ATB'S Frugal Foray to Freedom

Watty1

utterly baffled by the maths too but HS post is a reminder why this is such a great board

atypicalblonde

Watty1 wrote: »

utterly baffled by the maths too but HS post is a reminder why this is such a great board

Absolutely watty :T will pop over to your diary now x

hiddenshadow

You're welcome. I like geeking out over this sort of thing (if that wasn't obvious already ).

atypicalblonde

Cross with self. Current deal actually ends at the end of June, not March! No idea what planet my brain is on. D'oh. So it will be 255 days. Will go and attempt the maths myself using your post as a 'How to' guide HS

chelseablue

You're doing so well ATB. I'm useless at maths, its so embarrassing!


I thought I had a big mortgage at £221,000 but I was speaking to someone today who still owes £340,000 and the payments are £1,700 a month :eek:

atypicalblonde

chelseablue wrote: »

I thought I had a big mortgage at £221,000 but I was speaking to someone today who still owes £340,000 and the payments are £1,700 a month :eek:

Yowzers that is big. Was the individual in question interested in OPing or did they look at you like you had 3 heads?!

I was watching location..... the other day, and the couple were buying a £750k flat in London with a 85% mortgage! It made me shudder.

hiddenshadow

atypicalblonde wrote: »

Cross with self. Current deal actually ends at the end of June, not March! No idea what planet my brain is on. D'oh. So it will be 255 days. Will go and attempt the maths myself using your post as a 'How to' guide HS

That should make the OP less costly as you'll save more interest. (Still won't be a financial "win" though, numbers-wise.)

That said, it also gives you 3 more months to pay down the mortgage further/possibly have property value increase more. So you might still get away with not doing the OP.

hiddenshadow

And 630k mortgage, ouch! Especially for a flat.

atypicalblonde

Spoke to mortgage company and it seems we still have £2k of our OP allowance left for this year! How that can be I just don't know, but guess what I'm off to do now!

michelle09

630k? Our 250k mortgage still freaks me out a bit (OPing keeps the nerves under control for that one). I guess they must have had high incomes though? Although prices in London are dropping so I'd be cautious about an 85% mortgage.

Good news on the OP!