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Here’s where the story ends…
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Glad you enjoyed your break.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 13 months left.2 -
Random question but does anyone know if when I come to remortgage can I change the years left or will it insist on what I have left on existing mortgage?Mortgage OP 2026 £1860/2000Mortgage balance: £29,986
Make £50 a month Jan £20, Feb £0, March £31, Apr £20, May £30,
Jun £120, Jul £0, Aug
Summer challenge £120/3001 -
NO AFAIK you can change the number of years.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 13 months left.2 -
My understanding is that you can change the number of years that the ‘loan’ covers. In effect you are taking out a whole new deal each time (unless you stay with a previous provider) so it resets the whole arrangement.KKAs at 16.07.26:
- When bought house £315,995 mortgage debt and end date at start = October 2039 - now £213,042
- OPs to mortgage = £19,809 Estd. interest saved = £10,180 to date
c. 16 months reduction in term
Fixed rate 3.85% ends October 2030
Read 56 books of target 52 in 2026 as @ 2nd August.
Produce tracker: £192 of £400 in 2026
Watch your thoughts, they become your words.
Watch your words, they become your actions.Watch your actions, they become your reality.3 -
That’s my issue kk, if I stay with the same provider, I don’t want to change company.Mortgage OP 2026 £1860/2000Mortgage balance: £29,986
Make £50 a month Jan £20, Feb £0, March £31, Apr £20, May £30,
Jun £120, Jul £0, Aug
Summer challenge £120/3001 -
Ah okay. I see.skint_spice said:That’s my issue kk, if I stay with the same provider, I don’t want to change company.I guess the only way to find out is to ring up and ask them? 🤷♀️🤞 Lay it on thick with ‘loyal customer, want to carry on with you’ etc and see what response you get. I don’t suppose it will be a major issue but you may incur arrangement fees that you wouldn’t have if you made their lives easier? 😉
KKAs at 16.07.26:
- When bought house £315,995 mortgage debt and end date at start = October 2039 - now £213,042
- OPs to mortgage = £19,809 Estd. interest saved = £10,180 to date
c. 16 months reduction in term
Fixed rate 3.85% ends October 2030
Read 56 books of target 52 in 2026 as @ 2nd August.
Produce tracker: £192 of £400 in 2026
Watch your thoughts, they become your words.
Watch your words, they become your actions.Watch your actions, they become your reality.2 -
Back to work tomorrow, feel like I have actually had a break for once!
Seem to have been haemorrhaging money of late so time to sit down, go through the numbers, calm down and make a workable plan.
£20 claimed from 0nep0ll, I just found a £20 bookstore voucher that I had misplaced and I have lots of Clubcard vouchers to use so time to batten down the hatches and have a financial freeze! I have a day out booked for April and a craft day booked both paid for so hopefully April won’t be too expensive 🙏Mortgage OP 2026 £1860/2000Mortgage balance: £29,986
Make £50 a month Jan £20, Feb £0, March £31, Apr £20, May £30,
Jun £120, Jul £0, Aug
Summer challenge £120/3003 -
In my experience you can. My original mortgage was Halifax, 4 year fix, 25 years. Switched to TSB and cut term to 18 years from 21 but maintained payment (10 yr fix but option to switch deal after 5). Switched to another TSB deal, lower interest rate again, bumped payment by about £50 and reduced term to 10 years from about 12.5. (Each deal was a lower interest rate than the other so it made it easier to trim the term but maintain payments.)skint_spice said:That’s my issue kk, if I stay with the same provider, I don’t want to change company.MFW diary: https://forums.moneysavingexpert.com/discussion/6254913/never-a-good-time-but-here-goes#latest
Original MF date: October 2036 (£81,500)
Outstanding Jan 2021: £55070
Outstanding May 2026: £4771
EF 10000 / Savings toward neutral: 916
2 -
Thanks ladysummerisle, that gives me hope!Mortgage OP 2026 £1860/2000Mortgage balance: £29,986
Make £50 a month Jan £20, Feb £0, March £31, Apr £20, May £30,
Jun £120, Jul £0, Aug
Summer challenge £120/3002 -
On the remortgage - some of them will only remortgage if the amount is big enough - that is another thing to check.Achieve FIRE/Mortgage Neutrality
1) MFW Nov 21 £202K now £166.7K Equity 38.23% 12/7/26
2) £1.8K Net savings after CCs 31/7/26 (but owed £400) so £2.2K
3) 44.5/82K = 54.26% AVC Goal by mid 20283
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