A way to pay! Clear this mortgage before 30 years!

obay

Been on a bit of fun with facebook this morning to advertise my wife's new business - the mobile bar out of the van.

we have got an additional wedding booked for march, which I'm excited for, I am hoping to get 10 in total... so we can pay off this mortgage within the next 5 years.. Is that too much to ask?!?

obay

So, got off the phone with the legal firm that the bank use, the ERC (redemption) figure came out £3k more than what we applied for with the new bank, phoned up our old provider and they said it's because the ERC expires on the 11th.

Which sucks! I am definitely sure that the majority of banks allow £0 3 months redemption, obviously not this one! So will have to make one more payment to kensington..

Meh!

obay

We got our 1st Christmas event to do in our local town! Whoopie!!

We got confirmed for a small craft fair today that we can supply their refreshments which is great for us, as this will be our trial run for us and we can work out procedures on how we're going to serve drinks.

Very happy with this, been working hard to finally get some more events for my wife's new business. We have 6 total booked for 2019 and 2020.

Give's us some more money to play with at Christmas! Hopefully my wife isn't going to be too mad at me!

obay

I've had an option to pay off £80k of my mortgage I am not sure to take it or not as it'll leave my company out of pocket for a little while, so I am going to focus on getting more customers on the product that I need before I decide what to do, so I only need an additional £1700 to come through on the company per month before I decide to sell this asset I have.

At the beginning of May, it was at £2500, so it's quite a slow process, the product is very niche product that I have and the asset I hold.

Anyone got any opinions?

Kittenkirst

No advice from me on the company side of things, But great to hear about your Christmas event you've had booked

obay

So, my bank won't wave the EPC fee of £3006 even though it's 1 week away, my solicitors have to request the redemption figure on Friday, for us to be able to remortgage on Monday - and for it to all go through 100%.

Sort of sucks, I can wait, but wanted to see if they will wave it as we are so close..

Once the remortgage goes through, we will be saving £290 per month on the actual rent bill, plus the company will be saving not only £450 per month but it'll save a further £1000 from my wages, from some drop in supplier pricing. So £1500 per month in savings is great. I'm going to keep this in the company for safe keepings!

My wife started working for a local shop, (very convenience.. the one with the paper round) about 2 months ago, this month she really helped me out a bit with the mortgage, her 1st time since we have moved in she helped me :P nothing wrong with that, that's what marriage is for anyways...

obay

So 4 days to go and my remortgage completes. As a comparison, I put together some figures which are amazing.

Current deal
4.84% interest, reverting to 5.24%
Payment: £775.10
Daily interest £19.10
Daily cost £25.83

New deal
2.2%
Payment: £577
Daily interest £8.66 WOW!
Daily cost £19.23 per day

What a saving that is alone. My 1st aim is to get it below £8 per day in interest by overpaying at least £200 per month into the account

It goes to show how much you can effectively save in interest by switching banks. I'm very excited.

I'm not sure how to calculate how much I have to pay off to get below the £8 per day. but I'll work it out later, quite tired now lol

If I'm correct and please can anyone confirm. I'd need to do the following.

£7.99 * 365 = £2916.35

£8.66 * 365 = £3160.90

Meaning the difference is £244.55 that I need to overpay to get it below £8.

I think I'm right?

obay

One day to go, one day to go! This will be the cheapest house I've ever been in once this goes through! lol

obay

Oh god, I hate the legal firm that we have had to use for this remortgage... It sucks! They didn't request redemption figures on friday like kensington ASKED THEM TO!

my god. That's another £30 interest that I have to pay for today!!!

Moneyfordreams

Can you stall it for a week and maybe then you won't have to pay the ERC ?