Meandering to mortgage free

edinburgher

Well done for sticking to your guns Timmy, it is too important a topic to permit mistakes!

TimmySaver

Thanks Edinburgher. I'll pass that on to Mrs Saver, as she did 95% of the work!

TimmySaver

I'm so excited!

We received our letter from our mortgage provider with an exact figure to meet our 10% overpayment this mortgage year. It made it clear that if we paid this amount there would be no early repayment charge.

Also instead of £50, they compensated us with £75.

So, I've made our last overpayment for this mortgage year of £1785.98, bringing our mortgage down to £55739.38. Guess it's time to start saving for next year's overpayments and for Baby Savers first holiday in September!

TimmySaver

Feels a bit strange to not make an overpayment - however we are saving in the hope we can do a full overpayment at the beginning of the next mortgage year.

The mortgage is now £55,480.27.

April was the last 30 day month and the interest was £167.98.
June charged interest of £158.65. Definitely moving in the right direction.

Hope your MFW quests are going well.

sweetdaisy

Isn't it great seeing the monthly interest reduce .

TimmySaver

Yes! It's absolutely awesome. :j
Hope you're well, Sweetdaisy.

sweetdaisy

TimmySaver wrote: »

Yes! It's absolutely awesome. :j
Hope you're well, Sweetdaisy.

I'm well thanks. You'll be catching me up in no time, as your mortgage balance is not far behind mine. I am also considering 'saving' my mortgage OP's as I would like to be mortgage neutral as quickly as possible so that I am not paying any interest and have the freedom to be MF when I choose.

TimmySaver

Glad that you're well.

That sounds like a good plan - to be MF when you choose.

We're tentatively looking at mortgage options for moving house. We have an appointment with our mortgage provider soon to talk about options with them. However, I'm not sure how likely it is we'd be able to get a mortgage to move due to my ill health - but I'll think positive (or at least try!) until we understand our position with them better.

So, our OP savings may become 'moving house' savings in the next year!

Luckyinlife

Youv done so well timmy well done

that under 50k mark aint to far away

cant wait till i hit under the 60k mark to join you :]

TimmySaver

Thanks Luckyinlife, with your progress I don't imagine it will be long until you pass me!


In other news:
We went to our mortgage provider to see how much of a mortgage we could get if we moved. We were both very surprised by how much we could get considering our situation.
We also had a local estate agent round for a valuation, and while we think he overvalued the house, taking £5k off still makes the house potentially worth a lot more than we thought!

Now we just need houses to come on the market in the places we want to live, which we expect to be around September/October time. Until then, business as usual and a keen ear on the mutterings of interest rate rises.