Countdown to Freedom

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  • gallygirl
    gallygirl Posts: 17,228 Forumite
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    I wish I'd kept my mouth shut personally :(.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • maggiem
    maggiem Posts: 1,645 Forumite
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    I rarely post - very boring - but had to respond to Gallygirl's comments. I thought your idea was great and very helpful. I have really enjoyed reading Tilly's, Gallygirl's, Secret Squirrel's and Goldie's diaries and others as I and my other half near joint retirement (he has retired already). Thanks Gallygirl for your effort - the response on other boards can be quite scary:(
  • patanne
    patanne Posts: 1,286 Forumite
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    They are very entrenched in their opinions aren't they? However, I wonder about the validity of some of their ideas since the new affordability rules. Would there be problems re-mortgaging when a fixed term finishes for instance, especially once interest rates start to go up.
  • gallygirl
    gallygirl Posts: 17,228 Forumite
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    edited 16 December 2014 at 9:49PM
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    patanne wrote: »
    They are very entrenched in their opinions aren't they? However, I wonder about the validity of some of their ideas since the new affordability rules. Would there be problems re-mortgaging when a fixed term finishes for instance, especially once interest rates start to go up.

    The thing is patanne in general I agree with them about overpaying the mortgage. For youngsters it isn't always the best thing to do. Making minimum payments and investing the rest long term with it earmarked for the mortgage is financially the best idea in many/most cases. But there are a LOT of caveats to that:
    • Someone who can only afford an extra £10-£20 a month - they can't realistically invest with that (and certainly not with Tilly Tidies :D)
    • You can't overestimate the fun and continued interest (or lack of ;)) of said Tilly Tidies
    • If circumstances (or general stupidity in not 'seeing the light' earlier :o) mean you're on a short time scale then investing is not suitable
    • If you're a very risk averse person it's not suitable because you'll either worry all the time or put it into very safe bonds etc where the growth will be low.
    • An offset mortgage can be a way of holding an emergency fund in an efficient way.
    • As Ed has said, new rules mean 'better safe than sorry' for many
    • You can't underestimate the satisfaction of paying a mortgage off and the feeling of security that brings.
    • And many are only overpaying as one of many strategies, or overpaying leads to general financial interest.
    If you asked Financial Bliss and Black Taxi if paying off the mortgage made the best financial sense for them I'm sure they'd say 'no'. But was it the right thing for them to do? Yes, no doubt about it :T.



    Sorry for hijack Tilly :cool:.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • Karmacat
    Karmacat Posts: 39,460 Forumite
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    gallygirl wrote: »
    The thing is patanne in general I agree with them about overpaying the mortgage. For youngsters it isn't always the best thing to do.

    ....

    If you asked Financial Bliss and Black Taxi if paying off the mortgage made the best financial sense for them I'm sure they'd say 'no'. But was it the right thing for them to do? Yes, no doubt about it

    I still have a small mortgage on the French apartment - about E27,000 outstanding. Overpaying is nonsensical even at my age, because of the low interest rate and the high penalty charge, so I agree, it isn't always the best thing to do, not by a long shot.

    And I remember Hypno working out how to repay the next chunk of her debt - there was an issue between a high interest charge, and a debt that could only be paid back in full, not in part, and she decided her repayments had to be made according to what suited her best psychologically, basically, rather than the financial logic. But she worked it out very clearly, and though it through on her diary at the time, before she made any payments, and thats why it made sense.

    Tilly, sorry for the hijack too :o how are you, how's the conundrum about the pets that you were wrestling with?
    2023: the year I get to buy a car
  • Tilly_MFW_in_6_YRS
    Tilly_MFW_in_6_YRS Posts: 7,833 Forumite
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    edited 17 December 2014 at 1:41AM
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    gallygirl wrote: »
    I wish I'd kept my mouth shut personally :(.

    No way. It was a good idea, I guess it's too much change for folks who are so much better informed :rotfl::rotfl:

    There must be a happy medium.

    You are always welcome to hijack my diary anyway. If it wasn't so late I'd get the kettle on and butter some scones.

    3 sleeps to my holidays x x x

    Tilly x x x x x x x x x
    2004 £387k 29 years - MF March 2033:eek:
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15 :j
  • Tilly_MFW_in_6_YRS
    Tilly_MFW_in_6_YRS Posts: 7,833 Forumite
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    Morning Karmacat, conundrum too complicated for my tired brain. If this is meant to be, it will work out :)

    Even the kids are ready for change and DD is considering which pieces of furniture she wants :rotfl:

    Hounds not walked this morning. No pennies to Tilly Tidy away.

    Have a good Wednesday.

    Tilly x
    2004 £387k 29 years - MF March 2033:eek:
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15 :j
  • gallygirl
    gallygirl Posts: 17,228 Forumite
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    Tilly_MFW_in_6_YRS wrote: »
    Morning Karmacat, conundrum too complicated for my tired brain. If this is meant to be, it will work out :)

    Sell them :D
    Tilly_MFW_in_6_YRS wrote: »
    Even the kids are ready for change and DD is considering which pieces of furniture she wants :rotfl:
    Sell the kids as well :D.

    I know the feeling about the furniture. It's like seeing the carve up when you're dead, only you get the pleasure of witnessing it :rotfl:.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • Tilly_MFW_in_6_YRS
    Tilly_MFW_in_6_YRS Posts: 7,833 Forumite
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    Morning, it's Friday :T:T:T

    I can safely say the last few weeks have been the busiest ever and my feet have been skimming across the floor.

    No more sleeps at home for a while and very much looking forward to a change of pace.

    It's early payday today and the offset is looking good :)

    54p Tilly Tidy to MOs
    2 YG surveys completed
    Free night out yesterday

    I am having a good old sort out of my handbag before going away - I may find money, food, lottery tickets - who knows :)

    Mortgage payment goes out in a week or so and my bonus is paid in January - I'll do an extra payment.

    All looking good and we can go away and talk about piggies, chickens, ducks, geese, cows - Mr T can then reach a compromise on a couple of pigs and some chickens :)

    Roll on 2015 - I'm not doing a recap on 2014 but boy has it flown by.

    Best wishes, Tilly x
    2004 £387k 29 years - MF March 2033:eek:
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15 :j
  • gallygirl
    gallygirl Posts: 17,228 Forumite
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    Tilly_MFW_in_6_YRS wrote: »
    I am having a good old sort out of my handbag before going away - I may find money, food, lottery tickets - who knows :)

    Tilly the talking spoon?

    Mortgage payment goes out in a week or so and my bonus is paid in January - I'll do an extra payment.
    Tilly_MFW_in_6_YRS wrote: »
    All looking good and we can go away and talk about piggies, chickens, ducks, geese, cows - Mr T can then reach a compromise on a couple of pigs and some chickens :)

    That's it - pitch high and he'll think he's got away with it :rotfl:.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
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