Freedom for the future

bexster1975

Sorry to hear about the split MM

I am glad, however, that you feel it is for the best.

Bexster

A_Frayed_Knot

Wow, just started to read your diary, and read on . . . then bolt from the blue - you are splitting up, sorry to hear that although you seem very ok with it all.

As for re-mortgaging - will there be complications to that, in light of your news. If not, then you don't need to reduce years, just plod on, sounds as if you have a great earning job. To give you the breathing space you need, then (just a suggestion) could you maybe add 1 year on - I know MFW's !!! the very thought but somehow I think MM(you) will make that up later and some.

Very Best of luck with it all.

Mortgage_Minimiser

Thanks AFK, how lovely to have you comment on my little diary! I read yours regularly and know how close you are (envious face and well done face).

Yes, I am ok with it all, at the moment. I've been toying with it in my mid for some time but it was the first time we had said it out loud. There is an element of relief in just having to think about myself and the LO (once it's all done etc).

The remortgage should be fine - it's all in my name anyway.
I'm still going to go for the 5 years, but know it will be tough, but probably easier on my own :rotfl:

If I do it, fab, if it takes a bit longer then it just takes a bit longer.....still better than letting it run the full term …!


Off to catch up with Strictly now!

MM
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Mortgage_Minimiser

Good morning

So, a £250 OP this month. A far cry from what is needed, but all the other pots are filled up so there wont be a panic @ Christmas nor in Jan / Feb when all the insurances fall due. SO that's ok I think. At least it's something.

I'm just in limbo waiting for the remortgage. At that point I shall know the 'real' figures.


As is currently stands, with no other payments in 5 years (my aim to clear the mortgage) the mortgage will be @ £141,849, and in 6 years (when I'm 55 and this def needs to be gone ) it will be £116,605. So that's the challenge. Let me at it!!! I shall see if those numbers are any different once I remortgage. I doubt it will make much difference.


I need to email the guy doing the remortgage to see whether we should get a new valuation. Since the last one we have added the extension (side / rear 2 storey) so I would like to think the value has increased a smidge! Will make a difference to the LTV, surely....

I will email him now, have a cuppa then get ready. OH has taken LO swimming this morning, so I have a very quiet house for a change...

Have a great day all

MM
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VDOT47

Hi MM - sorry to hear about the break up. Hope it works out the best for you and LO.


Good luck with the re-mortgage - if the LTV has improved (which it must have, so long as the value hasn't gone down) then I'm sure you'll get a better interest rate meaning that more of your overpayments each month go towards reducing the capital rather than the interest!

Mortgage_Minimiser

Hi,

Well that's the plan, so fingers crossed. I find it strange that the Mortgage Advisor is saying he doesn't need a valuation on the property for the re-mortgage. That's quite a change to the house we have made, so I will just see how things go on Monday.

I shall be a bit annoyed if he decided he does need one and the whole process drags on when I've offered to sort that over a week in advance.

Hey ho, fingers crossed we are below 60% LTV, probably the best rate I'm going to get.

Nothing new in MSE MFW land for me... its that boring part of the month

MM
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Mortgage_Minimiser

Afternoon All

So, yesterday I signed for what I hope will be my last ever mortgage.

Didn't change the term (19 years) but tied in for 5 @ a rate of 1.99% from 2.49% - quite pleased with that!

Monthly payment has reduced from £1060 to circa £1003 (depending on any further payments I might make before this comes into effect) - a reduction of £57 - clearly I will make this up each month in OPs :rotfl: but it's good to know my minimum commitment is reduced if needed


It looks like monthly interest has reduced from £407 to £318 :T

So pleased with this!

I can now start to plan from December what I need to clear this down in 5 years! Onwards and upwards!

MM
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Mortgage_Minimiser

Hi All,

I've decided to resurrect this thread. I'm never going to get there if I don't commit!

I've done a little review of the last 12 months, (and 4 years since I took the mortgage out) and all in all it's a very positive story.... so hoping it spurs me on!

Achievements to date :

This year I have reduced my debts (mortgages and credit cards - all 0%) by £26,462.89 (still a few days to go!)
The daily interest on the main mortgage has reduced from £14.77 to £10.39 since January (it was £17.29 at the start in 2015 :eek:
On a 30 day month that has reduced from £443.10 to £311.70 - a huge saving... which has naturally been used as OPs for no effort at all :rotfl:
Since the main mortgage was taken out in 2015 it has reduced by £52,960


Aims for 2019:

Get daily interest under £10
Annual OP of £8,000 minimum (£666.66 per month - managed to get £670 together to kick start January)
Annual reduction of £16,300 (8% of remaining main mortgage)
Start a more efficient savings plan - torn ATM - SIS ISA or SIPP
Increase pension contribution to 15% (currently 10%, employer contributes 5%)


for now that's enough..... I need to post more regularly too !


Right, off for a quiet night now..... cup of tea waiting for me - rock and roll me!:rotfl:

Have a lovely weekend all!
MM
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julicorn

Those are some amazing achievements MM, and a great start into 2019 as well! Well done. All the best

Mortgage_Minimiser

Thanks Julicorn!

Some pretty amazing achievements / OPs yourself I see! I also keep up with your diary

MM
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