Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Kittenkirst
    • By Kittenkirst 5th Feb 16, 10:35 AM
    • 1,898Posts
    • 10,193Thanks
    Kittenkirst
    Getting a mortgage and then becoming mortgage-free!
    • #1
    • 5th Feb 16, 10:35 AM
    Getting a mortgage and then becoming mortgage-free! 5th Feb 16 at 10:35 AM
    Hi all!
    So from my title you may have guessed I don't yet have a mortgage, however I am hoping that will all change within the next few weeks.
    I will then start on overpaying the mortgage and really penny pinching to try and reduce it down as much as possible!

    I'm hoping this is alright to start my diary in here? :-)

    The story so far, my lovely girlfriend and I have been discussing getting a place together for some time. We started looking at houses (al very small and far from her parents- which is a no-no, we want to be close to them to visit regularly). Last weekend we went to see a new build development and fell in love with a house- less than 2 miles from her parents, perfect size for the two of us and within our budget (from getting mortgage in principle information and confirming monthly payments were well within our budgets).

    Sooooo we took her parents round for their seal of approval, spoke with an agent we know through the family about pertinent questions to ask, did lots of number crunching and then placed a reservation.....

    ....so we've now got paperwork from solicitors re the conveyancing etc and paperwork from the mortgage advisors to sort out this weekend.
    We have re-jogged our budget to ensure we had the deposit in savings by end of Feb (we thought we'd have a few months before we found anywhere) so are ready to almost hand over 18500 :O

    I have agreed to move into her parents house and pay rent in mid March to prevent paying rent, bills and food (will save an extra 500 a month) so we should be in a good position for when the house is ready September/October time!

    Does anyone have any hints or tips so far?

    Our brokers/solicitors are ones recommended by family who've used them and really recommend them and we've sense checked the rates the solicitors charge to ensure its competitive.
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
Page 60
    • ch4rly2002
    • By ch4rly2002 31st Jan 18, 9:23 AM
    • 358 Posts
    • 1,508 Thanks
    ch4rly2002
    Great news about the amount of capital coming off. I love that you overpaid more than the interest so your entire regular payment came off the capital amount

    I've had braces, twice, and my top tip would be that if they don't give you a retainer (usually one to sleep in), pay to have one made. The dentist kept putting off making my retainer and in a very short period of time my problem tooth moved right back into its old position and I had to have braces for a second time, followed by a strip of metal permanently glued to the back of my top row Had I know, I would have paid to see a dentist privately and got the retainer made sooner.
    Savings: Aim 13.5k. Dec 2016 1,700 / Feb 2018 12,350
    Mortgage: Dec 2014 -216,000 / Mar 2018 -191,390
    BTL Mortgage: Dec 2014 -136,000/ Feb 2018 -123,400
    CC 0%: Nov 2016 -4,500 / Feb 2018 -3,368.27
    Loan to In-Laws: Sep 2010 -48,185.82 / Mar 2018 -30,065.49
    Student Loan: March 2011 -18,275.04 / April 2017 -14,003.85
    • edinburgher
    • By edinburgher 31st Jan 18, 10:19 AM
    • 11,148 Posts
    • 59,854 Thanks
    edinburgher
    Hi Kittenkirst - how does Shopmium work? They look to have some great offers for those of us who are coffee addicts
    • michelle09
    • By michelle09 31st Jan 18, 7:37 PM
    • 786 Posts
    • 4,367 Thanks
    michelle09
    Haha, my OH is ridiculous about it. He comes home from work to the cat and I sprawled across the bed and then neatly tries to work his way into a space. I just kick them both out of the way!

    Seems like important splurging though, can't get too bogged down about that. Especially with a holiday coming up.
    • Kittenkirst
    • By Kittenkirst 1st Feb 18, 12:05 AM
    • 1,898 Posts
    • 10,193 Thanks
    Kittenkirst
    Hi EDinburger- Ive sent you a message about Shopmium- I have an iPhone and it works great on that

    Michelle- that sounds very familiar- I usually end up only half covered by my duvet. On many occasions.

    Last night Oscar brought in a bird wing- it was huge and not sure what happened to the rest of the bird (rip little feathery friend) :O

    Ive had some bonuses added to Prolific so it reached 5.41 which IVe cashed out to OP next week and get February off to a start.

    Charley- chatting with my dentist yesterday Im going to have a bonded wire at the back anyways and a mouth retainer for night- she said she wants to be Super secure about it to make sure it stays put. IVe got used to wearing the night retainer on my bottom teeth already (it seemed the issues with grinding my teeth and cheeks was stress related, which fits with the build up and then time off work, so wearing the retainer stopped it!)

    Very busy day at work today but I made it to the gym and have been good with my eating too so feeling like a good day today
    Last edited by Kittenkirst; 01-02-2018 at 12:07 AM.
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • ch4rly2002
    • By ch4rly2002 1st Feb 18, 9:22 AM
    • 358 Posts
    • 1,508 Thanks
    ch4rly2002
    Did she say how long you have to have the bonded retainer on for? My dentist said it would be on forever Mine is on my top teeth, which I hear is unusual as they usually put them on the bottom, and it causes me so much grief. I'm constantly getting cuts and ulcers on my tongue, I can't eat anything like raspberries as the seeds get stuck in the gap and it makes eating crusty bread etc. a no-no. I'd like to look into other options but every dentist I've spoken with has been pretty rubbish. I even drove to Melton Mowbray once for a private orthodontic appointment and the guy was good (he reattached the wire where it had come loose) but he wasn't interested in seeing me on a private basis and it was too far to travel for normal check ups It sounds like you have a good one there.
    Savings: Aim 13.5k. Dec 2016 1,700 / Feb 2018 12,350
    Mortgage: Dec 2014 -216,000 / Mar 2018 -191,390
    BTL Mortgage: Dec 2014 -136,000/ Feb 2018 -123,400
    CC 0%: Nov 2016 -4,500 / Feb 2018 -3,368.27
    Loan to In-Laws: Sep 2010 -48,185.82 / Mar 2018 -30,065.49
    Student Loan: March 2011 -18,275.04 / April 2017 -14,003.85
    • Kittenkirst
    • By Kittenkirst 1st Feb 18, 11:19 PM
    • 1,898 Posts
    • 10,193 Thanks
    Kittenkirst
    Im having it on the top too! :/

    The dentist is fab in honesty, shes related to my gf (through marriage on her aunties side so will be at the Italy wedding) and has been great all the way through. I like that she;s very cautious but am a little worried about crusty bread- Ive been so looking forward to eating Toasties again

    I called Clydesdale today to see what rates they would offer us to remain with them- they have a 3 year deal for 1.64% thats almost half our current rate!!! Have taken all the details, number crunches against the other providers and think this is the best. Will work through it with gf this weekend and see if shes happy with it. If so its 499 arrangement fee but will be paying 700 a month instead of 810!

    Not sure if they will shorten the term- thatll be a question to ask them tomorrow I guess as we are comfotabke paying the 810 a month plus OPs so could just keep it at that level. Something to find out!

    Gym (treadmill HIIT & chest/back weights) & yoga completed this evening then popped to a friends to meet their new cat (adorable!) but yoga again at 7am so should probably try and settle down for bed really!
    Last edited by Kittenkirst; 16-02-2018 at 4:58 AM.
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • themadvix
    • By themadvix 2nd Feb 18, 7:50 AM
    • 1,717 Posts
    • 10,036 Thanks
    themadvix
    That's a great rate KK! Don't see why they wouldn't be happy for you to shorten the term as you're paying that much already, although, who knows with their weird affordability checks these days!
    OPs 2018 = 2090
    Moving savings = 636.46
    OPs 2017 = 3103
    Starting balance 2012: 132000; balance Jun 2018: 92,000
    MFW2018 no. 38
    • ch4rly2002
    • By ch4rly2002 2nd Feb 18, 9:08 AM
    • 358 Posts
    • 1,508 Thanks
    ch4rly2002
    You've definitely got a good dentist there I'll look into my options when I get back to Nottingham (It might just be a case of having it redone so it fits better and aren't as many gaps for things to get stuck in).

    1.64% is a great rate One thing I would say is that it would be worth giving London and Country a ring before you accept. They did the sums for us and because we had a 'small' mortgage (200k) and were looking for a shortish term (3 years) it was more cost effective to take a slightly higher rate with no fee. If you call them they can run the numbers for you - Clydesdale is one of the banks they include in their services.

    Regarding term, I asked London and Country if there was any real difference in shortening the term and overpaying, and in our case the impact would be the same but if we kept the same and overpaid we would have the security of being able to go back down to the cheaper mortgage amount if needed. This becomes an issue though if you want to overpay by more than 10% (ours was 10% of the outstanding mortgage amount at the beginning of the year, not 10% of the monthly payment).

    Lots to think about but I'm sure you will manage to find the best deal
    Savings: Aim 13.5k. Dec 2016 1,700 / Feb 2018 12,350
    Mortgage: Dec 2014 -216,000 / Mar 2018 -191,390
    BTL Mortgage: Dec 2014 -136,000/ Feb 2018 -123,400
    CC 0%: Nov 2016 -4,500 / Feb 2018 -3,368.27
    Loan to In-Laws: Sep 2010 -48,185.82 / Mar 2018 -30,065.49
    Student Loan: March 2011 -18,275.04 / April 2017 -14,003.85
    • michelle09
    • By michelle09 4th Feb 18, 5:31 PM
    • 786 Posts
    • 4,367 Thanks
    michelle09
    Wow, nothing like a significant drop in the monthly payments. We have ours set to reduce the monthly payments - we have unlimited OPs so that's never an issue - which means the minimum commitment is as low as possible. You never know what life will throw at you. But reducing the term does bring the end date closer!
    • Kittenkirst
    • By Kittenkirst 10th Feb 18, 7:40 PM
    • 1,898 Posts
    • 10,193 Thanks
    Kittenkirst
    Hi all!
    Been a bit missing in action the last week or so- have been a bit waylaid with the rhythm of Work, gym, yoga, eat, sleep & repeat

    I contacted L&C but they couldnt offer a better deal with Clydesdale and all the others didnt compare to the rate of 1.64% so I did the online application to change Mortgage products and the paperwork came today saying accepted. I now need to read through it all and work out what exactly that means and next steps but its promising to say the least

    1.64% would drop our monthly interest from around 410/month at the moment to 230 (from my rough calculations)- that is HUGE! So so glad we have been overpaying and that the house value has gone up giving us a boost in our LTV. Just have to check whether we need to do a valuation or not too and pay for that.

    Had a lovely day today- yoga intermediate session at 10am and gf met me in town after for a bit of a walk and mooch- we used our free Starbucks reward to share a large almond latte with caramel- was delicious and low calorie. We also cheekily got to sample a bit of a cinnamon sugar pretzel and Krispy Kreme doughnuts whilst wandering through the shopping centre!

    Then we came home, I changed the beds and cleaned the bathrooms whilst gf rustled up a lovely chicken kheema to have for tea tonight. We then went to the gym and had a fab workout- it was lovely and quiet. Now time to settle in for the ghost in the shell on sky movies with homemade kheema.

    My eating has been pretty good and I have had fizzy pop on two occasions so far this year- better than a can every evening I had started to do habitually. The gymming and yoga is also working well and my weight has dropped to 62.5kg so a few more to go for goal weight and I;m feeling a bit happier about my figure

    A few small OPs this month- 18.21 so far, however it is pay day next week so will do our normal 189.80 OP (makes it 1k Mortgage payment/month) and then will OP the council tax of 130 as we dont pay it again in March.
    Prolific has been so quiet- Im struggling to get breaks at work at the moment so when I do get to check there are no surveys. Will keep checking daily.

    Still checking free postcode lottery when I remember, looking at the cashback apps for our grocery shopping and doing the Zizzi wheel to build points. I;ve started doing the Quidco Cupid game too the past few days as well- gotta be in it to win it!

    Matched betting has taken a back seat- want to try again but need to make time to sit and work it out again- I will get back on it soon I promise!
    Last edited by Kittenkirst; 10-02-2018 at 7:42 PM. Reason: Punctuation messing up once published
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • newgirly
    • By newgirly 10th Feb 18, 7:48 PM
    • 6,328 Posts
    • 43,785 Thanks
    newgirly
    That's a great drop in interest costs KK
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,319 4yrs left. Total owed 48,358 plan to clear in 14 months
    • Kittenkirst
    • By Kittenkirst 10th Feb 18, 11:11 PM
    • 1,898 Posts
    • 10,193 Thanks
    Kittenkirst
    It is indeed NewGirly!

    Ive now read through all of the paperwork and they have provided the offer and have valued our home at 202k (12005 more than we paid )

    Our Mortgage sits at 161,500 so we hit the LTV for the 1.64% hurray! There is an option to switch to the new deal ASAP (as theres now less than 3 months until it ends) so we will sign in the morning and get it posted off, hopefully meaning we can benefit from the lower rate from March onwards

    In other news our friends who have bought on our development have put their house up for sale last Friday- asking price 215k and it has sold (I darent ask if they got full asking price) but thats very exciting for them. They want a bigger home as planning for kiddies. Will be sad for them to leave as its nice having someone we know on the estate

    IVe not really read any diaries in the last week or so, so Im going to go and have a read and catch up with other mfwers
    Last edited by Kittenkirst; 11-02-2018 at 5:01 PM.
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • Kittenkirst
    • By Kittenkirst 11th Feb 18, 5:07 PM
    • 1,898 Posts
    • 10,193 Thanks
    Kittenkirst
    Is anyone else finding their apostrophes are being turned into gobbledegook on here at the moment- have to keep editing my posts!

    Anyways, lovely day today started with some fresh coffee (bought using Shopmium and tastes delicious) with our daffodils starting to open. Cleaned up some more of the house so now the kitchen floors is all moped and buffed so looking lovely. Made a delicious brunch of Columbian eggs (Ive seen it called shashuka before too) with a toasted mini wrap. We then went to the almost deserted gym where I smashed a 7km run gf did a 6km which is uber impressive as shes never really liked running and has only just pushed it up recently.

    Popped to aldi for some eggs, flour and turkey sausages as we are making a BBC Good Food low fat toad in the hole recipe for dinner with the brocolli & carrots that are a little bendy in the fridge!

    Currently snuggled in the sofa with a blanket and Hugo watching pirates of the Caribbean. What a perfect Sunday.

    Little OP of 5.37 to tilly tidy the joint bills act this morning and another of 3.96 after Aldi- to try and keep some movement on the mortgage- little by little, inch by inch we will get there!
    Last edited by Kittenkirst; 11-02-2018 at 8:51 PM.
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • A Frayed Knot
    • By A Frayed Knot 12th Feb 18, 12:11 AM
    • 2,395 Posts
    • 10,731 Thanks
    A Frayed Knot
    Is anyone else finding their apostrophes are being turned into gobbledegook on here at the moment- have to keep editing my posts!
    Originally posted by Kittenkirst

    Not quite apostrophes, but strange going ons.

    First I was thrown off MFW said my password was 977 days old and had to change it ???then couldn't /still can't get onto one of my bank accounts
    then tried to quote your last post - and it came up with about 4 of your posts ???
    and checked my mortgage balance - I have mortgage plus 1 sub account and they don't tally up
    but in my favour of around 1.50 (ish) I'm sure they will correct that as soon as.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 18 months 6/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • ch4rly2002
    • By ch4rly2002 12th Feb 18, 4:49 PM
    • 358 Posts
    • 1,508 Thanks
    ch4rly2002
    Well done on the huge drop in interest, that's amazing! Are you going to do as I did and keep the mortgage payment the same so that it overpays the additional interest you have been paying?
    Savings: Aim 13.5k. Dec 2016 1,700 / Feb 2018 12,350
    Mortgage: Dec 2014 -216,000 / Mar 2018 -191,390
    BTL Mortgage: Dec 2014 -136,000/ Feb 2018 -123,400
    CC 0%: Nov 2016 -4,500 / Feb 2018 -3,368.27
    Loan to In-Laws: Sep 2010 -48,185.82 / Mar 2018 -30,065.49
    Student Loan: March 2011 -18,275.04 / April 2017 -14,003.85
    • Kittenkirst
    • By Kittenkirst 12th Feb 18, 10:16 PM
    • 1,898 Posts
    • 10,193 Thanks
    Kittenkirst
    HI Charley, yes we plan to from April onwards with a two month break sept/October for whilst we are away.

    We are going to wait until April as that gives us two pay days to reduce gfs credit card and for me to pay for my share of the flights- we!!!8217;ll pay our council tax as an OP and make a token payment (like 90) each month still until April.

    Paperwork is signed and in the post- yay! So very very pleased.
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • MichaelDH
    • By MichaelDH 13th Feb 18, 1:38 PM
    • 119 Posts
    • 532 Thanks
    MichaelDH
    It is indeed NewGirly!

    Ive now read through all of the paperwork and they have provided the offer and have valued our home at 202k (12005 more than we paid )
    Originally posted by Kittenkirst
    Hi KK

    Just attempting to catch up on your diary!

    For the remortgage, did you get a valuation done, go with your own estimated valuation, or did bank just go off the index valuation?

    I really need to start thinking ahead to our remortgage around June time so need to look in to how it works. As you know we've had to do a lot of work so I'm thinking the process will be different for us due to the increased value... We paid 188k in August 2016, ours is now up to standard of next door (better in my opinion ) and theirs was valued at 280k around September.

    We had planned to take out most of the equity to fund extension but I'm having second thoughts now (don't think I've got the energy for another project for the time being) so may just remortgage for a year.

    Our mortgage should be around 160k in June, and providing valuation is at least 260k, two year fix is 1.59% with the Coventry. Haven't checked rates anywhere else yet. We are currently on 2.45% but that shoots up to a huge 4.99% unless we remortgage
    Starting Balance August 2016: 170,199.00 | Current Balance (4th October 2017): 164,720.53
    OP's to date (starting August 2017): 906.58

    Target: Balance below 160,000.00 by June 2017
    • Kittenkirst
    • By Kittenkirst 14th Feb 18, 10:59 PM
    • 1,898 Posts
    • 10,193 Thanks
    Kittenkirst
    Hey MichaelDH

    So when I completed the online request for the new deal I put in the house value of 210k. This was based on zoopla showing 215k and our friends house going on the market at 215k and me being cautious rounded down to 210k.

    When the Mortgage offer paperwork came through it said 202k so I assume they!lve used something else to value it. Luckily we didnt have to pay for the valuation!

    Small op of 3 made today as Pinecone survey credit cleared

    Payday is tomorrow so we will shuffle our funds. An OP of 130 for the council tax free month will go tomorrow, alongside our rounding up of 89.80

    Oh how I love the payday shuffle!!
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • shangaijimmy
    • By shangaijimmy 15th Feb 18, 8:21 AM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Great new rate and payment drop. It really makes the 12 months of budgetting and OPing worth it and momentum takes a significant surge (I remember the excited feeling too).
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • MichaelDH
    • By MichaelDH 15th Feb 18, 1:27 PM
    • 119 Posts
    • 532 Thanks
    MichaelDH
    Hey MichaelDH

    So when I completed the online request for the new deal I put in the house value of 210k. This was based on zoopla showing 215k and our friends house going on the market at 215k and me being cautious rounded down to 210k.

    When the Mortgage offer paperwork came through it said 202k so I assume they!lve used something else to value it. Luckily we didnt have to pay for the valuation!
    Originally posted by Kittenkirst
    Thank you! That makes sense, sounds like they've used the UK house price index.

    We will need a valuation because of adding value. Just had a quick look on Zoolpa, it's showing 210K which is 22k more than we paid, not bad at all!

    Had a quick look at mortgages last night, some of the fees are shocking, though did find a couple for 999 with free valuation and legal fees included. Just hope nothing major happens with the rates between now and June! Will speak to our broker about possibility of switching sooner once we've decided on extension plans etc.
    Starting Balance August 2016: 170,199.00 | Current Balance (4th October 2017): 164,720.53
    OP's to date (starting August 2017): 906.58

    Target: Balance below 160,000.00 by June 2017
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

292Posts Today

3,901Users online

Martin's Twitter