Mortgage/Remortgage

Another request please if someone could forward it to the address in my profile.

Thanks

Spooky – I see I sent that to you in 2008!

really?! Starts hunting!

Edit: Thanks for the second copy anyway :p

Could I get the spreadsheet too please, this stuff bamboozles me. Thanks.

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?

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%

could I have a copy also please, I can host it if you want dont mind it being made available?

harper_stu@yahoo.co.uk

We went onto 5.78% interest, fixed for 5 years in 2007 🙁

mudshark: can I suggest you just put the spreadsheet on Google Docs, save mailing it out to everybody.

I tried uploading to Google Docs but the graph didn’t work for some reason, that’s not very important though I suppose.

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.


Loan £100.00 ('000)
Int Rate 4.00 %
Term 25 years

Capital 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

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-calculator

Here’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 😕

Forum fixed: hurrah for ninja mods! 😀

You’re welcome – misuse of markup helpers the culprit. If you want to post unformatted stuff like code or financial tables use

Preformatted text [/code]

Cheers patrick. Though sadly the code tags don’t preserve spaces, so it all ends up screwed up anyway 😀

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

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.

Ahh! You want space – you need pre

eg
[pre]loads of spaces here[/pre]

Ah cheers patrick.

[pre]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[/pre]

You’re welcome Graham

“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).

Saved me around £20k already.

Nice! Hopefully you’ve continued to pay as if you were still at 5% and saved yourself lots more?

Got luckly with my tracker at .17% above BOE rate. I recon I will pay it off more that 10 years early

Hi Mudshark, your prob fed up with this by now, but any chance of your spreadsheet? Thanks in advance mansinATgmailDOTcom