7 years remaining, lets do it in 5!

2

Comments

  • fatrab
    fatrab Posts: 1,231 Forumite
    Received paperwork from mortgage advisor and have returned it along with all the requested paperwork so will just need to wait and see if I'm accepted. If not I do have a plan B. Sort of...

    What's the worst that could happen?? :huh:
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • fatrab
    fatrab Posts: 1,231 Forumite
    I've now sold the car and the HP has been cleared. I've got enough left over to add to savings and pay off the loan, so it leaves me in a position where I will be able to make significantly more overpayments than the allowed 10% to the mortgage.


    Which leaves me wondering if a 5 year fix is definitely the right thing to go for?
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • fatrab
    fatrab Posts: 1,231 Forumite
    Made the first overpayment in quite a long time to the mortgage today - £1670.20.


    Remaining balance £61162.22


    If everything goes to plan I should have it under £60k by end of June and down to around £55k by the time the re-mortgage is due to take effect.


    :)
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • fatrab
    fatrab Posts: 1,231 Forumite
    Just a little update, re-mortgage has been approved for a maximum of £58,000 fixed at 2.14% for 5 years with a 7 year term.


    So all spare cash will be thrown at the existing mortgage between now and October and hopefully I won't need to borrow the full amount.


    Will update this thread as things progress :)
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • Moneyfordreams
    Moneyfordreams Posts: 2,442 Forumite
    First Anniversary Name Dropper First Post
    Thought I'd say Hi over here too... :D
    Mortgage restart June 2018 £119950Re mortgage August 19 £110470, … Mortgage November 22 £85600 final 0% CC 3300Home renovations - £65000, mid 2018 - mid 2022
  • fatrab
    fatrab Posts: 1,231 Forumite
    edited 10 July 2018 at 9:25AM
    Just another wee update, current mortgage dropped below £60k last week when the July payment was applied so I'm very happy with that. Due to a slight change in circumstances I won't be making any further overpayments so currently on target for the £58k in October.


    Ticking along nicely :)
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • fatrab
    fatrab Posts: 1,231 Forumite
    Not posted for a while so thought I better pop up an update!


    Current balance is down to £57,974 so perfectly on target for the re-mortgage to happen this month. I have made a slight change though.


    I've re-mortgaged over 10 years instead of 7. I'm still planning to pay everything off in 5 years, I'm just going to go about it differently. I'm setting up a regular overpayment so that I hit my allowed 10% each year and I will have the funds available at the end of year 5 to clear the debt, I just need the monthly payment to be lower due to a change in circumstances and reduction in take home pay. Annoyingly this should only be the case until the next project starts, but there's no guarantees in the construction industry so I had to make the decision based on my current situation.


    Still, mortgage free before my 50th will be a massive achievement. :)
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • FunLovinCriminal
    FunLovinCriminal Posts: 456 Forumite
    First Anniversary First Post
    Good morning

    Just read your thread - I admire you.

    We have 72k left, to pay in 9yrs, but would love to pay it in 7, when we will both be 50.

    However, with two young children and OH made redundant, this looks like a dream rather than your reality.

    Keep up the great work
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
  • fatrab
    fatrab Posts: 1,231 Forumite
    Just a little update, my lawyer called yesterday to confirm everything is ready to be processed on Friday. There was a shortfall which I was expecting totalling £360 so I paid that yesterday directly to the lawyer.


    So come Friday the main part of my 5 year plan will be in motion! :)
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • Kittenkirst
    Kittenkirst Posts: 2,563 Forumite
    Photogenic Name Dropper First Anniversary First Post
    Great news :) I'm working to make sure we're mortgage clear as soon as possible but we're only two years in so significantly far behind your journey. Makes inspiring reading though :)
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
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