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[Field Marshal Dr. Opti]

We took out a 15 year mortgage on this place, with the first five years fixed. That fix is up in two months and I plan to turn a 15 year mortgage into an 8/9 year one. So another 3/4 years. Of course, the bank are trying to get us to remortgage, at a much lower rate, but the interest I save on early repayment will be whopping compared to a longer/lower rate period.

Big opportunity to source lower rates or pay it off.

What rate are you currently paying?

3.9%

3.9% over five years is probably reasonable, but not exceptional. I tended to change every 2 years. Slightly higher rate of interest, but with more changes to a lower rate I paid less overall.

[Doctor Gollum]

Agreed that was based on a place I was looking at on Rightmove... Might have been a first time buyer thing, but it looks like they've dropped their 10 year fixed  as well as creeping the rates up
[/quot

Were you looking for a nice 'shagpad'?

By the way......how did your date go?

Yes and it didn't. Thanks Boris... 

[Field Marshal Dr. Opti]

I'd like a shagpad overlooking a select part of the Thames.

Probably looking at millions though.

[johnnydog]

Back in the early 90's, I had an endowment mortgage, and then took out a second to cover a house move. It was then suggested that endowments were a thing of the past and ought to cashed in for alternative investments, but the amount I had paid didn't make financial sense relative to the surrender value. Fortunately,  I was able to pay off the mortgage about  20 years ago (but kept it open with a £1 balance which did away with a lot of the setup fees of any subsequent advance), but then added to the £1 to finance a big extension about 15 years ago, still keeping the endowments going. When they matured, they had done a lot better than expected and returned far more than had been paid in, and easily covered my outstanding balance. Glad I kept them going. Possibly other forms of investment may have had an even greater return after 25 years, but as they were doing ok, I decided to stick with them which worked out ok for me.

[Marks DTM Calib]

This should be me in a month or so, only a year to go anyway but, the fixed term finishes soon. So pay it off it is 

[TheBoy]

I took out a 25yr one when I moved here in 2001 - 20 years ago in 2 weeks - which I remortgaged with a 23yr one in 2003 to get a better deal.  Cant remember the specifics, but it was something like 0.3% above base, which I could never better, so stuck with it. And it was an offset.

As the interest rates plummeted after the 2008/9 crunch, I never adjusted payments, so it naturally paid itself off a year or 2 ago, several years early.

[Field Marshal Dr. Opti]

I took out a 25yr one when I moved here in 2001 - 20 years ago in 2 weeks - which I remortgaged with a 23yr one in 2003 to get a better deal.  Cant remember the specifics, but it was something like 0.3% above base, which I could never better, so stuck with it. And it was an offset.

As the interest rates plummeted after the 2008/9 crunch, I never adjusted payments, so it naturally paid itself off a year or 2 ago, several years early.

Lots of spare cash for fast cars and loose women then.

[Field Marshal Dr. Opti]

One mortgage I took out was part repayment and part interest only. The interest only part was a f*ucking millstone  around my neck and I vowed never to have one again.

I was essentially renting money.

[Field Marshal Dr. Opti]

....actually, I've done it more than once.

[JamesV6CDX]

I had planned to pay this off last year ( or the year before) but have finally grasped the nettle.

I took out this particular mortgage in 2004, repayable over a 22 year period (2026)

 In common with other loans I have it took the form of a self-certificated mortgage, or liar loan, as they are commonly known. They are so called because the lender doesn't ask too many awkward questions like......"Will you be able to make the necessary repayments" Of course they made sure they covered their arse by insisting on a £30,000 deposit upfront and an administration fee of about £1200. In addition  interest rates were 1.5%- 3% above those you would normally pay at the better known lenders.

Over the years I have tried to source the lowest interest rates possible to keep costs down.......however the best I can find in 2021 is 4.09%, which is way too much with the base rate so low.

So, I've managed to pay off of a 22 year mortgage in 17 years which will have saved me a huge amount of interest.....although depleted any cash reserves I had.

Nice feeling though......although the bastards had the final laugh by adding a further £195 for administration for the final paperwork.





 

You posted last year that you'd paid a mortgage off.

That was on one of his other 25 houses

[Sir Tigger KC]

Congratulations M'lud! 

With all the spare cash you'll have sloshing around, I have no doubt you'll be treating Mrs Opti to a nice car and a new kitchen? 

[Field Marshal Dr. Opti]

I had planned to pay this off last year ( or the year before) but have finally grasped the nettle.

I took out this particular mortgage in 2004, repayable over a 22 year period (2026)

 In common with other loans I have it took the form of a self-certificated mortgage, or liar loan, as they are commonly known. They are so called because the lender doesn't ask too many awkward questions like......"Will you be able to make the necessary repayments" Of course they made sure they covered their arse by insisting on a £30,000 deposit upfront and an administration fee of about £1200. In addition  interest rates were 1.5%- 3% above those you would normally pay at the better known lenders.

Over the years I have tried to source the lowest interest rates possible to keep costs down.......however the best I can find in 2021 is 4.09%, which is way too much with the base rate so low.

So, I've managed to pay off of a 22 year mortgage in 17 years which will have saved me a huge amount of interest.....although depleted any cash reserves I had.

Nice feeling though......although the bastards had the final laugh by adding a further £195 for administration for the final paperwork.





 

You posted last year that you'd paid a mortgage off.

That was on one of his other 25 houses

From the late eighties to the last 5 years I would say it is more than that. I don't own 25 houses at any one time though.

[STEMO]

I had planned to pay this off last year ( or the year before) but have finally grasped the nettle.

I took out this particular mortgage in 2004, repayable over a 22 year period (2026)

 In common with other loans I have it took the form of a self-certificated mortgage, or liar loan, as they are commonly known. They are so called because the lender doesn't ask too many awkward questions like......"Will you be able to make the necessary repayments" Of course they made sure they covered their arse by insisting on a £30,000 deposit upfront and an administration fee of about £1200. In addition  interest rates were 1.5%- 3% above those you would normally pay at the better known lenders.

Over the years I have tried to source the lowest interest rates possible to keep costs down.......however the best I can find in 2021 is 4.09%, which is way too much with the base rate so low.

So, I've managed to pay off of a 22 year mortgage in 17 years which will have saved me a huge amount of interest.....although depleted any cash reserves I had.

Nice feeling though......although the bastards had the final laugh by adding a further £195 for administration for the final paperwork.





 

You posted last year that you'd paid a mortgage off.

That was on one of his other 25 houses

The Nicholas van Hoogstraten of South Lincs.

[Field Marshal Dr. Opti]

Congratulations M'lud! 

With all the spare cash you'll have sloshing around, I have no doubt you'll be treating Mrs Opti to a nice car and a new kitchen? 

Over my dead body.....

New car though.....

[Field Marshal Dr. Opti]

I had planned to pay this off last year ( or the year before) but have finally grasped the nettle.

I took out this particular mortgage in 2004, repayable over a 22 year period (2026)

 In common with other loans I have it took the form of a self-certificated mortgage, or liar loan, as they are commonly known. They are so called because the lender doesn't ask too many awkward questions like......"Will you be able to make the necessary repayments" Of course they made sure they covered their arse by insisting on a £30,000 deposit upfront and an administration fee of about £1200. In addition  interest rates were 1.5%- 3% above those you would normally pay at the better known lenders.

Over the years I have tried to source the lowest interest rates possible to keep costs down.......however the best I can find in 2021 is 4.09%, which is way too much with the base rate so low.

So, I've managed to pay off of a 22 year mortgage in 17 years which will have saved me a huge amount of interest.....although depleted any cash reserves I had.

Nice feeling though......although the bastards had the final laugh by adding a further £195 for administration for the final paperwork.





 

You posted last year that you'd paid a mortgage off.

That was on one of his other 25 houses

The Nicholas van Hoogstraten of South Lincs.

He is a crook. I am even nicer than Michael Palin.