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[Field Marshal Dr. Opti]

Because of our advancing years (the old boot is 47), we took out a 15 year mortgage. With overpayments, we will have paid it off in 12, so the 5 year fix will have taken us to nearly halfway through. We are overpaying just enough so as not to incur an early settlement fee.

I try to do this.

I'm allowed a 10% overpayment each year without penalty.

Some years I manage .....some years I don't.

[aaronjb]

Looking forward to new deal as LTV will be sub 40%, aiming to bring it down to 15 years term. Currently 18 years left. .

32 years left on mine You'll have retired before I finish paying my mortgage, I suspect - and you're considerably younger than me!

[edit] Those of you habitually over-paying 10% a year.. where are you finding £20-30k annually on a repeating basis!? I need to come and raid your sofas...

[Marks DTM Calib]

2.8% fixed until the end of the mortgage with another six years left to pay (well, 5 and a half to be accurate)..........but then I guess there may potentially be Uni fees to fork out after that!

[STEMO]

Looking forward to new deal as LTV will be sub 40%, aiming to bring it down to 15 years term. Currently 18 years left. .

32 years left on mine You'll have retired before I finish paying my mortgage, I suspect - and you're considerably younger than me!

[edit] Those of you habitually over-paying 10% a year.. where are you finding £20-30k annually on a repeating basis!? I need to come and raid your sofas...

I've told you before, you need to move to Barnsley. £8.5K is 10% of ours.

[Field Marshal Dr. Opti]

Looking forward to new deal as LTV will be sub 40%, aiming to bring it down to 15 years term. Currently 18 years left. .

32 years left on mine You'll have retired before I finish paying my mortgage, I suspect - and you're considerably younger than me!

[edit] Those of you habitually over-paying 10% a year.. where are you finding £20-30k annually on a repeating basis!? I need to come and raid your sofas...

I work in a very 'hush hush' capacity for HM Government. Only last week I had to make love to a beautiful 25 year old Russian countess to obtain state secrets entrusted to her by Putin.

I didn't want to do it......I did it for England.

I'll see if there are any vacancies for you, Aaron.

[tunnie]

Looking forward to new deal as LTV will be sub 40%, aiming to bring it down to 15 years term. Currently 18 years left. .

32 years left on mine You'll have retired before I finish paying my mortgage, I suspect - and you're considerably younger than me!

[edit] Those of you habitually over-paying 10% a year.. where are you finding £20-30k annually on a repeating basis!? I need to come and raid your sofas...

32 years!?!? What did you start with?

I took out 25 year term for my first flat in London, fixed at 6.5% for 3 years back in 2010. Then late 2013 took out 5 year fixed at 3.1% for 22 years.

If I drop it down to 15 years and as long as I get around 1.5% rate, which appears doable with my LTV. (Quick calc puts it at 36%) - I'll pay the same but cut a couple of years off.

[STEMO]

2.8% fixed until the end of the mortgage with another six years left to pay (well, 5 and a half to be accurate)..........but then I guess there may potentially be Uni fees to fork out after that!

We are doing the Uni fees right now. His fickin live-in rent is £6000. 

[Viral_Jim]

What was the penalty, jimmy?

2% of the outstanding balance, about £4k in our case, we waited because it was a sliding scale, 5% in yr 1, 4% in yr 2, 3% in yr 3, 2% in yr 4 and 1% in yr 5. Sadly we signed up about 6 months before the interest rate drops filtered through into the residential mortgage market. Annoying but one of those things.

We are due to be finished on our mortgage when I'm 48  . However I think our next house move will take our mortgage debt from £200k ish to over 500  . Not sure I fancy 16yrs of £2700pcm mortgage payments so I think we may extend the term! 

[STEMO]

What was the penalty, jimmy?

2% of the outstanding balance, about £4k in our case, we waited because it was a sliding scale, 5% in yr 1, 4% in yr 2, 3% in yr 3, 2% in yr 4 and 1% in yr 5. Sadly we signed up about 6 months before the interest rate drops filtered through into the residential mortgage market. Annoying but one of those things.

We are due to be finished on our mortgage when I'm 48  . However I think our next house move will take our mortgage debt from £200k ish to over 500  . Not sure I fancy 16yrs of £2700pcm mortgage payments so I think we may extend the term! 

I'm afraid I'd shit myself at the prospect of those repayments, Jimmy, your faith in the jobs market must be much greater than mine.

[Marks DTM Calib]

2.8% fixed until the end of the mortgage with another six years left to pay (well, 5 and a half to be accurate)..........but then I guess there may potentially be Uni fees to fork out after that!

We are doing the Uni fees right now. His fickin live-in rent is £6000. 

The mortgage was always timed to complete about the time Will hits 18....so hopefully we wont notice to much when funding an 18 year olds drink, sex and living habits!

Currently owe about 10% of the house value so plenty to draw on should I need to. 

[tunnie]

What was the penalty, jimmy?

2% of the outstanding balance, about £4k in our case, we waited because it was a sliding scale, 5% in yr 1, 4% in yr 2, 3% in yr 3, 2% in yr 4 and 1% in yr 5. Sadly we signed up about 6 months before the interest rate drops filtered through into the residential mortgage market. Annoying but one of those things.

We are due to be finished on our mortgage when I'm 48  . However I think our next house move will take our mortgage debt from £200k ish to over 500  . Not sure I fancy 16yrs of £2700pcm mortgage payments so I think we may extend the term! 

Soo tempting to do this, I'm currently resisting this.

Otherwise we are looking at some expensive houses 

[Viral_Jim]

I'm afraid I'd shit myself at the prospect of those repayments, Jimmy, your faith in the jobs market must be much greater than mine.

Its a bit dicey in the first couple of years, but SWMBO and I always do a lot of work on our places when we buy. So we have a lot of "sweat equity" in our house and could afford to sell it cheap if the worst were to happen, in that scenario we would lose the value of our efforts but still come out ahead.

TBH I see the next 3-5yrs being very good for us and we need to cash in. SWMBO's work is all in paid EUR & USD and until brexit is negotiated and the processes settled I can't see the GBP holding decent value against either currency. After that, who can say? I think it will depend on how well we "make a go of it" on our own. 

[tunnie]

I'm afraid I'd shit myself at the prospect of those repayments, Jimmy, your faith in the jobs market must be much greater than mine.

Its a bit dicey in the first couple of years, but SWMBO and I always do a lot of work on our places when we buy. So we have a lot of "sweat equity" in our house and could afford to sell it cheap if the worst were to happen, in that scenario we would lose the value of our efforts but still come out ahead.

TBH I see the next 3-5yrs being very good for us and we need to cash in. SWMBO's work is all in paid EUR & USD and until brexit is negotiated and the processes settled I can't see the GBP holding decent value against either currency. After that, who can say? I think it will depend on how well we "make a go of it" on our own. 

That's will be you set for a while I think 

For me MrsT does not work, well she does, full time mummy. So all on me for the mortgage.

[Viral_Jim]

Soo tempting to do this, I'm currently resisting this.

Otherwise we are looking at some expensive houses 

I have been back and forth on mortgage term vs increased pension contributions. It all comes down to interest rate, which you cant predict. I'd wondered if I'd be better off setting money aside such that the 25% tax free lump sum on the pension would settle the amount o/s at my retirement.

Ultimately, the issue thats stopped me doing this is the reduced flexibility compared to having a pot of equit in the house that we could access at any time.

That's will be you set for a while I think 

For me MrsT does not work, well she does, full time mummy. So all on me for the mortgage.

Yup, for us, carla started her business when we were in the €1.35 and $1.55 per pound territory, times for us have never been so good in that respect.

[tunnie]

Soo tempting to do this, I'm currently resisting this.

Otherwise we are looking at some expensive houses 

I have been back and forth on mortgage term vs increased pension contributions. It all comes down to interest rate, which you cant predict. I'd wondered if I'd be better off setting money aside such that the 25% tax free lump sum on the pension would settle the amount o/s at my retirement.

Ultimately, the issue thats stopped me doing this is the reduced flexibility compared to having a pot of equit in the house that we could access at any time.

Yeah this is the problem, I thought 6.5% was high. As I bought middle of credit-crunch on 10% deposit. But mid 1990's and it was 15% I think?

Think I'm on a reasonable rate of 3.1, but can see so many deals on 1.5% - My thoughts are to keep payment similar, but with lower percentage, will allows a shorter term.

That said, if I go back to 25 years, suddenly that means we can get a much bigger house. But that means won't pay it off until I'm 60.