MFW newbie would like some advice please!

edinburgher

I'm a fan of trying to be realistic. That's why I use a combination of lowering the term + OPs. I'm not brave or ambitious enough to go nuts for either. Yes, we could all say 'I'm paying it off in 5 years', but most of us won't :eek:

moneysavinggirl40

edinburgher wrote: »

Yup, just play with one of the mortgage calculators and see how much a month you will feel comfortable with. It doesn't hurt to be ambitious and some lenders will let you change the term in future if it's too much (although you may pay a fee for this).

nat west charge £35 to change term of mortgage.:)

DennyChomp

edinburgher wrote: »

I'm a fan of trying to be realistic. That's why I use a combination of lowering the term + OPs. I'm not brave or ambitious enough to go nuts for either. Yes, we could all say 'I'm paying it off in 5 years', but most of us won't :eek:

I'll make enquiring about a new mortgage deal my first port of call then I'm quite sure that I want to make regular OPs too so I'll do some homework and maybe post some of my findings on here?

Thanks :cheesy:

DennyChomp

Wow, can't believe how quickly time has flown by

Just to update you on my situation; I haven't got a new mortgage deal yet, but I have paid off one of my student loans. As of today, my bank account is £2050 lighter but at least that is one less debt.

I've still got £3.5k to pay on my other two loans but those should be dealt with within the next 3-4 months. The £130 I fork out for the loans will then go straight towards the mortgage overpayments, once I start!

I really can't wait! I've been blown off course a little as I like to go on holiday a little too much (oops). I'm less than 2 months shy of my 35th birthday but being mortgage free by 42 or 43 is still within reach...

Secret_Saving_Squirrel

Good luck to you. And don't feel bad, holidays are part of essential expenditure. It us buying junk that is a waste!

All the best,
Squirrel x

DennyChomp

Thanks Squirrel!

Seeing your signature is the motivation I need; 9 years early sounds amazing! I can't remember exactly how many years early my mortgage would be paid off if everything does to plan, but I think it's double figures! :eek:

Just going to have a quick look at the MSE overpayment calculator...

DennyChomp

Hello, only me again...

So I've finally got my act together and made my first overpayment about 5 minutes ago! It was only £100 but hopefully that is the start that I needed!

My circumstances have changed in the last couple of months and my disposable income is a bit less but hey... I still plan on getting a new mortgage deal, so I'm aiming to get my LTV to about 75% a.s.a.p.!

franchise

Hi Denny, I think you should really work on getting that better mortgage rate rather than wait for a better LTV. I bet you could knock 1% off that 4% rate.

When you remortgage I don't recommend lowering the term, your overpayments will do that for you anyway and a longer mortgage gives you some protection for when rates rise, or if your circumstances change.

DennyChomp

Hi Franchise, thanks for that I will look into it!

DC