Hi Mudshark, Another here for copy of spreadsheet please - currently going through the pain of trying to sort out a re-mortgage, current deal is endding and they are not offering future ones : (
Chat Forum
Mortgage/Remortgage
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Posted 4 months ago #
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Looks like I will pay off my mortgage about 5 years early if interest rates stay where they are (unlikely I know).
They might be the way things are going
Posted 4 months ago # -
Edit: Please ignore
Posted 4 months ago # -
wooobob - do check with your lender. If you are on a great deal, ie one they would not/could not replicate today then they will quite likely try and get you to take out a new loan at better terms to them than allowing you to transfer.
To everyone talking about "deals", the world has changed, all the measures being put in place to "prevent this happening again" are making it much more expensive for banks to lend and these extra costs have to be passed on.
I am in banking although not personal finance.
Posted 4 months ago # -
Another request for the spreadsheet please! If I manage to work out how to get my web hosting up and running this afternoon, I can upload it and stick a link to it. It outfoxed me last week though...
Posted 4 months ago # -
Another request please if someone could forward it to the address in my profile.
Thanks
Posted 4 months ago # -
Spooky - I see I sent that to you in 2008!
Posted 4 months ago # -
really?! Starts hunting!
Edit: Thanks for the second copy anyway :p
Posted 4 months ago # -
Could I get the spreadsheet too please, this stuff bamboozles me. Thanks.
Posted 4 months ago # -
Related question, if you are in a fixed rate period can you keep it if you move house or do you have to pay it off (inc redemption fee) and get a new one?
Posted 4 months ago # -
Another copy of the spreadsheet to s9352637@yahoo.com please.
I got my yearly statement yesterday and it appears that my overpayments (which they claim are coming off the capital - the amount I originally borrowed right?) are being applied to the total amount I owe.
Fella on the phone said my mortgage will finish early because I'm paying more in and it was nothing to do with reduced interest because I owe less.
It also appears that the inteste rate is wrong too - I should 0.95% above the ECB rate and they have it at 3.25%
Posted 4 months ago # -
could I have a copy also please, I can host it if you want dont mind it being made available?
Posted 4 months ago # -
We went onto 5.78% interest, fixed for 5 years in 2007
Posted 4 months ago # -
mudshark: can I suggest you just put the spreadsheet on Google Docs, save mailing it out to everybody.
Posted 4 months ago # -
I tried uploading to Google Docs but the graph didn't work for some reason, that's not very important though I suppose.
Posted 4 months ago # -
Saccades, you need to ask the lender some questions, some mortgages apply any overpayments only once a year, others apply them the following month (much better for you that way). You should ask for clarification on the interest rate, there are a number of different ways of calculating it. Making extra payments on your mortgage and keeping your monthly payment the same can really help to shorten the time to paying it off.
mudshark - how about posting some simple numbers, eg % of a 25 year repayment mortgage outstanding at 5, 10, 15 and 20 years for an assumed interest rate.
Posted 4 months ago # -
Loan £100.00 ('000)
Int Rate 4.00 %
Term 25 yearsCapital Paid Off By Year
%
Yr Paid off PA Cum
- - - -
1 2,377.31 2.38 2.38
2 4,851.48 2.47 4.85
3 7,426.45 2.57 7.43
4 10,106.32 2.68 10.11
5 12,895.38 2.79 12.90
6 15,798.07 2.90 15.80
7 18,819.02 3.02 18.82
8 21,963.05 3.14 21.96
9 25,235.17 3.27 25.24
10 28,640.60 3.41 28.64
11 32,184.78 3.54 32.18
12 35,873.35 3.69 35.87
13 39,712.19 3.84 39.71
14 43,707.44 4.00 43.71
15 47,865.46 4.16 47.87
16 52,192.89 4.33 52.19
17 56,696.62 4.50 56.70
18 61,383.84 4.69 61.38
19 66,262.02 4.88 66.26
20 71,338.95 5.08 71.34
21 76,622.72 5.28 76.62
22 82,121.76 5.50 82.12
23 87,844.84 5.72 87.84
24 93,801.09 5.96 93.80
25 100,000.00 6.20 100.00
Posted 4 months ago # -
how about posting some simple numbers, eg % of a 25 year repayment mortgage outstanding at 5, 10, 15 and 20 years for an assumed interest rate.
Just use the MoneySavingExpert calculator:
http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculatorHere's an example:
On £250,000 over 25 years at 4.9%:
Year Normal Overpay £250
Year Normal Overpay £250
0 250,000 250,000
1 244,845 241,763
2 239,427 233,104
3 233,731 224,002
4 227,744 214,435
5 221,450 204,378
6 214,835 193,807
7 207,881 182,695
8 200,572 171,014
9 192,888 158,735
10 184,811 145,829
11 176,321 132,262
12 167,397 118,001
13 158,016 103,010
14 148,155 87,253
15 137,790 70,689
16 126,894 53,278
17 115,441 34,976
18 103,402 15,738
19 90,747 0
20 77,445 0
21 63,462 0
22 48,763 0
23 33,313 0
24 17,072 0
25 0 0
Overpaying would save you £52,693 in interest, and mean you pay it off in full 6 years and 3 months earlier.
Edit: mudshark you've broke the forum with you're cleverness
Posted 4 months ago # -
Forum fixed: hurrah for ninja mods!
Posted 4 months ago # -
You're welcome - misuse of markup helpers the culprit. If you want to post unformatted stuff like code or financial tables use
[code] Preformatted text[/code]Posted 4 months ago # -
Cheers patrick. Though sadly the code tags don't preserve spaces, so it all ends up screwed up anyway
Posted 4 months ago # -
Am I too late to jump on the bandwagon?
Any chance of emailing the spreadsheet over to me at cragseds@yahoo.co.uk please?
ta
Posted 4 months ago # -
We went onto 5.78% interest, fixed for 5 years in 2007
Likewise, only I got a bargain 5.98%
I can't wait till 31/10/12.
Posted 4 months ago # -
Ahh! You want space - you need pre
eg
loads of spaces here
Posted 4 months ago # -
Ah cheers patrick.
Year Normal Overpay £250
0 250,000 250,000
1 244,845 241,763
2 239,427 233,104
3 233,731 224,002
4 227,744 214,435
5 221,450 204,378
6 214,835 193,807
7 207,881 182,695
8 200,572 171,014
9 192,888 158,735
10 184,811 145,829
11 176,321 132,262
12 167,397 118,001
13 158,016 103,010
14 148,155 87,253
15 137,790 70,689
16 126,894 53,278
17 115,441 34,976
18 103,402 15,738
19 90,747 0
20 77,445 0
21 63,462 0
22 48,763 0
23 33,313 0
24 17,072 0
25 0 0Posted 4 months ago # -
You're welcome Graham
Posted 4 months ago # -
"Likewise, only I got a bargain 5.98% "
I moved to a lifetime tracker at Base rate plus 0.48% one month before the rates started to tumble. Been on 0.98% for well over two years now.
The fixed rate i wanted ran out before i sorted it so i went for a tracker as a short term fix. Best financial decision of my life and it was all down to pure luck and nothing else. Saved me around £20k already.
Now it looks like the bank rates should be less than 1% for several years to come. Long may it continue (although i do have some sympathy for the savers out there earning nowt).
Posted 4 months ago # -
Saved me around £20k already.
Nice! Hopefully you've continued to pay as if you were still at 5% and saved yourself lots more?
Posted 4 months ago # -
Got luckly with my tracker at .17% above BOE rate. I recon I will pay it off more that 10 years early
Posted 4 months ago # -
Hi Mudshark, your prob fed up with this by now, but any chance of your spreadsheet? Thanks in advance mansinATgmailDOTcom
Posted 4 months ago #
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