Mortgage Free in Three Yrs

Kaz2904

I'm so sorry for not having updated my figures. It completely missed my diary radar! I've had a few things missing the radar recently and it's starting to really frustrate me as I don't like fulfilling my obligations (or keeping promises :sad:).
I'll add my update as a post and once again, sorry for not posting guys.
Start debt £92727.75 Current debt £58110.39 Total repaid, £34617.36 or 80.5% of £43000 target.

ailuro2

Mortgage basher, I'd tell the bank not to reduce the monthly payment, but to use that towards the remaining balance, otherwise you'll still end up with the same mortgage term.;)

TallGirl

Thanks for the update I will amend the chart and post it next time with the correct figures. All I need is the current outstanding balance even if you have it virtually offset just give me what balance you think is outstanding. Amounts paid off to date just gets too complicated for me.

On my way to Exeter sitting at McDonalds in Dorchester as I am a bit early. Better hit the road I have a 260 miles round trip to make today but it does save me saying over.

AnW'sMum

Some great figures in there and fantastic to see more people mortgage free/target achieved

I hope to get the analysis completed and posted tonight.

Redbedhead

Am really sorry I missed the last update. We have paid off £16102.80 since we got our new mortgage nearly exactly 2 years ago.

MortgageBasher

As I mentioned in my previous post, I have around 3 years remaining. I am however, tied in to a fixed rate of something crazy around the 7% mark. I tried other banks, but they could not offer me a decent deal, that meant I was paying less, even with interest rates so low... what am I (Or they) doing wrong!? Surely with such a difference in rates, my payments, if I was to go elsewhere, should be a lot less.. any advice?

Trying_to_be_good

MortgageBasher wrote: »

As I mentioned in my previous post, I have around 3 years remaining. I am however, tied in to a fixed rate of something crazy around the 7% mark. I tried other banks, but they could not offer me a decent deal, that meant I was paying less, even with interest rates so low... what am I (Or they) doing wrong!? Surely with such a difference in rates, my payments, if I was to go elsewhere, should be a lot less.. any advice?

You're in the home straight with only three years left to pay, and that means most of your payment each month is repaying the capital of our mortgage, with the interest element being minimal.

So if you owed £3,000, the repayment (for 36 months) at 7% would be £92.63. At BoE base rate of 0.5%, the monthly payment would be £83.98. Even at 0% (i.e. just repaying the capital) it would be £83.33.

Count yourself lucky!!

ailuro2

I agree with tryingtobegood, your outstanding balance means it's not worth moving though it seems like a high interest rate, really it's not so bad an amount when compared to the first time buyers starting out now.;)

firesidemaid

hi all.

sorry, i too missed the deadline for updates as i was on holiday and decided not to take the laptop and live without it for a week - i managed, except for this oversight.

so the current figure is 81,413 (start 105,675) which is just 1k away approx from my 25k target.

things have been a bit slow/flat on the o/p front, we had a holiday for the first time in years and so spent our usual o/p amount on that. it was well worth it for a nice relaxing break away (uk still) and there has to be a bit of life balance sometimes.

off to check the chart to see how you all have been doing.

TallGirl

Thanks for the updates and sorry about the mistake I made with TheBees. Just updated the chart ready to load it into Photobucket however as soon as I clicked onto my account a message came up Virus Threat do you want to run Total Securites. Well I had such such hasle with that Virus last time so I closed the account and now checking my PC. It is like a Trojan and loads even if you click to close the message so might not be able to upload the new chart until I am certain I won't get that trojan again.

Of other news we were charged 1p interest this month on our mortgage which mean we are pretty much offset and need to start looking at savings accounts. I have opened up a savings account with Citybank as per Martin's recomendation in the weekly email.