Had a mortgage too long - it's going, going, gone!

hiddenshadow

beanielou wrote: »

Have never been able to workout LTV.
So say house value of $150k and loan outstanding 25k.
What is LTV?

LTV is loan (balance) to (house) value.

So your house value is 150, your loan is 25, thus you own 83.3% of the house outright and have 16.7% on mortgage. (25/150 = 16.7%, the remainder is what you own yourself.)

beanielou

Thank you hiddenshadow.
I will endeavour to remember the formula.

Ali-OK

Thanks Sarah for your lovely comments, going to take 2016 as it comes . I'll confess to being a closet property price stalker

Sorry I missed you earlier Beanie, but thanks Hidden for answering

Quite pleased with productivity today - could easily have been a sit around and do not alot.

- Work accounts, filing and admin done, finally
- Batch of chilli made for freezer
- Ironing all done and put away
- Banked Christmas money and cheques
- January birthday cards written and addressed

And...drum roll...a NSD! They've been in very short supply of late!

Ali-OK

I've got a mini-plan for OPs this year of £175-£200 per month, but woke up with an idea this morning.... why don't I OP my Xmas money that I banked yesterday? Spoilt with £425.

It was going to go into my savings pot..ISA pays 1.51%, 'holding' account pays 0.75%..whilst the mortgage is 3.69%.

I can add £75 to make it up to £500 (as min payment) and then send as a FP today. Plus I've already put £600 into savings in December and £400 for January.

Can't find anything not to like about it after spreadsheet fiddling for the last hour :rotfl: Is it the no-brainer I think it is?

debtfreeoneday

no brainer! Good thinking batman!

eco_farmer

absolutely you have a tidy emergency fund. unless you are saving for something then taking advantage of low interest rates seems sensible. only other option is if you can find a way of generating more than a 3.7%+tax with the money

Luckyinlife

I think that is the right way to think in life what could you buy if you sold what you have now and be MF if your in that situation

My mum and dad for example are mid 40s young i know and have 160k in equity and around 40k mortgage.
And are pretty much skint each month as old man only works and mum is a carer for my 97 year old aunt

Anyway i said look guys ya its hard now but when the time comes you can buy a nice semi and have 30-40k in the bank and be mortgage free so cheer up lol

Its a no brainier ALI question is have you fired the bullet ? mine cleared this morning wooo :]

Savings are so poor arnt they even the good ones arnt fantastic

How much with that £400 save you in interest ? alone ?

Ali-OK

Thanks guys - I needed a push on this one :T Job done :j:j:j

And I sent £502 as I like my round numbers :rotfl: Made the chap at the bank laugh over the phone saying that!

So...revised January figures then

£1,365 wholly capital payment now made (£675.84 OP or £721.70 based on required minimum capital)

New outstanding amount - £111,625 and I can colour another brick in :j

Split - £19,400 left as is, £93,590 now £92,225

And takes another month off the end date to January 2027 - 8.4 months early :T

New interest stats:

Last month £347.64
This month £343.25 - a nice reduction of £4.39

Split - £19,400 stays as is at £59.56 p/m or £1.96 per day
£92,225 drops from £288.08 to £283.69 or £11.44 to £11.29 per day

Lovely 15p per day drop - woop :j

Interest saved goes up to £3,109.82 and OPs to date up to £5,922.10

Can't stop :D:D:D and now for my fave bit...sig updating

I can't wait for my annual statement - asked bank when can I have it as it's my fave bit of reading :rotfl:. End of March :eek:

Edit - LTV on current prices means I'm at 39.87%

Ali-OK

Savings update too:

Emergency Fund stays at £5k as that's in the Club Ll0yds 4% and is my daily current account

Other savings - a combo of ISA, holding account, TSB current 5% and TSB Reg Saver 5% (being maxed) = £6,214

Total £11,214 More sig updating

Luckyinlife

£1,365 capital payment you cheeky devil you haha aw some :]

11k in EF is amazing to Does this have any plans for 2016 ? or do you mainly keep it for the interest you get monthly on it ?
can i ask how much interest you get from the 11k EF put into them accounts ?

As next week ill be placing my EF in a few different places instead of 5k earning me hardly anything