For Sunshine and a Sea View .... eventually!

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  • Lexi-lu
    Lexi-lu Posts: 173 Forumite
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    Hello,

    October- December update - Months 22-24

    Savings for mortgage overpayment

    October £1,270
    November £1,270
    December £1,270
    Mortgage Balance £0
  • Lexi-lu
    Lexi-lu Posts: 173 Forumite
    Photogenic First Post Combo Breaker First Anniversary
    Hello,

    January update - Month 25
    Repaid £4,706 from savings for overpayment and added £1,270 to the pot for future overpayment when the fixed rate ends.
    2 ebay sales

    February update - Month 26
    Added £1,270 to pot for overpayment
    Switched gas and electricity to a cheaper deal.
    DH was paid for the overtime that he worked over the Christmas period.

    Just 1 week until our fixed rate ends and then there will be no Early Repayment Charge and we can make unlimited overpayments :j

    We will automatically be switched to the SVR at 4.74% but I have heard about a Follow On Rate at 3.75% (although this may increase as it tracks the Bank of England base rate) so need to investigate this to see if we can make unlimited overpayments without penalty if we transfer to the FOR. Although we don’t yet have enough to pay off the balance in full I don’t really want to get another deal with a lower interest rate that may limit the overpayments that we can make or incur fees switching to another provider with a lower rate. Hopefully the higher interest rate that we will be paying will motivate us to pay the balance off quicker :)

    LL
    Mortgage Balance £0
  • Lexi-lu
    Lexi-lu Posts: 173 Forumite
    Photogenic First Post Combo Breaker First Anniversary
    March Update - Month 27

    Hello,

    Mortgage overpayment from savings £15,000 - there are now only 4 more payments remaining on the repayment part of the mortgage. The interest only part is officially still due to be repaid in March 2029 but I plan to pay some of this next month when another regular saver account matures.

    £1,270 added to savings pot for future overpayment.

    Switched the mortgage from the standard variable rate to the follow on rate, now paying 3.75% instead of 4.74%. This wasn't as straight forward as I'd hoped as had to answer lots of questions first to check that I could afford to pay the lower rate :)

    Also switched broadband which has reduced the monthly payment.

    LL
    Mortgage Balance £0
  • gallygirl
    gallygirl Posts: 17,228 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
    Lexi-lu wrote: »

    Switched the mortgage from the standard variable rate to the follow on rate, now paying 3.75% instead of 4.74%. This wasn't as straight forward as I'd hoped as had to answer lots of questions first to check that I could afford to pay the lower rate :)
    :rotfl: Ridiculous isn't it :rotfl:.

    Well done :)
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • Lexi-lu
    Lexi-lu Posts: 173 Forumite
    Photogenic First Post Combo Breaker First Anniversary
    Hello

    Thanks Gallygirl, I really don't know how the staff maintain a serious tone whilst going through the procedure, bless them.

    April Update - Month 28

    £8,234 overpayment made

    The process of making the overpayment took so much longer today, the new safeguards for taking card payments have been put in place so rather than take your card details the theory is that they put their phone to safe mode and you then key in your details - except it didn't work as they couldn't get their phone into safe mode. After lots of beeps and transferring me to other colleagues to deal with it was then decided that I could use my account details for a faster payment instead. Next they insisted that I put an instruction in place as to which part of our mortgage any future overpayments were to come off - but I like to choose at the time, computer now says no apparently. Has the process been intentionally designed to deter us from making overpayments I wonder? Not holding out much hope of today's overpayment being applied correctly £2,000 repayment part to reduce term and £6,234 to the interest only part but we shall see. Despite all this feeling happy that the mortgage balance (all being well) will be below £15k and the end is in sight, more determined than ever to get it paid after this nonsense :)
    Mortgage Balance £0
  • SuperSecretSquirrel
    SuperSecretSquirrel Posts: 1,045 Forumite
    First Post First Anniversary Name Dropper Photogenic
    Lexi-lu wrote: »
    £8,234 overpayment made... mortgage balance below £15k and the end is in sight

    Woohoo! :beer: :T
  • Moneyfordreams
    Moneyfordreams Posts: 2,442 Forumite
    First Anniversary Name Dropper First Post
    great to read your determination and results... :T:T:T
    Mortgage restart June 2018 £119950Re mortgage August 19 £110470, … Mortgage November 22 £85600 final 0% CC 3300Home renovations - £65000, mid 2018 - mid 2022
  • Lexi-lu
    Lexi-lu Posts: 173 Forumite
    Photogenic First Post Combo Breaker First Anniversary
    Hello

    May Update - mortgage payment of £1,889.31

    June Update - mortgage payment of £3,000

    Balance outstanding £10,000 :)

    LL
    Mortgage Balance £0
  • Lexi-lu
    Lexi-lu Posts: 173 Forumite
    Photogenic First Post Combo Breaker First Anniversary
    Hello

    July update - £2,000 mortgage payment

    LL
    Mortgage Balance £0
  • SuperSecretSquirrel
    SuperSecretSquirrel Posts: 1,045 Forumite
    First Post First Anniversary Name Dropper Photogenic
    Your mortgage is not long for this world! What will you be doing once it's gone? :)
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