New House, New Mortgage!

MuffinTops

Wooh Jodles, that's fantastic news and am feeling your excitement all the way over here!

You're doing incredibly well with getting so much done and paying that mortgage down! Taking no prisoners! You're being very inspirational!

MTxx

jodles16

Thanks MFD! It will make a huge difference, pay about £740ish a month now, anything less is awesome! Your right as well, you may start high but it DOES get lower!!

MT hello! Thanks for the inspiration comment, blushing and not sure deserved but thanks!haha. It does feel good to get going with things that have been waiting, have run out of funds now but will soon hopefully get back on track with a careful few months!

What a gorgeous day today has been! Ran out of soil, will definately need another 1-2tonnes...goodness me! No money to order it until pay day though! Haha. Went on a 4.5mile walk today, was tiring but good, new cheaper trainers felt a lot more comfortable than the others as well! No blisters!! But very tired muscles, too much time sitting on my bum eating naughty foods! Must get into this again...

Jodles

PaulC5

Congratulations, that's great news to get on a lower interest rate and to shave nearly £200 a month off your payments.

The big question now is whether or not you will continue with your larger monthly payment you've got used to, in effect over pay by even more or if you'll now use the £200 difference as money to spend?

Ive always continued with the top line overpayment as you get used to it going out and makes the new over-payments even larger, lowering your interest to pay and term, bringing that mortgage free day closer, even faster!

EatingTheElephant

Yaaaaay well done on switching your mortgage, that's a hefty difference each month :j :j

MuffinTops

So the saying "dirt cheap" seems way off now!!!

Yay for tired muscles. I love that feeling as you know you've really accomplished something!

MTxx

Lunar_Eclipse

Just found your diary - great read and well done on your progress so far. I'm going to subscribe.

I share your interest in needing to lose weight, loving holidays/travel and the dilemma between DIY and outsourcing home improvements. I'm waiting for a few tradespeople to call back re: jobs but am becoming increasingly frustrated that they don't seem to want the work/call back. It's just rude!

I'm also looking into a BTl property. Can I asked whereabouts in the country there were flats for c£20k (or maybe it was 30k.) I'm originally from the Lake District but currently down south and everything is so expensive. With all the mortgage changes I think a BTL mortgage is out the question, which means I need something 'reasonably' priced.

Good luck with all your projects!

jodles16

Hey PaulC5! The plan is to definately keep the OP as they are, like you said we are used to it and will make a bigger difference now, so makes sense and it is good to know should we ever struggle the minimum payment is so much less now!

Thanks ETE! I am still a bit too over excited, think hubby is bored of hearing how awesome I think it is!!haha.

Haha MT so true!! Dirt cheap doesnt work for me at all anymore...maybe weed cheap?! Get loads of them for free!haha. It does feel good to know you worked hard, off on a galavant tomorrow with my friend, not sure how far but hoping to feel the burn!!

Hi Lunar Eclipse- awesome name by the way! Thanks for reading all my waffle, much appreciated! There are a lot of rude tradesmen and it winds me up so much! If they don't want the work don't say you will come and quote it! There are pockets of Wales where you can get some bargains though the areas are not the most desirable they have a lot of rentals, more mid and north wales, lake district is beautiful though! I will have a look for you!

Got the agreement by email at 7am yesterday, signed and posted today, five working days after they receive it and we should be paying a lot less! Amazing, think it is about £10ish pound difference a day in interest! Will work it all out once it's all gone through! Exciting!! Did 1.5mile walk today was pleasant and not tiring so hopefully that means I haven't totally lost my fitness with my lazy days recently!!

We are also talking about adopting some ex battery chickens in the future, probably next year with money stuffs going on this year!

Have a wonderful weekend everyone!

Jodles :beer:

jodles16

The £300 sent on the 10th March went in today...bit fluffed off but as hubby said over all n@west have been really good so makes sense to switch mortgage with them early with no fees! The £300 was bounced back so we sent it last Sunday from the normal mortgage account, so glad the mortgage finally looks how I have it down!! The switch balance is still £173, 847.46 as they don't look at payments within X amount of days of the switch, still under the 10% LTV though, which is the most important thing!

The write up from the bank says we will pay £307,780.71 in interest based on 4% standard rate after this fix ends, the MF calculator on the forum works out interest would be £266,444 based on rates being the same. We will be paying £1.77 for every £1 borrowed, saving us 12p a pound from the last mortgage!

Looking at the calc on here the first year we go from £173848 to £170495, paying off £3353 over the year in capital. Mortgage payment is £693.20 a month, I am bad at maths so if I am wrong please let me know! So, £693.20 times 12 is £8318.40 over the year, minus £3353 capital, which is £4965.40 divided by 12 is £413.78 interest a month??? Hopefully that is correct!!

Based on the above calculation actually being correct...we pay £279.42 capital off a month with the basic payment. We have been sending a payment of £1243.75 with the old mortgage, continuing this the OP will change from £343.56 to £550.55 a month, adding together means capital reducing by £829.97 a month...this seems too much so I am sure I am wrong somewhere!!

This months mortgage payment will be a strange one as it will be a mix of %s, Junes will be the first proper one and not sure what date the mortgage will go out, hopefully it stays the same!

Jodles

EatingTheElephant

You're calculations make sense from what I can see, that will be great to knock that much off the capital each month!

Glad that pesky £300 ended up where it should in the end.

jodles16

Thanks ETE! Glad it seems right! Will be glad to not see that £300 again!haha.

Did 5.97miles walk with my friend yest, walked to a cafe and back but did it in split walks so didnt realise how close I was to 6miles until I got home...almost!haha. Not done much today, feeling very grumpy and tired...wont moan on here but struggling to not focus on lots of niggle things...including the fact I seem to have restless legs, annoying! Ah well, 10days till payday!

Jodles