Time to Face The Music

RelievedSheff

Just had an email from the bank to say that the valuation has come through fine for the amount that we needed. So that is a relief.

The surveyor was quick at getting his report back to the bank!

maddiemay

RelievedSheff great news.

warby68

Great news
I had blood tests at lunchtime yesterday and have already had the review with the GP this morning with all results. I really thought the hospital labs would be slower rather than faster with all their other work. Some things seem to be happening much faster during lockdown. 

alt80

Excellent news @RelievedSheff

Haha yeah a few of us who like our cars in this game lol. 

Sun_Addict

Brilliant news 😁 Does this mean a cheaper mortgage rate now?

Sarahwithlove

Almost done with card 2 must be a nice feeling. Great news about the survey, how much will you save on the new mortgage? 

RelievedSheff

Sarahwithlove said:

Almost done with card 2 must be a nice feeling. Great news about the survey, how much will you save on the new mortgage? 

We won't save anything with the new mortgage even though it is a much cheaper interest rate. We have adjusted the term and shortened it by 8 years and kept the payment pretty much the same per month.

RelievedSheff

Sun_Addict said:

Brilliant news 😁 Does this mean a cheaper mortgage rate now?

Not cleared underwriting yet so nothing is guaranteed. They requested a bank statement earlier which has been sent to them. So just waiting to hear if they need anything else. 

Just a waiting game now. I hate this part of the process. 

Sarahwithlove

RelievedSheff said:

Sarahwithlove said:

Almost done with card 2 must be a nice feeling. Great news about the survey, how much will you save on the new mortgage? 

We won't save anything with the new mortgage even though it is a much cheaper interest rate. We have adjusted the term and shortened it by 8 years and kept the payment pretty much the same per month.

That's great though 8 years less is brilliant. Do you think you'll be in position to make any overpayments? How long is it fixed for? 

RelievedSheff

Sarahwithlove said:

RelievedSheff said:

Sarahwithlove said:

Almost done with card 2 must be a nice feeling. Great news about the survey, how much will you save on the new mortgage? 

We won't save anything with the new mortgage even though it is a much cheaper interest rate. We have adjusted the term and shortened it by 8 years and kept the payment pretty much the same per month.

That's great though 8 years less is brilliant. Do you think you'll be in position to make any overpayments? How long is it fixed for? 

Assuming we get it fixed for 5 years.

At the end of that 5 years we would look to reduce the term again if possible.

I don't think we will be looking to make any over payments in the 5 years.