I really really want to be........mortgage free!

ourcornercottage

SJ you need to get addicted to the mortgage calculators it helps to motivate. On the plus side I actually managed to have a NSD today :-)

shangaijimmy

I know I have spreadsheets everywhere with multiple permutations! My favourite starting phrase at the moment is "if we can just...", and Mrs SJ just rolls her eyes...

ourcornercottage

I know that one! I start with, if we hadn't moved we would be mortgage free but ........

Time for another spreadsheet me thinks!

ourcornercottage

A totally boring nothing to report this week at all. Decided I'm gonna try to go for solar panels so any extras will go towards that over 400 pm OP.

ourcornercottage

Anyone care to comment on the idea of a 10 year fix with Barclays at 2.99% that is higher than my current rate (split about 2.3 32k and 2.65 the rest) but the rates are always threatening to go up. I am currently on a tracker.

Would they combine with a 10 / 12 year term I wonder. Would increase my monthly payment but vastly reduce the term. It's maybe worth noting that you can overpay by 5% too. Big fees to get out obviously.

Is this idea mad or brilliant I'm not sure?

shangaijimmy

10 years seems a very long period, and generally huge penalties for escape! Still I'd think most would be pleased to accept 2.99% over a sustained period.

Mentally I'd need to break it down into smaller chunks to keep me focused on MFW and I'm going for a series of small fixes starting with 2 years. That'll force me to take stock and plan phase 3.

Always have to make tough decisions, but ones that suit family life.

ourcornercottage

shangaijimmy wrote: »

10 years seems a very long period, and generally huge penalties for escape! Still I'd think most would be pleased to accept 2.99% over a sustained period.

Mentally I'd need to break it down into smaller chunks to keep me focused on MFW and I'm going for a series of small fixes starting with 2 years. That'll force me to take stock and plan phase 3.

Always have to make tough decisions, but ones that suit family life.

thanks SJ for your feedback, I do have an issue with fixing myself to something for such a long period but could be paying alot more than 2.99 in 3 or 4 years if interest rates go up. Something to think about though....

Cream_Tea

I'm with SJ and yourself. 10years seems a long time to commit to having a mortgage however if that is realistically how long you will be with a mortgage if not longer than could be well worth it. What is your current aim date for mortgage freedom?
CT

ourcornercottage

I currently have mortgage in 2 parts

1, about 32k with 14 years on original term not including OP's
2, about 106k with 19 years on original term not including OP's

I OP'd by 300 pm for on mortgage 1 for about 5 years and done bits and bobs of OP on both for the last year.

Actually im going off the idea of a 10 year fix as I type this....!

ourcornercottage

ps I would like to be mortgage free in 10 years if that is possible preferably before if I have some unexpected windfall!