Our MFW journey part 1

Mrs_Rachel_Trelfa

Fantastic, an overpayment that you don't notice is great.

Lotti1982

Minor setback as can't apply online in ten minutes so will need to go into branch for 2 hours with a toddler in tow which I won't be able to do until half term, at the end of May, don't know whether to just wait until august and look at mortgages else where. This would give us more time to change out LTV and maybe get a better deal. In better news I've op'd my Tilly tidies £9.61 every little helps.

Lotti1982

Managed to complete remortgaging process online today in less than 5 minutes, so fingers crossed once paperwork is signed we'll be switching to a 3.99 rate for four years. This will cost us £112 per month less than we pay at the moment so our regular monthly overpayment will become 334 :j :j

This should mean at the end of the fix in 4 years time we will only owe £61000, maybe less with Tilly tidies too!

Lotti1982

Had another play with the calculators, having fixed for four years, looking at the interest rates changing I can be mortgage free in anywhere between 12 and 15 years time if the rate stays below 9.5%, at the moment with an ltv of 60% which we should have in four years time we could get a rate around 2.9% so hopefully we'll be able to get a half decent rate even if they do go up.

Tilly_MFW_in_6_YRS

Morning Lotti, what a difference to have made to your MF date in such a small time.

It's great to read of massive steps such as cutting a year off the mortgage for example.

Glad the Tilly Tidies are helping

Best wishes Tilly x x

Lotti1982

Paperwork all signed and sent off so hopefully will change to new rate on 1st June instead of 1st of July which will save us about £90 for the month which will become an extra op if they get the forms in time

Lotti1982

Well our op's are going to be reduced over the next 17 months or so as I just found out I'm pregnant so good timing for the remortgage x

teabody

Congrats!Perfect timing for the remortgage then!

Lotti1982

Thanks teabody hopefully we'll still be able to make some ops just a little smaller than we're used to

tootallulah

Many congratulations, brilliant timing on the rate reduction too. You are doing brilliantly and have made a difference in such a short time.