#56

Not that I have seen but I created one which shows the monthly repayment per month depending on term, length of fix and whether or not you pay their fucking dogshite arrangement fee.

1 Like
#57

Got 3 years before I look into switching for the first time and I’m dreading it already. Fucking 3 years away.

#59

You’ll save a tens of thousands in interest and not have any payments to worry about when you are older.

I’m really adverse to debt as my parents had huge debt worries when I was younger, and id rather not give banks unnecessary money.

Luckily we’re in a position when we can overpay/use an offset.

We’re currently ten years in and I’m hoping we’ll be paid off in another five, or at least the offset means paying no interest. I know that sounds incredibly boring and privileged.

2 Likes
#61

That is understandable. Think I see it as wanting to enjoy the now, way I see it is my payments are manageable now, inflation is reducing the value of the capital, the long term interest rates will go down as I enter new equality thresholds, and overtime I am bound to get a pay rise or two (lucky to be quite confident I have secure employment), so it will be even more manageable in future.

Doing it young and getting it paid off early is definitely the thing to do but feel I’ve missed that boat

#62

That’s true also, but having an offset is the best of both worlds. If I want to buy myself something I can.

1 Like
#63

talking of…

#64

I’m off to the kitchen guys. Anyone want some pringles?

#65

I took the call in the end. 1h21m.

Rate has gone down substantially and have gone the overpayment route which if I keep going means I have just shaved 8y4m off my mortgage! What a fucking party!

4 Likes
#66

I know owe the bank less than £100k, feels like an achievement but still that’s a lotta work days left.

1 Like
#67

Renewing terms on our mortgage in late April, getting the kitchen done in March.

Is there any point getting the house valued after getting the kitchen done in order to get some sweet, sweet LTV benefits or is it all much of a muchness wrt interest rates in the end

#68

will just be a drive by valuation wont it :confused: cant see it making much of a difference imo

1 Like
#69

Renewing in June, bored just thinking about it. Feels like it should be a good time to renew given that interest rates are so low?

#70

I renewed back in October and the lenders were under-valuing stuff because of the uncertainty in the housing market in the next few years, even though the housing market now (at least then) was on the up. Ended up having to put another £12k into the mortgage to get the LTV to the point where we weren’t shafted with a shit rate.

Great stuff.

#71

The rule of thumb I heard is that ‘upgrades’ like a new kitchen or new bathroom will add on 50% of the cost of the work to the value of the house. No idea if that’s reasonable or bollocks, but would imagine that a kitchen upgrade might give you a little bit of extra value in terms of real life/sale value, but I don’t think you’d really see it come through in terms of a mortgage valuation, especially to move you to a different LTV bracket unless you’re literally on one. But if you renew your mortgage they may do a valuation anyway so you’ll have to see.

1 Like
#72

Hmm. We only bought two years ago and the flat upstairs just sold for a significant mark up on what they paid for it 4 years ago, but I imagine the mortgage lads work on an entirely different plane of logic in which my flat is now fundamentally worthless.

#73

I (a person who has had the same mortgage for around 9 years now) began to feel the soul crushing horror dissipate when about 3 years into our mortgage the market value of our flat had risen by 33%* whereas the mortgage rate was 2.3%

*market values can go down as well as up - but Stockholm has an acute shortage of supply and a very high demand

#74

I brought a keg of sensible financial planning, WHO WANTS A BREWSKI!?!!?

#75

That was our two year renewal too. Zoopla valuation was £415k-£435k. Three different lenders offered at £385, even after an in person valuation. And we’re in one of the better houses in the postcode too.

Yep

#76

It’s still on the up now.

#77

It’s like PC hardware: unless I’m about to spend a load of money on something essential, I’m not keeping up with it