Our MFW journey part 1

Lotti1982

With only 4 more payments until the end of our fix we've decided to stick for now. Had a great letter from halifax today stating we're now down to £84984.20 with 28 years and 8 months left, that means since we started overpaying we've knocked 1 year 8 months off our mortgage, can't wait to make our next overpayment now!

Mrs_Rachel_Trelfa

Congratulations, over a year and a half already, that's great. Letters like that keep you motivated.

kindofagilr

Congrats on the overpayment! we are similar (although working on debt repayment at the min) we have 96k left, 25 years left, we have a mortgage of 6.29% got it in April 09, rate ends in June this year and I am DYING for it to arrive cos my rate drops to 2.5% lol xx

Lotti1982

Have made our increased overpayment of £222 so far this month but have opened a new current account to collect Tilly tidies in, think I'm going to make an op once a month with these to see how much of a difference we can make. I've also started adding more to the change pot so I'll count this up every now and then and use this to op too.

Lotti1982

Three more ops till the rate drops, can't decide whether to stay as we are or try remortgaging to get a new fixed rate while rates are low? Any advice any one?

Lotti1982

Used money from the copper jar to make a payment of £21.60 today, not a lot but better than nothing, keeping going with Tilly tidies to, will make another payment at the end of the month.

Mrs_Rachel_Trelfa

Lotti1982 wrote: »

Three more ops till the rate drops, can't decide whether to stay as we are or try remortgaging to get a new fixed rate while rates are low? Any advice any one?

What about contacting your current provider to see what they offer. Congratulations on the overpayment, every little helps.

Lotti1982

Mrs_Rachel_Trelfa wrote: »

What about contacting your current provider to see what they offer. Congratulations on the overpayment, every little helps.

Would I have to remortgage through them or might they be able to give me a fixed rate without remortgaging? Forgive my ignorance I'm quite new at this but trying to learn.

Lotti1982

Just answered my question myself, halif*x will let me remortgage up to 3 months before the end of current fix with no fees and no penalty for ending early, can get a 5 yr fix at 4.39 which is almost as good as I can get else where but would save some money on next three months and would have no fees to pay which has to be a bonus. Just need to wait until the end of this month to switch as fixed until end of July at moment. :j

Lotti1982

Spoke to bank today and will be submitting our application on 1st May the new rate will save us £88 per month so that will be an extra overpayment each month.