Paying off your mortgage....

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Lewberry pie said:
Fuck sake man I was taking the piss, won't you let me live a little @AndrewP won't you let me live!!!
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I'm sorry, I forgive you, I thought you were seriously trying to tarnish the outstanding reputation Mackem00 has worked hard to achieve on these message boards there mate.

He spends more than £900pm in The Board Inn anyway, so it's all relevant.
 
PTR said:
Bought a new house last week - deliberately on a 15 yr mortgage. Want to be free and clear asap
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I did a remortgage to 15 years on one of mine as I couldnt bare it to be 25 years again.

down to 7 years on it I think now after I managed to do a couple fo lump sums
 
Epping said:
I did a remortgage to 15 years on one of mine as I couldnt bare it to be 25 years again.

down to 7 years on it I think now after I managed to do a couple fo lump sums
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The lump sums are the secret like - just paid a canny lump off ours, shortens the term dramatically
 
Epping said:
I did a remortgage to 15 years on one of mine as I couldnt bare it to be 25 years again.

down to 7 years on it I think now after I managed to do a couple fo lump sums
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Had it down to 13, so thought 15 was reasonable. 2 more years of having to work. Mind, this new mortgage is 3 times more per month than the old one :(
 
Epping said:
I did a remortgage to 15 years on one of mine as I couldnt bare it to be 25 years again.

down to 7 years on it I think now after I managed to do a couple fo lump sums
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Mine started off at 30 years, seemed like forever away that one like. :lol:
 
Epping said:
but you have to make sure you keep the payments the same or over to make the real difference
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We can't make monthly overpayments so its a fixed payment then once a year we can make a lump sum payment off the capital - makes a canny difference
 
Lambchops said:
We can't make monthly overpayments so its a fixed payment then once a year we can make a lump sum payment off the capital - makes a canny difference
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I pay the interest and then I do £400 every fortnight as capital payments. If I've flush I up it to 5 or 600 every fortnight when skinter I drop it down
 
Epping said:
only ever had 25 year ones.

missus has an endowment due to pay out next month too. with any luck it might be nudging 40k although at the time of taking out it was to give 50K +
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Apparently, more people are going for longer term mortgages now, 35 is common, sometimes 40. Probably more common down south like. I was 30 when I took out the 30 year one so I thought it seemed like a decent starting point.

Lambchops said:
We can't make monthly overpayments so its a fixed payment then once a year we can make a lump sum payment off the capital - makes a canny difference
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I can make over-payments (max 10% of original loan) as often as I want, but any over-payment over £1k at a time triggers a payment reduction. Easy enough to just send them over in multiples of £999 to avoid that.
 
AndrewP said:
I'm sorry, I forgive you, I thought you were seriously trying to tarnish the outstanding reputation Mackem00 has worked hard to achieve on these message boards there mate.

He spends more than £900pm in The Board Inn anyway, so it's all relevant.
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Thanks mate. I'm just please my hard work hasn't gone unnoticed tbh.
 
Epping said:
I pay the interest and then I do £400 every fortnight as capital payments. If I've flush I up it to 5 or 600 every fortnight when skinter I drop it down
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Yay can't claim to be skinter when you're hoying £400 a fortnight on a 2nd property and are considering another house move and another £300k mortgage :lol: I'd love to be that skint!
 
tunstallhill said:
whats these endowments people are on about?
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It used to be popular to pay the interest and then invest what would more traditionally be used as capital repayment. The idea being the investment (endowment) would mature at term and cover the original loan amount and (hopefully) more. Many turned out to not even cover the original loan amount.
 
Brexit said:
Yay can't claim to be skinter when you're hoying £400 a fortnight on a 2nd property and are considering another house move and another £300k mortgage :lol: I'd love to be that skint!
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thats a fair point.. I have dosh but its all tied up and while I can I'm reducing debt to make it more comfortable in a few years and I no longer need to graft

to be fair if I did another move I'd probably finance it by selling a 2nd property so that I wouldnt have a mortgage or a small one at that.

maybe have an annexe I could rent out on airbnb or something
 
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