We got a mortgage in 2007 for £219,500 on our 3 bed house in Chigwell, Essex. We paid £1,026 a month on it and bought it from Mr P's sister. That meant we didn't have to pay estate agent's fees and we also got a bit of family discount :-) We are now hoping that the house is worth about £230,000. Last year we started looking to remortgage because paying £1,026 plus all the bills doesn't leave that much at the end of the month - even saving £10 a month would help!
We had £181,000 and 25 years to pay it off. That would make me 50 and my husband 55 years old. It would be nice to pay it off by the time i'm 35 and Mr P 40. Let's see how that goes!
After looking around at a few places this is what we went for.
We re-mortgaged the house on a 35 years so that would make Mr P 60 and me 55 by the time we pay it off. We're on a 2 year tracker and pay £758 a month and after that two years we will put it back down to 25 years to pay it off quicker, so that we're not so old when we pay the house off.
Well, that's number 11 on my list. I'll kept you updated.
love Mrs P