Getting a mortgage and then becoming mortgage-free!

themadvix

That's a great rate KK! Don't see why they wouldn't be happy for you to shorten the term as you're paying that much already, although, who knows with their weird affordability checks these days!

ch4rly2002

You've definitely got a good dentist there I'll look into my options when I get back to Nottingham (It might just be a case of having it redone so it fits better and aren't as many gaps for things to get stuck in).

1.64% is a great rate One thing I would say is that it would be worth giving London and Country a ring before you accept. They did the sums for us and because we had a 'small' mortgage (£200k) and were looking for a shortish term (3 years) it was more cost effective to take a slightly higher rate with no fee. If you call them they can run the numbers for you - Clydesdale is one of the banks they include in their services.

Regarding term, I asked London and Country if there was any real difference in shortening the term and overpaying, and in our case the impact would be the same but if we kept the same and overpaid we would have the security of being able to go back down to the cheaper mortgage amount if needed. This becomes an issue though if you want to overpay by more than 10% (ours was 10% of the outstanding mortgage amount at the beginning of the year, not 10% of the monthly payment).

Lots to think about but I'm sure you will manage to find the best deal

michelle09

Wow, nothing like a significant drop in the monthly payments. We have ours set to reduce the monthly payments - we have unlimited OPs so that's never an issue - which means the minimum commitment is as low as possible. You never know what life will throw at you. But reducing the term does bring the end date closer!

Kittenkirst

Hi all!
Been a bit missing in action the last week or so- have been a bit waylaid with the rhythm of Work, gym, yoga, eat, sleep & repeat

I contacted L&C but they couldnt offer a better deal with Clydesdale and all the others didnt compare to the rate of 1.64% so I did the online application to change Mortgage products and the paperwork came today saying accepted. I now need to read through it all and work out what exactly that means and next steps but its promising to say the least

1.64% would drop our monthly interest from around £410/month at the moment to £230 (from my rough calculations)- that is HUGE! So so glad we have been overpaying and that the house value has gone up giving us a boost in our LTV. Just have to check whether we need to do a valuation or not too and pay for that.

Had a lovely day today- yoga intermediate session at 10am and gf met me in town after for a bit of a walk and mooch- we used our free Starbucks reward to share a large almond latte with caramel- was delicious and low calorie. We also cheekily got to sample a bit of a cinnamon sugar pretzel and Krispy Kreme doughnuts whilst wandering through the shopping centre!

Then we came home, I changed the beds and cleaned the bathrooms whilst gf rustled up a lovely chicken kheema to have for tea tonight. We then went to the gym and had a fab workout- it was lovely and quiet. Now time to settle in for the ghost in the shell on sky movies with homemade kheema.

My eating has been pretty good and I have had fizzy pop on two occasions so far this year- better than a can every evening I had started to do habitually. The gymming and yoga is also working well and my weight has dropped to 62.5kg so a few more to go for goal weight and I;m feeling a bit happier about my figure

A few small OPs this month- £18.21 so far, however it is pay day next week so will do our normal £189.80 OP (makes it £1k Mortgage payment/month) and then will OP the council tax of £130 as we dont pay it again in March.
Prolific has been so quiet- Im struggling to get breaks at work at the moment so when I do get to check there are no surveys. Will keep checking daily.

Still checking free postcode lottery when I remember, looking at the cashback apps for our grocery shopping and doing the Zizzi wheel to build points. I;ve started doing the Quidco Cupid game too the past few days as well- gotta be in it to win it!

Matched betting has taken a back seat- want to try again but need to make time to sit and work it out again- I will get back on it soon I promise!

newgirly

That's a great drop in interest costs KK :T

Kittenkirst

It is indeed NewGirly!

Ive now read through all of the paperwork and they have provided the offer and have valued our home at £202k (12005 more than we paid )

Our Mortgage sits at £161,500 so we hit the LTV for the 1.64% hurray! There is an option to switch to the new deal ASAP (as theres now less than 3 months until it ends) so we will sign in the morning and get it posted off, hopefully meaning we can benefit from the lower rate from March onwards

In other news our friends who have bought on our development have put their house up for sale last Friday- asking price £215k and it has sold (I darent ask if they got full asking price) but thats very exciting for them. They want a bigger home as planning for kiddies. Will be sad for them to leave as its nice having someone we know on the estate

IVe not really read any diaries in the last week or so, so Im going to go and have a read and catch up with other mfwers

Kittenkirst

Is anyone else finding their apostrophes are being turned into gobbledegook on here at the moment- have to keep editing my posts!

Anyways, lovely day today started with some fresh coffee (bought using Shopmium and tastes delicious) with our daffodils starting to open. Cleaned up some more of the house so now the kitchen floors is all moped and buffed so looking lovely. Made a delicious brunch of Columbian eggs (Ive seen it called shashuka before too) with a toasted mini wrap. We then went to the almost deserted gym where I smashed a 7km run gf did a 6km which is uber impressive as shes never really liked running and has only just pushed it up recently.

Popped to aldi for some eggs, flour and turkey sausages as we are making a BBC Good Food low fat toad in the hole recipe for dinner with the brocolli & carrots that are a little bendy in the fridge!

Currently snuggled in the sofa with a blanket and Hugo watching pirates of the Caribbean. What a perfect Sunday.

Little OP of £5.37 to tilly tidy the joint bills act this morning and another of £3.96 after Aldi- to try and keep some movement on the mortgage- little by little, inch by inch we will get there!

A_Frayed_Knot

Kittenkirst wrote: »

Is anyone else finding their apostrophes are being turned into gobbledegook on here at the moment- have to keep editing my posts!

Not quite apostrophes, but strange going ons.

First I was thrown off MFW said my password was 977 days old and had to change it ???then couldn't /still can't get onto one of my bank accounts
then tried to quote your last post - and it came up with about 4 of your posts ???
and checked my mortgage balance - I have mortgage plus 1 sub account and they don't tally up :eek:
but in my favour of around £1.50 (ish) I'm sure they will correct that as soon as.

ch4rly2002

Well done on the huge drop in interest, that's amazing! Are you going to do as I did and keep the mortgage payment the same so that it overpays the additional interest you have been paying?

Kittenkirst

HI Charley, yes we plan to from April onwards with a two month break sept/October for whilst we are away.

We are going to wait until April as that gives us two pay days to reduce gfs credit card and for me to pay for my share of the flights- we!!!8217;ll pay our council tax as an OP and make a token payment (like £90) each month still until April.

Paperwork is signed and in the post- yay! So very very pleased.