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
    • 1,897Posts
    • 10,183Thanks
    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 57
    • ch4rly2002
    • By ch4rly2002 12th Jan 18, 9:32 AM
    • 358 Posts
    • 1,508 Thanks
    ch4rly2002
    I'm sorry to hear about your brother, but with a sister like you he's in good hands! I think the museum is a great idea, like you said it will change the focus for a bit as I'm sure it's on his mind all the time at the moment. Good advice to give her space and then talk when she's feeling more like her usual self, I hope it works out ok.

    You're a braver woman than I am... Kettlebells and yoga in one night

    How's the fleabay going?

    Hope kitties are ok x
    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
    • MichaelDH
    • By MichaelDH 12th Jan 18, 1:46 PM
    • 119 Posts
    • 531 Thanks
    MichaelDH
    Hi MichaelDH, nice to Ďseeí you on here

    Target for this year is a nice round £3000- which means £250 a month which is quite steep for us (especially as we started Overpaying we were aiming For £80!

    Howís your house and everything going?

    Iíve started this year by a renewed effort on Prolific- I have £18 awaiting approval so far and have had £3 on pinecone.

    The mortgage rate runs out in April so I need to call The bank and see what rate they will offer us
    Originally posted by Kittenkirst
    Hey

    Wow £3k is a great target! I'm sure you can do it, especially now some of your furniture is paid off. It's amazing how even little amounts add up over the year. I think Drew and I should sit down in the coming weeks to try and come up with a sensible target too. Definitely need to get surveying again!

    House has taken a giant leap forward this week, we've had flooring and new skirting/architraves fitted in living room/dining room and hall - looks amazing, so pleased! Still some painting to do and of course the skirting will need glossing and we will get new doors fitted some time next month, but feel like we are finally getting somewhere. Have ordered some furniture for downstairs, dining table, a side board, and a high board unit. Blew the budget a little (£3k ) but will definitely make the place feel more homely and we can start to enjoy what we've worked so hard for over the past 17 months. Still got to order our new sofa too, that will be a job for the weekend.

    Our mortgage renews in June/July. Need to log in and check the balance, would still love to get it to below £160k so will have to see how far off we are. Aiming to have the house as finished as possible by May and then get some valuations done. Still thinking about house extensions but I'm a little worried about what will happen with the property market and house prices so being cautious...

    How are the boys doing? It's Oscar's 1st birthday today. We will treat him to some new toys over the weekend. Someone we know is expecting a litter of Cockapoos over the weekend, we are considering having one of the puppies so that's exciting
    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 12th Jan 18, 9:31 PM
    • 1,897 Posts
    • 10,183 Thanks
    Kittenkirst
    Student loan finally paid!!
    So what started as an average Friday turned into quite a momentous occasion!

    Called the Student Loan Company as I have paid the last three instalments by DD and wanted to check what the final one would be, the lady who answered was very confused and had to get the account triple checked as it appears I!!!8217;ve overpaid and am due a small refund of £126!

    She!!!8217;s getting it checked again for me but if it!!!8217;s correct I!!!8217;ll get a refund in 15 days!

    This means that it was actually cleared in 2017 and I will be £98 a month better off from January. Hurrah!!
    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 Jan 18, 11:08 PM
    • 2,393 Posts
    • 10,718 Thanks
    A Frayed Knot
    !
    AFK - there's loads of yoga videos on Youtube: you could always try one of them as a taster. DH and I enjoy Yoga with Adriene and Boho Beautiful. I'd love free yoga classes!
    Originally posted by themadvix
    Thanks for that, Had a quick look, not sure if I was extremely tired or yoga relaxes you so much I could feel myself drifting off for a snooze.

    If it does relax you then I think I've hit the jackpot . . . maybe just the medicine I need to lower my (extremely hughmungus /GP - never known anyone as high as mine) BP as the conventional methods do not work on me apart from a lengthy spell off work
    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

    • A Frayed Knot
    • By A Frayed Knot 12th Jan 18, 11:11 PM
    • 2,393 Posts
    • 10,718 Thanks
    A Frayed Knot
    Lovely surprise and bonus if you have already paid off your student loan without even knowing it

    o/p's or extra spending holiday money, whatever you decide - it will get put to good use.
    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

    • wishingthemortgaheaway
    • By wishingthemortgaheaway 13th Jan 18, 6:58 AM
    • 1,452 Posts
    • 6,858 Thanks
    wishingthemortgaheaway
    Hi Kitten,

    I had a bit of an issue with the Student loans company when I'd paid off my loan. I cleared the balance in the June. They took the July payment from my salary, so I knew I was due a refund. Summer holidays happened, then I fell pregnant and suffered from severe sickness so never got round to ringing them to claim the refund. Decided to just let it sit there until the April when they generate the annual statements. The following August (a year after I'd paid off my loan) I get a letter saying I was due a refund. Ring them up, refund was considerably more than I thought it was (expecting about £100, was nearly £300) lovely I thought.
    Fast forward another year and I get a letter saying 'HMRC have reviewed your student loan contributions and you have around £200 owing on your account' - I didn't think my refund was right.

    My advice, in your case would be, work out how much you think the refund should be, don't accept a penny more. Or wait (probably 2 years it seems) until the SLC have got all the info from HMRC.

    It's money you weren't expecting, so just leave it sat there a bit longer.

    I overpaid my tax whilst on Mat leave, and all bar £30 of my tax refund ended up being sent back.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • CathT
    • By CathT 13th Jan 18, 9:45 AM
    • 5,583 Posts
    • 38,872 Thanks
    CathT
    Holiday sounds fantastic! Fab news on clearing your student loan too, my end date is years ago and I can!!!8217;t wait! What will you do with the extra money?
    June 2018 -
    part 1 - £77,571
    part 2 - £45,272
    Total - £122,843
    • ch4rly2002
    • By ch4rly2002 13th Jan 18, 10:02 AM
    • 358 Posts
    • 1,508 Thanks
    ch4rly2002
    That's amazing, well done! Still £14k left on mine so I can only imagine how good it feels. Enjoy the extra £98!
    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 13th Jan 18, 10:41 AM
    • 785 Posts
    • 4,324 Thanks
    michelle09
    Hooray! That's wonderful news on the student loan. My degrees were all sponsored but I am watching OH's come down slowly. It's actually a higher interest rate than our mortgage!

    Hopefully the refund comes through easily, have heard that it's not that easy to finish paying. But at least you can cancel the DD?
    • themadvix
    • By themadvix 13th Jan 18, 11:43 AM
    • 1,717 Posts
    • 9,982 Thanks
    themadvix
    Great news on the student loan!

    And hope you have a good time with your brother over the weekend and are able to help him.
    OPs 2018 = £2090
    Moving savings = £636.46
    OPs 2017 = £3103
    Starting balance 2012: £132000; balance Jun 2018: £92,000
    MFW2018 no. 38
    • Kittenkirst
    • By Kittenkirst 13th Jan 18, 1:29 PM
    • 1,897 Posts
    • 10,183 Thanks
    Kittenkirst
    Thanks everyone the £98 will be put towards paying off the braces first, then the holiday. After that I think it will be split to saving half and putting up my pension contributions

    Luckily I had read some one ago that before you finish the student loan to contact them to pay directly- if they continue to deduct from your salary you overpay by an awful lot. So now it!!!8217;s all finished I have cancelled the DD my end this morning.
    With regards to the refund; it seems odd that it!!!8217;s so much as I thought I had £13 left to pay so am taking it with a pinch of salt. Am just glad to be shot of it finally!

    AFK- sounds like yoga is just what you need. I find it challenging but also so relaxing and it!!!8217;s definitely helping me sleep better

    On that note I went to my first intermediate class- it was tough but I feel great however I still have DOMS in my thighs & bum from that kettlebell class on Wednesday

    Just having a little chill out time with the gf whilst watching he first episode of !!!8216;Hard sun!!!8217; and then we need to clean up the kitchen, mop the floors and get the chilli con carne (turkey mince) ready for friends coming over tonight
    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
    • JemmaBe
    • By JemmaBe 13th Jan 18, 5:31 PM
    • 227 Posts
    • 1,037 Thanks
    JemmaBe
    Hi KK,

    Stumbled on your diary yesterday, amazing how the small OPs and changes to your lifestyle have added up - well done! I!!!8217;ll pop back regularly to see how you!!!8217;re getting on, your positivity is infectious!

    Just an edit to expand, I!!!8217;ve recently got a mortgage and have this kind of monologue/tally where I congratulate myself for saving. Having read your success, I!!!8217;m going to throw that money into a mortgage payment to really see the benefit.
    Last edited by JemmaBe; 13-01-2018 at 6:05 PM.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 13th Jan 18, 6:03 PM
    • 1,452 Posts
    • 6,858 Thanks
    wishingthemortgaheaway
    With regards to the refund; it seems odd that itís so much as I thought I had £13 left to pay so am taking it with a pinch of salt. Am just glad to be shot of it finally!
    Originally posted by Kittenkirst
    If you think you only had £13 to pay, go with that figure, Hmrc are a nightmare for 'readjusting' the amounts they tell the SLC they have collected.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • Kittenkirst
    • By Kittenkirst 14th Jan 18, 10:06 AM
    • 1,897 Posts
    • 10,183 Thanks
    Kittenkirst
    Indeed wishing, Iím taking it with caution and thatís why itís being double checked again. I may ring up this week and check off the payments from my wages against their records over the phone with them to ensure itís correct!

    Iím up and dressed for yoga in a little bit- have tidied up from last night but am naughtily using the dishwasher for all but the big pans we donít use our dishwasher much as it seems wasteful when itís just the two (& two furries!)

    There is one small portion of turkey chilli left so thatís in the freezer- perfect for me when the gf is away with Work, mmmmm chilli jacket potato! Or wedges and chilli

    Quite pleased how the meal turned out and that we had a NSD as we were tempted to go to Tescoís for an avocado and extras but we resisted and they werenít missed. Two portions of lean turkey mince out of the freezer too (one was ys too- result!) so the using up the stores isnít going pretty well too.

    Did two OPs yesterday- did a tilly tidy of £11.66 to round down the joint account as itís payday tomorrow and no more spends from it. I then decided at midnight as thereís £70 left in there to OP an additional £20.
    This means our Jan OP is at £71.64 which is not too shabby pre pay day.

    Prolific surveys are slowly clicking over to approved- £14.51 now approved with £4.74 pending. Not far to get to £20 so hoping to hit that monday/Tuesday on my breaks so I can cash out and get it paid in January.

    Our fixed rate ends 30/04 so we have booked in with the Mortgage advisor for some advice over the phone and Iíve had a look at a few rates online- First Direct look very competitive as weíre after a 5year fixed deal for security. Itís 2.49% (weíre on 2.99% at the moment!) with no booking fee but Iím not sure how the valuation bit would work (weíre at 85.04% LTV at the end of this month based on the house purchase price but having a look at sales on our road the house value has increased by 11k but weíre taking that with a pinch of salt. Will have a chat with the Mortgage advisor on Friday but this looks to be a good option for us.

    (Iím also tempted to drop the term from 23.5 years (annoyingly our Mortgage was only for 19 months not 24!) to 22 years which would keep our monthly payment just below what we pay now but obviously knock some time off. Will play more with the calculators and work it out in the week.
    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
    • Downshifterella
    • By Downshifterella 14th Jan 18, 10:24 AM
    • 122 Posts
    • 778 Thanks
    Downshifterella
    Fab news on the students loan being paid off!
    Dinner sounds scrummy as do leftover options!. Always so satisfied when I can stretch things out a bit !

    Hope you have a good weekend with your brother and things with his g/f are on the mend
    Xx
    MF planning for the simple life
    • Kittenkirst
    • By Kittenkirst 14th Jan 18, 7:59 PM
    • 1,897 Posts
    • 10,183 Thanks
    Kittenkirst
    Thanks Downshifterella- today didnít quite go as planned but it was a good day.

    Started with yoga which was lovely- nice full class as itís new year so lots of newbies trying which is fab. I so want their business to be a success as Iím so enjoying the yoga itself but also the environment theyíve created.

    We then drove down south to visit the brother- he had a call from his gf yesterday apologising for the threatening messages and horrible things sheís had said, sheís needed some clothes taking over so we drove him to the hospital. She seems to be doing a lot better, still very hyper when talking and a bit confused at times, but the delusions seem to have reduced somewhat. Itís good to see her improving, and she apologized in person to my brother and I think he understands that it was the illness talking.

    He seemed much brighter after the visit and was smiling a lot more which is good to see. We took him to subway for a late lunch- it was nice and quiet in there so his social anxiety was manageable- and we had some vouchers through the door so it felt like a right treat for us all

    Weíre now home and watching ĎKirií but itís totally pulling on the old heart strings- itís a tough watch!

    Pay day tomorrow. Hurrah! Gf is away though tomorrow and staying overnight: Iíve planned yoga late in the evening and her mum made me a nice batch of dhal to have with my leftover rice (I LOVE dhal!) so itís shaping up to be a good Monday tomorrow already. Itís my first full day but Iím working from home and have some huge contracts to read through so fingers crossed it goes well.

    Looking forward to the money shuffle and some hefty (for us anyway!) overpayments dilly how excited I am about it!
    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 14th Jan 18, 9:49 PM
    • 1,897 Posts
    • 10,183 Thanks
    Kittenkirst
    Just finally tried matched betting- got the free £20 bet on coral and placed that bet also. However, I think I mixed up my !!!8216;lay bet!!!8217; and !!!8216;liability!!!8217; stake on the first bet....hoping it!!!8217;s not too catastrophic! :Z
    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 14th Jan 18, 10:00 PM
    • 2,393 Posts
    • 10,718 Thanks
    A Frayed Knot
    Just finally tried matched betting- got the free £20 bet on coral and placed that bet also. However, I think I mixed up my Ďlay betí and Ďliabilityí stake on the first bet....hoping itís not too catastrophic! :Z
    Originally posted by Kittenkirst
    Who am I to give advice, when the "rare" thing happened to me on my 1st bet, I was allowed to cancel my bet (not from Coral) the other one but as I said, who am I to give advice, have another look and read up on it and whatever - Good Luck


    Not for the faint hearted and HBP brigade
    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

    • SWSEGirl
    • By SWSEGirl 15th Jan 18, 7:27 AM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    Reading your experience (and others!) with the SLC, I'm going to scrutinise my numbers more closely....my SLC numbers are at odds with HMRC's numbers which in turn are at odds with my numbers, it's infuriating! At least we know we're close to being paid up!
    Original Mortgage as of September 2016 = £322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = £316,649
    Emergency Savings = £9,661 £10,000 £10,500 £11,200 £11463 £12,213 £13,000 £14,000 £18,000
    [/STRIKE]Mortgage OP's Total = £1500 £2200 £2900 £3900 £4900 £5900 £6900 £7900
    • themadvix
    • By themadvix 15th Jan 18, 9:26 AM
    • 1,717 Posts
    • 9,982 Thanks
    themadvix
    DH and I got great satisfaction from taking a couple of years off the mortgage term when we renewed - go for it if you can afford it!
    OPs 2018 = £2090
    Moving savings = £636.46
    OPs 2017 = £3103
    Starting balance 2012: £132000; balance Jun 2018: £92,000
    MFW2018 no. 38
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

170Posts Today

1,762Users online

Martin's Twitter