Getting a mortgage and then becoming mortgage-free!

MichaelDH

Kittenkirst wrote: »

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 )

Hi KK

Just attempting to catch up on your diary!

For the remortgage, did you get a valuation done, go with your own estimated valuation, or did bank just go off the index valuation?

I really need to start thinking ahead to our remortgage around June time so need to look in to how it works. As you know we've had to do a lot of work so I'm thinking the process will be different for us due to the increased value... We paid £188k in August 2016, ours is now up to standard of next door (better in my opinion :rotfl:) and theirs was valued at £280k around September.

We had planned to take out most of the equity to fund extension but I'm having second thoughts now (don't think I've got the energy for another project for the time being) so may just remortgage for a year.

Our mortgage should be around £160k in June, and providing valuation is at least £260k, two year fix is 1.59% with the Coventry. Haven't checked rates anywhere else yet. We are currently on 2.45% but that shoots up to a huge 4.99% unless we remortgage

Kittenkirst

Hey MichaelDH

So when I completed the online request for the new deal I put in the house value of £210k. This was based on zoopla showing £215k and our friends house going on the market at £215k and me being cautious rounded down to £210k.

When the Mortgage offer paperwork came through it said £202k so I assume they!lve used something else to value it. Luckily we didnt have to pay for the valuation!

Small op of £3 made today as Pinecone survey credit cleared

Payday is tomorrow so we will shuffle our funds. An OP of £130 for the council tax free month will go tomorrow, alongside our rounding up of £89.80

Oh how I love the payday shuffle!!

shangaijimmy

Great new rate and payment drop. It really makes the 12 months of budgetting and OPing worth it and momentum takes a significant surge (I remember the excited feeling too).

MichaelDH

Kittenkirst wrote: »

Hey MichaelDH

So when I completed the online request for the new deal I put in the house value of £210k. This was based on zoopla showing £215k and our friends house going on the market at £215k and me being cautious rounded down to £210k.

When the Mortgage offer paperwork came through it said £202k so I assume they!lve used something else to value it. Luckily we didnt have to pay for the valuation!

Thank you! That makes sense, sounds like they've used the UK house price index.

We will need a valuation because of adding value. Just had a quick look on Zoolpa, it's showing £210K which is £22k more than we paid, not bad at all!

Had a quick look at mortgages last night, some of the fees are shocking, though did find a couple for £999 with free valuation and legal fees included. Just hope nothing major happens with the rates between now and June! Will speak to our broker about possibility of switching sooner once we've decided on extension plans etc.

Kittenkirst

Payday shuffle now completed so overpayment for February is now sat at £252.18 which is pretty good I think.

The paperwork has been sent back to Clydesdale and hopefully we should see the switch ASAP.

Been to visit my brother today and helped him have a deep clean. His flat has got pretty lucky over the last year or so, so we had a spring clean day to try and help him get it a bit nicer to live in. Hes sown the last week cleaning up in the afternoons and you could see the difference. We spent 5.5hours giving everything a good clean and its definitely starting to look better, plus hes motivated to continue getting things more shipshaped.

Long old drive back home but feeling good at having helped and I had a lovely day chattering away with my big bro :heartpuls:

Off to yoga in the morning for 7am, and going to help our friend get her house prepped for her hubbies 40th tomorrow after that. Hopefully be a minimal spend day.

Kittenkirst

Forgot to mention- pancake day didnt happen for us- long old day at work on Tuesday and a braces appointment meant I left at 5.30am and got home at 8pm so was pretty wiped out.

Will make some scrummy pancakes on Sunday fingers crossed!

Valentines Day was also a long work day- both in the office for 7.20am and left at 7.30pm (!!!) so we were indecisive about dinner- ended up wandering around local m&s debating a naughty dominos pizza but in the end decided to buy a posh pizza, some loaded spicy fries and apple tarts for desserts. With a nice 50p YS whole meal loaf we ended up spending £9 but had a very decadent supper together.

Also had a splurge at Sainsburys with their 25% off clothes- I got another pair of matching pants to the bra bought on sale a few weeks back (reduced to £2.5 with a further 25% off!), a red rain mac to try on (my old one is 3/4 sleeves which is no good really- will eBay it as it was a next sale buy but its lasted a good 5 years with a fair few wears). Hopefully I can wear this new one in spring showers though as it has long sleeves a white knitted top to wear for work meetings with my suit and a floral tee. Need to try it all on and assess whether to keep or return. £44 all in isnt too bad though.

Cant sleep at the moment- Hugo unceremoniously woke me by sitting on my chest at 3am. hoping some light reading will get me dozing back off....fingers crossed!

Kittenkirst

Thought Id capture the details in one post for ease up to 28/2/18 (not including any small Tilly tidies we may pay in rest of month)

Initial mortgage deal: £170,995 30/9/16
House value £189,995 LTV 90%

25 years Clydesdale mortgage with initial rate 2.99% for 17 months
Monthly payments £810.80
Monthly interest: started at £14.42/day. At £13.26/day 02/18

Total payments: £13,654
Total interest paid: £6685
Total overpayments: £3525

Total capital repaid: £10,488
House value: £202,000
Mortgage at 28/2/18: £160,508 LTV: 79.5%

New mortgage deal- 3 year fixed rate 1.64% (!!!!). :money: :j
Monthly payment:£690.91
Monthly interest (estimated): £7.54/ day

:heartpuls:heartpuls:heartpuls:heartpuls:heartpuls:heartpuls:heartpuls:heartpuls:heartpuls:


Overpayment plans for remainder of 2018- just plans at the minute as not sure what other expenses will crop up but I like to have a forecast to play with as the year progresses

My regular saver matures in April so have earmarked a portion to OP (some Will be going into normal savings, some to LISA and rest on mortgage) but will split it over a few months as Clydesdale charge ERCs on lump sum; but wont tell me what this means in £££!

March- £89.80 if mortgage deal doesnt switch over immediately- round up monthly £810 payment to £900

April- £309.09 to round monthly payment to £1k.
Also £250 from my yearly bonus.
£200 from my regular saver

May- £309.09, £200 from regular saver
June- £309.09, £150 from regular saver
July- £309.09
August- £109.09- Australia trip in September so will make nominal OP
Sept- no OP as travelling Australia!
Oct- £109.09 as recovering from Oz trip!
Nov- £309.09
Dec- £309.09 (subject to change dependent on Chrimbo)

Grand plans at the minute

michelle09

Aww... maybe you could move pancake day to today? Every year I say I'm going to do pancakes more often and it doesn't happen.

You have some grand plans. Hope they go smoothly!

newgirly

Great ops KK well done :T

Kittenkirst

Thanks for dropping in and commenting Michelle & New girly!

I just wrote a huge old post to then go & lose it- maybe I should be more succinct

Weekend round-up:
- 2 tough gym sessions including a hiit treadmill session & a good old weights session targeting my arms/chest & back
- 2 hot yoga sessions: both had a wonderful impact on my mood
- a close friends 40th birthday party- we spent the day helping set up which was lovely to be involved
- an indulgent meal out at a Rhode Island inspired burger restaurant with friends.

Still no pancakes yet though!

Helping brother clean went well- spent a good 5.5 hours cleaning and chattering. He still has loads to do as is quite a hoarder and he hasnt cleaned in honesty in a long long time. However it was well timed as his gf was finally discharged on Friday they both seem in a better place at the moment but its going to take some time really for them to be on an even keel again I think.

Plans for today- swimming at 9am: we are both not too sure if we can swim or at least swim well so we are going when it is quiet to find out! We wanted plenty of time before Australia so we can take lessons if required. I also want us to try kayaking at a local centre and think feeling more confident with swimming will help the kayaking experience go smoother!

Then off to town to renew both out passports (how much?!?) then going to have a nice lunch at Zizzis using our vouchers!

Then its gym & yoga again tonight.

89p OP Tilly tidy on Saturday completed. Free postcode lottery checked and size wheel completed. Need to spend some time on prolific and matched betting at some point to generate some funds. Off to check YouGov now actually!