The "Mortgage-free in 2025-30" club!

pinkteapot

Baby_Angel wrote: »

I am not even "Debt Neutral" yet.
To be Mortgage Neutral I need a whopping £217K to date.:eek:

Sooner or later, with or without a spreadsheet, I WILL get there.:D

You WILL!

I joined the forums in 2004 (I'm on my second username). I had no savings, £5k of personal debt, and a 100% mortgage at 4.2 times my salary. I was lucky because I found the DFW board before my debt got any bigger and it totally changed my attitude to money and spending. Becoming debt-free is like losing weight - really wanting to do it is half the battle, so you're well on the road.

turtlemoose

What's everyone's rates/product?

I've got a 3.19% fix up in November and a 4.89% fix up in December.

I would never have considered a tracker mortgage before I started reading this board (and the other mortgage board), I would have said "too risky" - but of course now I understand that a fix is not necessarily without risk too. With this in mind, my smaller mortgage will (hopefully) be swapped over to a tracker in August (3 months before deal ends). The other one I can swap in September, but will have nowhere near enough LTV with that lender for a tracker, so will have to hope they will revalue the property high enough to have us drop sub 85% LTV, and fix again.

pinkteapot

Lifetime tracker at Bank of England base rate +1.49%, so currently paying 1.99%.

We're current OPing by £1,500 a month, which could all be used for extra repayments if interest rates go up. We can therefore afford for the base rate to be about 10% without making any changes to our spending, which is why we're comfortable with the tracker risk.

When we moved last year, long-term fixed rates were pretty low. Rather than taking the opportunity to fix, we figured this meant that the economists at the banks didn't expect the base rate to go up soon, or fast when it does. We know rates will go up in the next few years, but cheered this week at the 0% inflation news.

amycool

We're on a 2 year fix at 2.64%

Baby_Angel

Thanks to all wishing me well. It really helps to "talk" to like minded people like you guys.
We are on a 2 year fixed @ 4.1% until September this year. Our LTV should have gone up. We paid 10% deposit about 18 months ago. We are close to 25% in equity if Nationwide's property value is anything to go by. So hoping to renegotiate a good deal at the end of it.

turtlemoose

Baby Angel - Nationwide let you switch up to 3 months before your deal expires - have a look at the calculators on their site for existing customers. My 3.19% is with them and I'm really hoping to ditch it ASAP.

Another good thing with them is they automatically revalue the property. HERE is a link to their calculator so you can see what they currently value your house at.

For me, this is great, as my LTV plummets, due to them thinking my 65k house is now worth 74k in only 2 years! :T:T

shangaijimmy

We're on 1.99% fix with First Direct for 2 year. Our LTV is 61% so we're in good shape. Just recently remortgaged and opted for a fix as we're trying for baby number 3 so it gives me some piece of mind/security to plan around potential maternity leave etc...

Just completed March's figures and we managed to overpay by £625.02 so that keeps us on track for March 2025!!

hallamblue

Add me please. Now have 3 mortgages, but all effectively 1. Mortgage ends August 2033. On a ten year fix that ends in 2025, so hoping to pay a big lump at the end of that and pay mortgage off by September 2030, my 60th birthday!!

pinkteapot

hallamblue wrote: »

Add me please. Now have 3 mortgages, but all effectively 1. Mortgage ends August 2033. On a ten year fix that ends in 2025, so hoping to pay a big lump at the end of that and pay mortgage off by September 2030, my 60th birthday!!

Welcome! I've added you to the list.

shangaijimmy

Great start to the month with £15.27 thrown at the mortgage, kindly donated by Nationwide and TSB 5% current accounts. I also have £15 of Halifax rewards waiting for the Tesco Direct Debits to sweep them up next Wednesday for another overpayment.

Take that banks...