Hello all

Davey_2

Hi gang

I used to use these forums quite a lot a few years ago especially the DFW board, although i usually lurk a few times a week I haven't posted in a long while.
Anyhow lifes been pretty good since i cleared my debts and now the girlfriend and I are on with buying our first house, so naturally i want to pay off the mortgage as quick as possible. From reading the paper work i think i can make overpayments up to 10% of the value without incuring a repayment charge. However also reading it, it sounds as if we can only make overpayments if the value of the overpayment is £2000 or greater. Still not a great problem just means that i'll have to build up the amount in an ISA.
There are one or two other things that i need to get sorted such as life assurance, buildings insurance etc, and of course gas/electricity supplies, water rates etc which i'll sort out as soon as we get the keys for the house.
I guess now its just a waiting game for all the paperwork to be completed and for the solicitors to pull their fingers out and get the ball rolling. Doesn't bother me if it takes a couple of months cos then it gives me more time to save towards that first 2 grand overpayment.
Anyhow just thought I'd introduce myself to the board, and you'll all be seeing me posting here pretty soon and hopefully pretty frequently, and when i need advice on the things i mentioned above, I know where to come.

Take Care

evab_2

hello and welcome, good luck with your plans!

gilbertimlay

Hi Davey,
Congrats for clearing all your debt and buying a house. I hope that you will give us valuable tips for clearing debt and share your experiences with us.

Davey_2

Thanks for the welcome.
Ive been messing around with a couple of mortgage overpayment calculators and the amount i can save and the time i can also save are pretty suprising.
However does anyone know where i can find one where i can set a different APR for a certain amount of time as my mortgage has a reduced rate till the end of next year. Or does anyone know how i can use a standard one to the same effect.
Thanks again

Jonbvn

Davey,

I use a calculator which I downloaded from a US site.
http://www.hsh.com/cgi-bin/load.cgi?files/HSHSetup.exe
http://www.hsh.com/hbcalc.html

Works great for me.

To do what you want, you need to do two separate calculations.

1. Determine mortgage amount including any overpayments at end of discount period.
2. Do an amortization calculation from end of discount period onwards, using mortgage amount from 1. You can mess around with differing overpayments and interest rates.