Think we have done it

ard123en

We have been paying double mortgage for some time and if the maths are right have just made the final overpay this will be 16 years 1 month early :jj
:jj

How long in peoples experience dose it take the Halifax to catch up and release you from their books

I was happy to save 3.99% each month rather than put into low interest accounts but now need advice on making the best of the new money in the budget

Luckyinlife

well done :]

best thing to do is max out the current account paying 3% 4% 5% if you can then maby invest some stocks shares p2p ect ect make your money work for you
this way youll have instant cash if you ever need it and long term investments

other than that you could always treat yourself now you mf :]

ard123en

Thanks

Its not quite sunk in yet but getting there anyone starting out all I can advise is over pay some thing each month even it is very small. As then your contracted amount becomes a slight overpay compounding up in your favour

Dalradian

Remember the taxman will top up your pension contribution, so good to use some the money you have been op'ing to get emergency fund in high interest credit account, perhaps cash isa for quick access funds, and stocks and shares isa for medium term and pension for long term.

Dalradian

And congratulations - very envious!

Goldiegirl

ard123en wrote: »

How long in peoples experience dose it take the Halifax to catch up and release you from their books

You'll need to get in touch with them, as your calculations will not be exactly the same as their calculations.


There'll either be a small amount left to pay, or you may have paid slightly more than you need to so there'd be a small refund.


You'll need to tell them you want to redeem your mortgage - there may also be the 'exit' fee to pay, which covers their admin fees for closing the account.


When the balance of the account is zero, they'll do all the necessary work to close the mortgage down, and will confirm that their charge is released at the Land Registry. This takes a few weeks.

A_Frayed_Knot

Well done:j Fantastic news. Not having fully paid my mortgage - don't know how long Halifax will take.

That's brilliant, how long did you pay double for? and did you incur any penalties for doing that?

Oh (sigh)..... maybe one day that'll be me.:)

ard123en

We could only do 10% in the first 2 years
We had ISA that would support us for 2 years if both out of work when the rates dropped after the bank crash all bets were off plowed all extra into mortgage
Target was to finish by 2017 to beaten that as well

Sdav

Fantastic news and let me offer a massive congratulations

jodles16

Amazing news! Congratulations!!! :beer:
:money:

ard123en

Thanks again

Strange thing was when I made the payment over the counter I said to the young woman this should be my last payment as been overpaying she replied
" don't see the point would rather have a holiday each year"

Funny thing is now I've saved about 39k in interest and household income has just gone up by 1k a month think we can have a few holidays now without worrying