How to be mortgage free after 8 years

Thefunkygibbons

In other news, I finally found the job I wanted

Looks like a couple of weeks before I can start

Been living carefully for the past few months, but will be loosening the strings a little once a wage is coming in again

comping_cat

WELL DONE - i hope you get on well with your new job xx

gallygirl

:j :j :j :j :j well done!!!!!!!!!!!! :j :j :j :j :j

lucky them!!!!!!!!!!

JAMIEDODGER

well done tfg:T

thats great news! congratulations:D

GreenNinja

Hi Everybody,

Have been reading the site for a couple of weeks now and am finding it totally inspirational! Already tried out some of the recipes and money saving tips from the old style board, but now have plucked up the courage to register as I have a question to ask ref paying off the mortgage early.

Have an interest only mortgage with the Abbey which has 13 years left to run and rang them yesterday to ask about paying off early as a lump sum per year, how much etc etc. I asked the girl on the phone if the term could then be reduced once I had paid off the allowed amount in the year and she said well it wouldn't benefit you at all being that its an interest only mortgage.

I am confused now! Is she right?

Thanks

Dithering_Dad

Hi Green Nija, you'll get a better response putting this message into the Mortgage and Endowment stream.

GreenNinja

OK, will do, many thanks

Jane

SloppySaver

lol, yes I'll consult your website if in the future I ever "want to be a mortgage(?)" or "want to see an example of a really amateurish website". Not sure what you're touting mate, but do it somewhere else. This site is just for Mortgage Free Wannabees like what I am!

MUSTBEFUNNY_2

:spam: :spam: :spam: :spam: :spam: :spam: :spam: :spam: :spam:

Madnessa

thaylock wrote: »

Simple, I wouldn't buy a property at TODAY's prices, I would wait 2-3 years for prices to drop by upto 20%. House prices have dropped for the 14th consecutive month, prices are dropping at their fastest rate in 9 years. Ask me this question in 2-3 years time & I will be happy to provide you with a repayment schedule.

So you said to ask you again? Just came across this thread and have prices dropped by 20%?

Just asking as I have just purchased my first home and I paid the same for a tiny flat in York than my parents did 20 years ago for a mansion in Surrey with a moat and seven bedrooms. i tell you my Dad wishes he had never sold it and so do I!

I put off buying for a long while but paying somone else's mortgage was not making me very happy. Luckily I had quite big deposit and I don't plan on ever selling so if the prices where to drop it doesn't really matter to me. But I think we have to face facts here. There is never going to be a huge drop like there was in the 90s. It's just not going to happen again.

PS Congrats Thefunkygibbons! Great advice and very inspiring. After paying of my debts i will be attacking the mortgage with overpayments of £500 per month and neither me or my partner have high paying jobs... we do both have two jobs though so that is where the overpayments will come from.