Forever Home Fund

katep23

Repaid £11k stooze money, increase in daily interest makes me but will be worth it if we can re-mortgage.

katep23

December 2014
Mortgage £346,545.00
Mortgage free date 2044
LTV 86.64%

2nd August 2017
Mortgage £320,817.30

Total paid off capital in last month: £670.04
Total paid off capital: £25,777.70

MOS: £0

LTV: 80.20%

Amount to Mortgage Neutral - £324,790.47 (WIOTW) (-£3,146.33)

katep23

Good month for reducing debt, need a few more like those.

Most of stooze money has been repaid now so daily interest is eye watering. Want to wait for credit agencies to update before applying for remortgage so have to grin (grimace) and bear it for a few months. Will be worth it in the long term.

Plan is to have a few very lean months to reduce outgoings in advance of remortgage. OH now has corporate credit card so that reduces spends on the credit card.

Next month's CC bill is a whopper due to some big bills so unlikely to pay much off debt in September.

CathT

Making steady progress Kate. Good luck with the remortgage too.

katep23

CathT wrote: »

Making steady progress Kate. Good luck with the remortgage too.

Thanks CathT. First part of remortgage application done and got agreement in principle. Need to send off documents today then when they have reviewed them we will book a mortgage phone call appointment to go over expenditure in detail.

Even OH is excited about remortgaging! The plan is to start the new mortgage in February as our ERC drops by 1% then. The offer will be valid for 6 months so this works well.

We will keep the term the same (will be 27 years) but continue to pay our current monthly payment (or maybe round it up a bit) which would mean an automatic overpayment of £400 each month but would give us flexibility to drop our payments temporarily if one of us lost our jobs (more applicable if OH did as he earns 2 x my salary).

Booked a day off today, OH has just left as he works away Monday to Thursday so having a cuppa and planning my day.

Will be changing gyms at start of November which will save £27 a month - I went with a more expensive gym with a pool but it's so busy I never swim so have cancelled and just waiting for contract to finish. New gym is next door to office and does half hour lunchtime classes so much more convenient as well as cheaper.

wildesavings

Wow Kate! I remember reading your diary back in the day when you didn't even have a mortgage yet. Now look at you, smashing it!

Well done and thanks, I'm inspired xxx

smallholdingsister

Well done Kate. We have just bought a Smallholding and our mortgage is now bigger than your WIOTW. We are also paying it until DH is 311!!

katep23

wildesavings wrote: »

Wow Kate! I remember reading your diary back in the day when you didn't even have a mortgage yet. Now look at you, smashing it!

Well done and thanks, I'm inspired xxx

Thank you, seemed like it took forever to start making an impact but stoozing has made a huge difference.

smallholdingsister wrote: »

Well done Kate. We have just bought a Smallholding and our mortgage is now bigger than your WIOTW. We are also paying it until DH is 311!!

We've got a micro-holding rather than a smallholding

katep23

Grrr, mortgage advisor has told us they cannot progress our application currently because OH is still in his probation period with his new job.

This is despite two separate conversations, one before we started the application and one with the woman when we applied who both advised us we would be considered because we don't want the mortgage to start until February and OH's probation will end in December.

The second woman even asked questions around whether he was changing profession (no), why ask if it is not relevant?

So we now have to wait 4 months until his probation ends before we can progress our application (which is valid for 6 months so still within our timescales) and just hope that the deal we want is still available then.

We considered going for a mortgage with another bank but the terms are not as good so we'd rather wait to continue the application with this provider.

So 4 months to reduce our debt and outgoings to try and make sure we pass the affordability checks etc, would be a real kicker if we waited the four months then got turned down :rotfl:

Current debt is around £3K so should be cleared within 2 months (well debt neutral as we have more stoozed money still offset at present) and hopefully we can save up ERC so we don't need to put it on the mortgage.

smallholdingsister

That is frustrating. It would be nice if these folk were accountable for what they say on the 'phone but it seems there is none.