite, shower, lights, tiles... it goes on and on. looks to be around £5k :eek:

Also looks like I'm going to have to find money for some roof repairs for the common flat roof soon too. (I live in a tenement flat) May be a couple of hundred £ for my share of it if we patch it but its pretty ropey and will still need replacing in a year or so, so the other option is to redo it... Many, many, ££££££££££. The neighbours either can't agree/don't care/are burying their head in the sands hoping it'll go away which doesn't help! It will prob have to go via a statutory notice (or whatever its called) from the council so I still don't know how much it'll cost or when it'll happen! Not good for planning! Am working on the assumption it'll be roughly the same as a friend having her communal roof fixed at mo which is £4k. :eek:

So the plan is to increase mortgage to cover bathroom costs at the time I fix the rate on the origional amount - Mortgage back to approx £54k again (still 21yrs odd term) and prob have to take out a loan to cover the roof repairs.

Can afford to overpay loan/mortgage/whatever by about £150/month for the next 35 months. Complicated huh???

If you are still awake well done!! Sorry its a rambling long post!

All suggestions/calculations welcome!!

Off to bed now - this has tired me out!!

Taka

CFC

CFC wrote: »

Well I've rang up today and arranged to overpay £50 a month. Not much, but I hope to increase it to £100 or even maybe £150 once there's a lot less on the credit card. Better than nothing anyway, isn't it!

Also found out that my mortgage interest rate is calculated daily and the overpayment gets applied to the capital immediately. Which calculator takes that into account, or do they all assume the same re interest calculations?

'Scuse my iggerance!

WAAAAAAAAAAAAAAAAAAAAAAAAAAAAAH!

Can't any of you bright brainy peeps help me?
Are youse all as iggerant as I am? Well that'll make me feel better about my state of understanding at least

Mushy61

Thanks for putting me in at number 38 Dithering Dad but can you put me in as a 'he' rather than a 'she'.

Thanks

Dithering_Dad

Mushy61 wrote: »

Thanks for putting me in at number 38 Dithering Dad but can you put me in as a 'he' rather than a 'she'.

My pleasure.

Could everyone send a mortgage repayment update to Tall Girl as soon as they can so that we can see how much has been repaid so far (see the second post on page one of this thread). All you need to do is quote your mortgage amount at the start of your challenge and May's mortgage amount after you have made your regular and overpayments this month. This will allow everyone to see just how much debt we've paid off and therefore how much profit we've denied the banks!! Remember, this is a challenge against your bank, not against each other, so don't worry how your repayment amounts compare with everyone else's.

We have 45 members and only 5 have provided updates!! We will only update this on a bi-monthly basis, so it shouldn't be too much hassle for TG to update or for us to phone our mortgage providers to get the latest figures (I'm almost on first name terms with the Standard Life call centre people, I've phoned so often!)

togashi42

Dithering_Dad wrote: »

oops sorry! I'm so used to this thread becoming the Quest of the Valkyries that I just assume everyone is female!!

I've update it now!

tnx!:beer:

What I am planning to do is to add the money I save to my offset account to save interest and then pay the savings as capital when/if I remortgage, as from past experience, remortgaging every 2 years has proved very successful.

Is this a sound strategy? Anyone with any ideas?

LizH

Sorry, I didn't put in my debts and I don't know how to do all the pretty colours so here goes in black and white.
Mortgage 1 E72,000 at last count
Mortgage 2 £67,997.00
Loan £17,000
Credit cards (currently tarted on 0%) £2,100
Overdraft £2,500

I've been sitting reading everyone elses posts and suddenly mine doesn't look quite so bleak. We have had some positive responses about the house so I'm game for the monastery idea, ha ha!! Who am I kidding, I'm finding it hard to share with a lodger.
Suddenly life doesn't seem quite so hard and I'm not sure if that's because the light at the end of the tunnel has been switched on in the form of a house sale or knowing that we are not the only ones trying to get debt free.
Liz

LizH

Just opened the mail and have a cheque from Greasy Palm for £114. This is because I changed my mobile contract, bought my car insurance and changed gas suppliers through their site. Ok it's only a drop in the ocean but every little helps. Try to get someone to recommend you as they get a cash bonus if you use it.
Liz

comping_cat

CFC wrote: »

WAAAAAAAAAAAAAAAAAAAAAAAAAAAAAH!

Can't any of you bright brainy peeps help me?
Are youse all as iggerant as I am? Well that'll make me feel better about my state of understanding at least

If you look at the mortgage calculator sticky you will prob find one that suits your needs. I assumed that they do assume thatyou are on daily interest, but im not 100% sure.

comping_cat

Dithering_Dad wrote: »

My pleasure.

Could everyone send a mortgage repayment update to Tall Girl as soon as they can so that we can see how much has been repaid so far (see the second post on page one of this thread). All you need to do is quote your mortgage amount at the start of your challenge and May's mortgage amount after you have made your regular and overpayments this month. This will allow everyone to see just how much debt we've paid off and therefore how much profit we've denied the banks!! Remember, this is a challenge against your bank, not against each other, so don't worry how your repayment amounts compare with everyone else's.

We have 45 members and only 5 have provided updates!! We will only update this on a bi-monthly basis, so it shouldn't be too much hassle for TG to update or for us to phone our mortgage providers to get the latest figures (I'm almost on first name terms with the Standard Life call centre people, I've phoned so often!)

Not sure how best to keep everyone updated - i only get a mortgage statement every 4 months, and they dont have internet mortgage banking, so unless i ring (which i dont like doing) i dont have easy access to my mortgage amount. What i think i will do, is keep everyone informed as to how much i owe at the last statement, how much im overpaying each month, and then when i next get my mortgage statement i can update you better then!!!
Hope that will be ok DD - will PM TG now with those figures!!!