Dora's mortgage no more 2021

Dorastar

Starting a shiny new thread as we've just demolished our last debt, down from nearly £25k to £0 so very pleased with the last few years of graft. Now we have the mortgage to work on so the graft doesn't stop it just shifts focus. Bought the house at the peak of house prices in 2007 and have only just got back into equity so have been lumbered with an expensive interest-free mortgage which we can now change over but years wasted in the meantime. We've overpaid where we can but the figure is still some where around £150,000 so a lot of work still to do. Rolling up our sleeves, staying frugal and hopefully watching the numbers go down as quickly as we can make them in the next few years, ready for the ride!

Nurse2047

Well done on paying off your debt..good luck on your journey 

Porridgecat

Good luck on your mortgage overpayments.

Dorastar

Sorted out the majority of our household papers over the last few days and shredded a load too! We are finally in a position to change our current mortgage to a repayment one from a (stupid) interest only one that we took out at just the wrong time so have arranged an appointment for Tuesday next week. They've asked us to think about when we'd like to be mortgage free and how much we want to pay each month, I've not really thought about a mortgage free date and whilst I'm keen to repay I'd still like to live a little bit. I'm 51 and Mr D is 52 so a fair few years ahead of us if we're lucky and we still have kids at uni and home to feed! Any sensible thoughts appreciated.

Dorastar

Currently overpaying £400ish per month and reckon we can do £600 without it hurting us too much. Going to see if we can change to repayment and extend the term to keep payments reasonable. If we do get any extra money from side hustles or overtime we can still overpay as and when we can up to the 10% we're allowed each year. I know that sounds daft but it means we can then cut the term back down using these overpayments. Am really keen to not have to go back into debt or rack up credit card use to pay for everyday life so by keeping the repayments at a reasonable level. It makes sense in my head anyway! 
Paid an extra £30 over today, baby steps.

Chiglepig

Hi @Dorastar I completely get your thinking about keeping the standard payments reasonable, then using OPs - that's what we do too, when we moved, we made a point of sticking with the longer term for a monthly payment that was comfortable on one wage and now because NW offer the choice, I always choose to lower the monthly payment rather than the term, but then up the OP.

Good luck with it all.

Dorastar

Eurgh, can't move to a full repayment mortgage unless we work will we're 69 and 67, which probably isn't going to happen if I'm honest! Did the best with the figures available especially with the weird way Mr Dora gets paid. Keeping things reasonable so moving as much of the mortgage as we can to repayment and then any extra payments we can ask to be taken off interest only part. So not as good as I'd have liked but still going in the right direction. Just got to wait to get all the papers sorted now. Need a lie down!

alanlw1964

Dorastar said:

Starting a shiny new thread as we've just demolished our last debt, down from nearly £25k to £0 so very pleased with the last few years of graft. Now we have the mortgage to work on so the graft doesn't stop it just shifts focus. Bought the house at the peak of house prices in 2007 and have only just got back into equity so have been lumbered with an expensive interest-free mortgage which we can now change over but years wasted in the meantime. We've overpaid where we can but the figure is still some where around £150,000 so a lot of work still to do. Rolling up our sleeves, staying frugal and hopefully watching the numbers go down as quickly as we can make them in the next few years, ready for the ride!

Don't quite understand your post Dorastar , surely if you've been lumbered with an interest free mortgage that would be the best sort to have and highly sort after I would have thought. All mortgages carry an interest rate but if you've found one that is "interest free" i'd be tempted to stick with it.

FtbDreaming

I think she means an interest only mortgage so not paying down any capital @alanlw1964

Dorastar

Oops - I meant interest only - although interest free would be really lovely! 

Dorastar

Dorastar said:

Starting a shiny new thread as we've just demolished our last debt, down from nearly £25k to £0 so very pleased with the last few years of graft. Now we have the mortgage to work on so the graft doesn't stop it just shifts focus. Bought the house at the peak of house prices in 2007 and have only just got back into equity so have been lumbered with an expensive interest-ONLY mortgage which we can now change over but years wasted in the meantime. We've overpaid where we can but the figure is still some where around £150,000 so a lot of work still to do. Rolling up our sleeves, staying frugal and hopefully watching the numbers go down as quickly as we can make them in the next few years, ready for the ride!

Apologies that this should have said Interest-only from the start of my shiny new thread!