Havard Posted March 10, 2007 Share Posted March 10, 2007 I know some people will hate me for this but nevermind.!! Today I have had the pleasure of walking into my bank and paying off the outstanding balance of my mortgage!! The bank have penalised me £463 for early payment but I would have paid three times that in interest charges anyway. I have managed to pay off a 62K mortgage in 7 years which is good going I reckon. We plan to live in the house for a couple of years and then buy a bigger place and borrow a little bit again. Hopefully in that 2 years we can get enough capital together for a whopping great deposit or a TT/Single Supe might be on the cards. Just don't tell the wife!! H. Quote Link to comment Share on other sites More sharing options...
Big Ads Posted March 10, 2007 Share Posted March 10, 2007 You lucky bar-stuard! Congrats H, drinks are on you on Monday then? Quote Link to comment Share on other sites More sharing options...
JamieP Posted March 10, 2007 Share Posted March 10, 2007 Well done:) Quote Link to comment Share on other sites More sharing options...
Kranz Posted March 10, 2007 Share Posted March 10, 2007 Fancy paying mine off now?? Quote Link to comment Share on other sites More sharing options...
DaveK Posted March 10, 2007 Share Posted March 10, 2007 Congratulations - you beat me to it! I went to check on the house I'm selling today and found the fence had blown down so will have to get that fixed before the sale completes. Which seems to be taking longer than expected - but that would be because the people at the bottom of the chain apparently went on holiday to Spain immediately after having their offer accepted. Twats. Quote Link to comment Share on other sites More sharing options...
R3DG3CKO ROB Posted March 10, 2007 Share Posted March 10, 2007 Congratulations H... that must feel fantastic p.s. which bank did you rob by the way??? lol Quote Link to comment Share on other sites More sharing options...
Pabs Posted March 10, 2007 Share Posted March 10, 2007 well while you're getting rid of your mortgage, I'm about to be taking the plunge and getting a 165k mortgage with the missus. The amount is rediculous, but it's gonna go on a 190k 2bed-semi and hopefully save around £500/month in petrol! Congrats in paying it off so quickly - I hope i can do the same! Quote Link to comment Share on other sites More sharing options...
RobSheffield Posted March 10, 2007 Share Posted March 10, 2007 Nice one Paul Quote Link to comment Share on other sites More sharing options...
Homer Posted March 10, 2007 Share Posted March 10, 2007 Congrats H, that must be a fantastic feeling. Hope you don't mind me asking, but how did you manage it so quick? Was it just a case of overpaying each month? Quote Link to comment Share on other sites More sharing options...
Havard Posted March 10, 2007 Author Share Posted March 10, 2007 You lucky bar-stuard! Congrats H, drinks are on you on Monday then? Possibly!! Fancy paying mine off now?? No problem! As long as I can have some of your pension! p.s. which bank did you rob by the way??? lol All of them!! I have been very lucky tbh. We bought the house as I was having some financial troubles and needed to get rid of some of monthly income. The house was up for £74K but I got it for £62K;) It is now worth 190K. I don't go on the piss that often and don't smoke. The only bad habit I've got is my Supe! Because I got used to paying silly amounts I never stopped, even when I had a chance not to. I have saved a fooking fortune in interest payments. If you look at ther bottom line with a mortgage, what you actually pay back is frightening! H. Quote Link to comment Share on other sites More sharing options...
Havard Posted March 10, 2007 Author Share Posted March 10, 2007 Congrats H, that must be a fantastic feeling. Hope you don't mind me asking, but how did you manage it so quick? Was it just a case of overpaying each month? We originally got a mortgage over 15 years and had the flexibility to shortern the term if need be. As Vicki and I have earned a bit more I have shortened the term accordingly. ie 15 years down to 11, then 7 and then 3. The payments started at about £600 a month and have risen to £1000. We also had the option of paying an extra £500 a month without being penalised. I had 18 months left paying £1500 a month but we got some money from some shares that was almost exactly what we owed. So today went into the Nationwide and wrote a cheque for 21K. The reason I had to get a short mortgage in the first place is a looooooooooooooong story!! H. Quote Link to comment Share on other sites More sharing options...
Guest Geneb Posted March 10, 2007 Share Posted March 10, 2007 u lying git H houses only cost £20k up there, well done just dont move down here i dont want property prices falling Quote Link to comment Share on other sites More sharing options...
Kranz Posted March 10, 2007 Share Posted March 10, 2007 The reason I had to get a short mortgage in the first place is a looooooooooooooong story!! H. All long stories involve women Quote Link to comment Share on other sites More sharing options...
Havard Posted March 10, 2007 Author Share Posted March 10, 2007 All long stories involve women Very true mate!! This one involves women, lies, deceit, the CSA, three men, DNA tests and almost financial ruin!! Oh and a very understanding girlfriend that is now my wife!! H. Quote Link to comment Share on other sites More sharing options...
Henk Posted March 10, 2007 Share Posted March 10, 2007 Many congrats on: 1.) No Mortgage 2.) The Understanding Wife 3.) Sorting out the old History I hope to be joining you on the no mortgage list within 24 months! Quote Link to comment Share on other sites More sharing options...
Havard Posted March 10, 2007 Author Share Posted March 10, 2007 It's a great feeling Henk!! Have you got 24 months left on your mortgage or have you got another plan to get rid of it ie shares or endowment?? H. Quote Link to comment Share on other sites More sharing options...
rob wild Posted March 10, 2007 Share Posted March 10, 2007 Well done matey so the beers are on you Monday night Seriously though would love to do that! Well done! Quote Link to comment Share on other sites More sharing options...
ivan Posted March 10, 2007 Share Posted March 10, 2007 Many congrats Havard. I agree - it's a great feeling. Coincidence or what? Ours was £62k and we did it in 7 years too! (No early payment penalty though.) Quote Link to comment Share on other sites More sharing options...
Pixelfill Posted March 10, 2007 Share Posted March 10, 2007 ... The payments started at about £600 a month and have risen to £1000. We also had the option of paying an extra £500 a month without being penalised. I had 18 months left paying £1500 a month ... H. Foooking hell Paul, My mortage is bout 600 a month, and with bills insurance etc my complete monthly salary dissapears, Your payments of 1500 a month is more than my take home The missus really needs to pull her finger out an bring home some money Well played mate Mike Quote Link to comment Share on other sites More sharing options...
Henk Posted March 10, 2007 Share Posted March 10, 2007 It's a great feeling Henk!! Have you got 24 months left on your mortgage or have you got another plan to get rid of it ie shares or endowment?? H. If I paid the amount they ask for I'd have 7 years left but I've overpaid for ages, now that the car is paid off as well I'm upping it even more. Shares & bonuses will be pumped in too. No penalties for anything with mine you see. Soon real soon I hope! (Assuming the Supra does not bleed me dry!) Quote Link to comment Share on other sites More sharing options...
terawua Posted March 10, 2007 Share Posted March 10, 2007 Foooking hell Paul, My mortage is bout 600 a month, and with bills insurance etc my complete monthly salary dissapears, Your payments of 1500 a month is more than my take home The missus really needs to pull her finger out an bring home some money Well played mate Mike lol.... dont worry.. your expenditure will expand to take account of all your income. We all live 10% above our means. As for Harvard, nice work. Maybe I should get my flat off an interest only mortgage! Quote Link to comment Share on other sites More sharing options...
Havard Posted March 10, 2007 Author Share Posted March 10, 2007 Well done matey so the beers are on you Monday night Seriously though would love to do that! Well done! Not sure you if you should be getting the beers in to celebrate your spray job!! Many congrats Havard. I agree - it's a great feeling. Coincidence or what? Ours was £62k and we did it in 7 years too! (No early payment penalty though.) Well done mate! How did you do it then? Foooking hell Paul, My mortage is bout 600 a month, and with bills insurance etc my complete monthly salary dissapears, Your payments of 1500 a month is more than my take home The missus really needs to pull her finger out an bring home some money Well played mate Mike I am lucky that my missus has a really good job and brings home almost as much as me. Neither of us earns mega money but we are both reasonably well paid!! If I paid the amount they ask for I'd have 7 years left but I've overpaid for ages, now that the car is paid off as well I'm upping it even more. Shares & bonuses will be pumped in too. No penalties for anything with mine you see. Soon real soon I hope! (Assuming the Supra does not bleed me dry!) It's good to be able to do that. I changed my mortgage to a 3 yr, fixed rate thinking I would never pay it off any quicker than 2. Suddenly we are able to pay it all off. It was better to pay the penalty than to have the money sitting around in our currnet account and paying more interest on the mortgage in the long run. H. Quote Link to comment Share on other sites More sharing options...
The Restorer Posted March 10, 2007 Share Posted March 10, 2007 I got a 60k loan from my dad (him, brother and a couple of relatives) when I bought my house in November. No interest though and I pay him back at my own pace. All part of the asian culture. Quote Link to comment Share on other sites More sharing options...
Robbo Posted March 10, 2007 Share Posted March 10, 2007 I know some people will hate me for this but nevermind.!! Today I have had the pleasure of walking into my bank and paying off the outstanding balance of my mortgage!! The bank have penalised me £463 for early payment but I would have paid three times that in interest charges anyway. I have managed to pay off a 62K mortgage in 7 years which is good going I reckon. We plan to live in the house for a couple of years and then buy a bigger place and borrow a little bit again. Hopefully in that 2 years we can get enough capital together for a whopping great deposit or a TT/Single Supe might be on the cards. Just don't tell the wife!! H. I hate you Good on yeh, I wish I could do that, mines a bit more than 62k though Quote Link to comment Share on other sites More sharing options...
Havard Posted March 10, 2007 Author Share Posted March 10, 2007 I got a 60k loan from my dad (him, brother and a couple of relatives) when I bought my house in November. No interest though and I pay him back at my own pace. All part of the asian culture. Technically that's racist or favouritism at best!! Unless your dad is willing to lend me some too!! H. Quote Link to comment Share on other sites More sharing options...
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