My Single-interest only-mortgage journey

Monkeychops16

Morning, I have paid off 162.95. I have realised it takes 2 days to update so won't see until tomorrow/thursday argh. I am interested to see what happens with my balance potentially it will be £102,900 yippeee. I am eagerly waiting for october to come so I can see what happens!

I have had a spendy few days, I needed new work shoes and a coat for my 6 year old. I got 20% off the coat but it was still dear. One of her ailments is reynauds phenomena so she needs to be warm so that justifes that. I needed tap shoes for the 5 year old.. It never ends ha.

I did my food shop online yesterday. It was probably dearer than if I want to Aldi but at least I bought excatly what I needed for the meal plans I had made with no detours. I hope I can keep that u as it was useful.

Monkeychops16

Someone gave me some advice on here about switching my interest rate. I didn't think it could be done. But it has been playing on my mind so I decided to call them yesterday to enquire. They said I would have to go through a full application/discussion that would take up to an hour and half... He touched on the fact that they would try and put me on repayment and I advised I doubt I would pass the affordability. I was worried i'd shot myself in the foot by saying I didn't have a repayment vehicle but he seemed pleased they would have the chance to advise me of options and tick some regulatory boxes. As I am sure others are aware I would have to discuss any debts-I do dip into my £100 overdraft each month and for some reason my credit file has still not updated the fact my credit card was cleared and closed in July. Therefore I am not going to call him back yet until I feel I'm in a better position. I still don't think i'll pass the affordability checks but we can see.. :-)

selloptape

You never know... I failed the affordability for repayment at first but asked them to extend the term and then I passed

Downside is that I now have a thirty year mortgage (not twenty like I wanted) which is why I spend so much lurking on MSE looking for inspiration

Jonesy88

Good luck!

I'm inspired by your story When i can clear the debt next year, i'll definitely be coming for the mortgage!

Selloptape - we were the same. Our mortgage ended up over 28 years not 25, but i'm using it as a positive. We don't have to pay the higher repayments (as we would with the shorter term) but we can do it if we want and shorten it even beyond 25

sarahevie1

selloptape wrote: »

You never know... I failed the affordability for repayment at first but asked them to extend the term and then I passed

Downside is that I now have a thirty year mortgage (not twenty like I wanted) which is why I spend so much lurking on MSE looking for inspiration [/QUOTE

My term has been as low as 9 years, but will shortly be 25, doesn't matter as long as you keep oping ]

Monkeychops16

selloptape wrote: »

You never know... I failed the affordability for repayment at first but asked them to extend the term and then I passed

Downside is that I now have a thirty year mortgage (not twenty like I wanted) which is why I spend so much lurking on MSE looking for inspiration

Oh ok thanks I feel more positive now :T Well i'm sure you can reduce the term along the journey :-)

Monkeychops16

Jonesy88 wrote: »

Good luck!

I'm inspired by your story When i can clear the debt next year, i'll definitely be coming for the mortgage!

Best of luck, you will be here in no time :cool:

Monkeychops16

Just checking in. No positive mortgage work to report really. I have just bought bunk beds for my girls so that's a massive chunk blown this month. My work has been overpaying me and said they are going to take back 6 hours out of my wages this month. Boooo.I did do 4 hours overtime so that should lesson the blow. I have listed a few things on Ebay hopefully it will be worth while...I am going to get someone to take a look at my Life insurance to see if I can save any money-just thinking as my situation has changed over the years something else might be better/cheaper :-)

Ali-OK

Catching up and fingers crossed with the mortgage discussion, hope you can get a better rate from it.

Credit reports seem to be 3 months behind for credit card closures for some odd reason. Hopefully it'll be showing on there very soon.

Hope the eBay sales fill the payslip gap

Monkeychops16

Ali-OK wrote: »

Catching up and fingers crossed with the mortgage discussion, hope you can get a better rate from it.

Credit reports seem to be 3 months behind for credit card closures for some odd reason. Hopefully it'll be showing on there very soon.

Hope the eBay sales fill the payslip gap

Thanks for the support-that's strange about the credit report-how slow!