A MF day begins at midnight

midnight_child

Forgot to add..... stumbled across a whole £1 of roadkill :j

CathT

Great update figures, my mortgage balance is similar to yours and from memory decent OP's really knock those months off!

Have you made a decision about the mortgage yet?

Dobbibill

midnight_child wrote: »

Evening friends.

Its the first day of the month so have update the signature again. Managed another £500 OP so my numbers are moving really quickly at the moment. Its becoming really quite pleasing to update my spreadsheet with the OP, and see 2 squares (months) that now magically show a zero balance.

Biggest achievement this month is that I have now saved over £10,000 in interest across the life of the mortgage (assuming rates stay same for another 23 years, 3 months:rotfl:).

Hopefully will be able to give another good progress report once I finally get the new mortgage deal arranged.

MC

Wow!!!!!! That is fantastic progress. :T :T

Fingers crossed that the new mortgage deal works just as well for you. I have no doubt it is not going to take you 23yrs etc to be mortgage free as you are really throwing huge OP's at it.

Keep up the good work

DB

midnight_child

Yeah, I have no intention to hold for another 23 years. I reckon it will be another 8-10 years, but my philosophy is to base it on not making further OPs (worst case scenario). Each time I pay above the minimum repayment the debt free date gets a little nearer.

Cath - Funny you should mention, as I have now had my meeting. It seems I can just apply online for a new mortgage, and specify whatever term I want. Will probably knock a few years off term and up the monthly payment by a small amount as job is secure for a few years (I have a fixed term contract). Given the much better rate there would be no incentive to OP large chunks, so I am thinking to save in regular saver accounts instead.

MC

smifffy1989

Certainly making short work of it! When are you expecting to be sub £90k?

midnight_child

Just spent nearly an hour submitting an online mortgage application and was presented with
"as a result of your answers you will need to make an appointment to speak to one of our mortgage advisors"
:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

I have the direct line through to the personal banking specialist I already spoke to in branch and think they will shortly be getting a piece of my mind.

MC

midnight_child

The 90K mark will hopefully be crossed around May, depending how much spare cash I can slap down at the time of remortgage.

Quite frustrating really as it takes just 5 mins to just renew onto a better rate, but absolutely ages to remortgage and reduce the term at same time. However, with the OPs I have made plus the better rate I will now get, I can take one out over 15 or 16 years and pay about the same as now (keeping extra OPs back as savings). Its well worth me continuing with this pain as will be a big financial reward at the end.

MC

Dobbibill

midnight_child wrote: »

The 90K mark will hopefully be crossed around May, depending how much spare cash I can slap down at the time of remortgage.

Quite frustrating really as it takes just 5 mins to just renew onto a better rate, but absolutely ages to remortgage and reduce the term at same time. However, with the OPs I have made plus the better rate I will now get, I can take one out over 15 or 16 years and pay about the same as now (keeping extra OPs back as savings). Its well worth me continuing with this pain as will be a big financial reward at the end.

MC

wow...that's cutting about 7 yrs off it........amazing - well done :T

midnight_child

Good evening.

Pretty quiet in terms of spending recently. I absorbed the cost of my plasterer from the other month by puting all my usual spends on CC, which has now been cleared. Managed to only dip £200 into the emergency fund so will build that back up over the next few months.

Also got some work expenses paid this week and have used it towards paying rest of council tax till april, so that should leave a bit more spare cash for a few months.

MC

midnight_child

Been busy the last few weeks so not been round here, did I miss much?

I just seem to be plodding along at the moment so not really anything interesting happening.

The mortgage renewel is still dragging on and as frustrating as ever. My branch have now offered me a mortgage application over the phone or an appointment with a mortgage manager at a branch on the other side of town. Will give the number a ring and see how that goes.

MC