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

Ali-OK

It warranted a whole new spreadsheet courtesy of Hidden, which I'm still happily fiddling with to take account of 2 mortgage parts, I/O and value of OPs (vs. old repayment amount and new one). So many more stats I'll be able to wheel out :rotfl:

Just waiting on the new deal to complete and kick off. Have received this month's OP letter and interest amount - confirmed at £343.43, but that should change downwards

It would be rude of me not to set my sights on being under £100k this year, so that's the aim.

Food shop I did Wednesday night and spent £25.46.

Tax/NI bill paid online and pension chap is back later in the month with the illustrations for upping payments to different funds.

Not sure what the weekend holds yet, but lots I'd like to get done.

Happy weekend all :j

mortgage_girl

Ooh I love spreadsheet fiddling. My trusty spreadsheet has been my companion for the last 5 years and has helped to keep me on track (kind of). It's so nice to be able to see what a difference the op's will make.

Good luck with getting under 100k this year Ali.

MGx

hiddenshadow

Very nice, Ali!

Ali-OK

Thanks, and MG, I can't wait to see the growing gulf now am in Year 3 of OPs - it's just starting to become exciting

I've been into town and finally banked all of DS's Christmas money - it's taken a while to sort out what was going where. In the event, he's opted to put £100 into his new ISA - no access until 18, but he's fully aware of that.

The rest has gone into his LL0yds 2.5% Under 19's account. With his Young Saver there dropping to 2.25% a quick chat has come up with a great idea...he can have a second Under 19's just for saving at 2.5%.

But an even better idea might be to switch one of them to HSBC's MyAccount (MySavings at 3% on £3k) until 17...I'm just trying to find out if he'd be entitled to the £120 switch fee they're offering - man on the phone say YES :j Edit - then NO due to age :-(

Ali-OK

And we're off.... :j:j:j:j

Mortgage change complete...new rate of 2.59% until 3rd March 2021 now in effect

Interest payment on 28th Jan will be £270.38 - down £73.05 on the £343.43 old rate, so that's an extra £73 that can be wrapped into Feb's OP :j

Will see interest then drop down to @ £240 in February for the first whole month on the lower rate.

Capital payment for February....budgeted £826, upping to £900 with that news :T

I'm just too excitable today :rotfl:

Luckyinlife

man on the phone say YES Edit - then NO due to age :-(

Hate it when they tease you like this grrrr
Awsome stuff ali didnt take long at all did it seems as tho things go super quick whne u pay a fee to get out of something

once its settled now next month youll feel even better than you do today :]

Ali-OK

I thought I'd found a nice little loophole for him! Never mind, we'll probably still open one as it beats Spanish Bank's Mini 1-2-3 as that's 3% up to £2k. He's got close to £3k now, so he'll end up with 3 current accounts, a Junior ISA, a H@lifax Reg Saver and a H@lifax YS (that'll have bare minimum in). Not bad for a 15 year old, but goodness knows what his credit report will look like :rotfl:

Super happy with the speed - Lil, this is how mortgages were before the crash (and it was part of the problem). Few if any checks and sorted. Doubt it'll be that easy when I come to get my next and hopefully final deal.

The stats make nice reading:

Monthly interest
£347.64 - December
£270.38 - January - down £77.26
£239.98 - predicted February - down a further £31.45

Daily interest
£11.44 - December daily
£8.89 - January - down 2.55
£7.86 - predicted February - down a further £1.03

Interest paid in 2015 - £4,360.48
Predicted in 2016 - £2,796.38 -
Saving - £1,564.10

Keeping the original repayment + interest amount of £1032.41 going, the end date now becomes September 2026. And by my calcs for this year, the OPs should skim off a few more .

Now I've got the run of time I need to be rid of the smaller part (£19,400), that's going to get the focus.

This year I need to pay off £12,991 to reach the magic £99,999 goal. As it's January, I'll start easy and add £1 to the £900

hiddenshadow

Very nice looking numbers.

Luckyinlife

Beautiful Ali really nice i found once i did it it made me feel better like i wasnt being ripped off so much you know

I guess you plan to overpay all savings u made + some more is it :]

Ali-OK

Spot on Lil. I'm conscious 3.69% was a decent 5 yr fix rate at the time and was the cheapest rate I'd ever had. Now I feel I've one more appropriate to the times.

Plan is to OP all the interest savings, but have to balance with building back up the EF and savings pots - I'm in minus £500 territory at the moment after the car :eek:, but work looks like I should put £1k into savings come next pay-myself-day and I've got until mid April.

I can always back up with the business accounts funds - I've overpaid tax/ni too so I'll have a reasonably small bill come July. Worst comes to worst, I can miss months on the capital payment side as it's still an I/O mortgage and savings will pay more interest up to £7k come April anyway

Hmm...see I need to start thinking about mortgage neutrality rather than OPing. New rate = new things to think about!