7 years remaining, lets do it in 5!

fatrab

Received paperwork from mortgage advisor and have returned it along with all the requested paperwork so will just need to wait and see if I'm accepted. If not I do have a plan B. Sort of...

What's the worst that could happen?? :huh:

fatrab

I've now sold the car and the HP has been cleared. I've got enough left over to add to savings and pay off the loan, so it leaves me in a position where I will be able to make significantly more overpayments than the allowed 10% to the mortgage.


Which leaves me wondering if a 5 year fix is definitely the right thing to go for?

fatrab

Made the first overpayment in quite a long time to the mortgage today - £1670.20.


Remaining balance £61162.22


If everything goes to plan I should have it under £60k by end of June and down to around £55k by the time the re-mortgage is due to take effect.

fatrab

Just a little update, re-mortgage has been approved for a maximum of £58,000 fixed at 2.14% for 5 years with a 7 year term.


So all spare cash will be thrown at the existing mortgage between now and October and hopefully I won't need to borrow the full amount.


Will update this thread as things progress

Moneyfordreams

Thought I'd say Hi over here too...

fatrab

Just another wee update, current mortgage dropped below £60k last week when the July payment was applied so I'm very happy with that. Due to a slight change in circumstances I won't be making any further overpayments so currently on target for the £58k in October.


Ticking along nicely

fatrab

Not posted for a while so thought I better pop up an update!


Current balance is down to £57,974 so perfectly on target for the re-mortgage to happen this month. I have made a slight change though.


I've re-mortgaged over 10 years instead of 7. I'm still planning to pay everything off in 5 years, I'm just going to go about it differently. I'm setting up a regular overpayment so that I hit my allowed 10% each year and I will have the funds available at the end of year 5 to clear the debt, I just need the monthly payment to be lower due to a change in circumstances and reduction in take home pay. Annoyingly this should only be the case until the next project starts, but there's no guarantees in the construction industry so I had to make the decision based on my current situation.


Still, mortgage free before my 50th will be a massive achievement.

FunLovinCriminal

Good morning

Just read your thread - I admire you.

We have 72k left, to pay in 9yrs, but would love to pay it in 7, when we will both be 50.

However, with two young children and OH made redundant, this looks like a dream rather than your reality.

Keep up the great work

fatrab

Just a little update, my lawyer called yesterday to confirm everything is ready to be processed on Friday. There was a shortfall which I was expecting totalling £360 so I paid that yesterday directly to the lawyer.


So come Friday the main part of my 5 year plan will be in motion!

Kittenkirst

Great news I'm working to make sure we're mortgage clear as soon as possible but we're only two years in so significantly far behind your journey. Makes inspiring reading though