Lulabelle's MFW Diary

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  • lulabelle1
    lulabelle1 Posts: 2,693 Forumite
    First Anniversary First Post Combo Breaker
    When my mortgage rate was due to end I received a letter..... I had already decided that I would let it revert to the BMR which is 2.5%. We'd been on 5.69% from a 5 year fix so were overjoyed with the new rate.

    Anyway, once we had the letter I just called them and asked for my payment to be amended so that it stayed the same and asked that they also leave the term as it is..... So we ended up paying the same each month and keeping the term the same.

    I did think about reducing the term, but with my lender I am able to take back any overpayments..... Part of me thinks at this isn't a good thing due to the temptation, but at the back of my mind I think about LC's and perhaps B2L so I like to have a little bit of flexibility just incase.... Easier than having to apply for additional borrowing should I need the money for a new project.

    I guess because of the flexibility, I am able to throw a lot more at the mortgage, knowing I have access should I need it. Tbh, the only time I have ever taken money back was earlier this year when I bought my new car. The feeling of buying the car with a debit card was amazing and I would never have even dreamt about being able to do this. If it wasn't for my MOPs I never would have been able to do that!

    Have you worked out exactly when you would have liked to have paid the M off etc? If so, use this as a guide when thinking about MOPs and terms etc. I have the target of Dec 2016 implanted, so its always lurking at the back of my mind when I'm making other plans for the money!

    I honestly have no idea whether we will be mortgage free anytime soon, but I figure that if we OP as much as we can, then it will buy us some flexibility and options for the future, whether it's to do a LC, invest in B2L or get a bigger house.........

    Good luck xxx
  • gallygirl
    gallygirl Posts: 17,228 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
    lulabelle1 wrote: »
    I guess because of the flexibility, I am able to throw a lot more at the mortgage, knowing I have access should I need it. Tbh, the only time I have ever taken money back was earlier this year when I bought my new car. The feeling of buying the car with a debit card was amazing and I would never have even dreamt about being able to do this. If it wasn't for my MOPs I never would have been able to do that!
    Ah yes, the bank of Lulabelle as opposed to the bank of mum & dad :rotfl:. I did the same when I bought my car, I hope you tried to act as nonchalant as I did as if 5 figures sums popped out of your debit card all the time :D. Paid it back to myself (well, Mr GG & me ;)) in 2 years and kept a record so I could keep track.

    Re the house spends. I do think you need to be careful as you could get carried away (with your history and all, and it's harder to send posh carpets back than posh coats ......... ;)). But the alternative is to live in a hovel (ok, gross exaggeration) till the mortgage is paid off, then do it up. In say 5 years time the mortgage is paid off and you have a lovely home. Is it worth paying like crazy for 4 years and then doing up, or doing a mix of both and having a nice house in the meantime? I know what I would go for :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"
  • lulabelle1
    lulabelle1 Posts: 2,693 Forumite
    First Anniversary First Post Combo Breaker
    Lol, I've never had a bank of mum and dad. I'm proud to say that since I got my first job, I've never had a single penny off anyone including my mum and dad.

    Everything Ive got I've worked for. I'm the breadwinner in our house and DH leaves all things financial to me.... Good in some ways but can be a bit of pressure too. Tbh I like it this way, for various reasons I like to know that should I be left alone, then I could manage by myself financially. (a mum married 4 times has this affect on you as a child!)

    Growing up we had very little, new shoes and coats etc would come with Santa as there just wasn't enough money..... I guess this is why I'm so focused on being financially independent. Thankfully I'm fortunate to bring home a reasonable salary, so tbh if I decide to treat myself to a nice new coat or similar, I'm just really grateful that I'm able to do it. Of course, treats for myself come after everyone else is taken care of, all bills are paid and savings and MOP are made.

    For me, a happy balance is paramount. I could think of nothing worse that having to scrimp and save and have no fun along the way..... Sadly I've had some close friends become very I'll recently, and it highlights what we all know, life really is too short. So a happy balance will win hands down with me every time.

    Wow, very serious for a Wednesday morning. I'm starting to think that this that's is providing me with some sort of therapy...... (and I don't mean shopping therapy GG!).....
  • lulabelle1
    lulabelle1 Posts: 2,693 Forumite
    First Anniversary First Post Combo Breaker
    gallygirl wrote: »
    Ah yes, the bank of Lulabelle as opposed to the bank of mum & dad :rotfl:. I did the same when I bought my car, I hope you tried to act as nonchalant as I did as if 5 figures sums popped out of your debit card all the time :D.

    Yes, it was great - I loved refusing their "kind" offers of "great" finance and advising that I would "just be paying for it"...... Apparently quite unheard of in these days! :T
  • gallygirl
    gallygirl Posts: 17,228 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
    lulabelle1 wrote: »
    Yes, it was great - I loved refusing their "kind" offers of "great" finance and advising that I would "just be paying for it"...... Apparently quite unheard of in these days! :T

    Mr GG is renowned for having crappy cars (I hated going fast in one as I had visison of a big bang, then it all falling apart with us sitting on the ground on the seats with Mr GG clutching the steering wheel :D).

    When he finally bought a decent one all his friends and I got hours of entertainment, it was so funny watching him squirm at the thought of spending proper money. He had no idea if he was getting a good deal or not but insisted on negotiating money off so I felt like phoning the garage in advance and saying 'bung 2k on the asking price so he thinks he's really negotiated well :rotfl:). When he went to pay with his debit card it wasn't an account he usually used and couldn't remember the pin. I took a cracking photo of him standing over the machine with his head in his hands, which obviously got circulated with how much pain he was in at having to fork out proper money :D.
    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"
  • Mortgage_Reduction_Novice
    Mortgage_Reduction_Novice Posts: 1,775 Forumite
    gallygirl wrote: »
    I took a cracking photo of him standing over the machine with his head in his hands, which obviously got circulated with how much pain he was in at having to fork out proper money :D.

    GG you are so mean!
    MFW: Nov 2008 £156k, Jun 2015 £129k, Jun 2017 £114k.
  • Fortune_Smiles
    Fortune_Smiles Posts: 5,033 Forumite
    First Anniversary Name Dropper Photogenic First Post
    lulabelle1 wrote: »
    For me, a happy balance is paramount. I could think of nothing worse that having to scrimp and save and have no fun along the way..... Sadly I've had some close friends become very I'll recently, and it highlights what we all know, life really is too short. So a happy balance will win hands down with me every time.

    With you on that one...

    "When you have only two pennies left in the world, buy a loaf of bread with one, and a lily with the other."
    Although I may have been concentrating on the lilies recently. :o

    We're all different and need to get there in our own way.

    Fortune x
    Mortgage: 86% paid Mortgage Neutral: 100% Emergency Fund: 100%
    A Better View 🌄 'Being on the edge isn't as safe, but the view is better' - Ricky Gervais
  • lulabelle1
    lulabelle1 Posts: 2,693 Forumite
    First Anniversary First Post Combo Breaker
    Fortune_Smiles wrote: »
    With you on that one...

    "When you have only two pennies left in the world, buy a loaf of bread with one, and a lily with the other."
    Although I may have been concentrating on the lilies recently. :o

    We're all different and need to get there in our own way.

    Fortune x

    Thanks Fortune, we may have a few too many lillies too :)

    Painter man is still here - hall/stairs/landing look fab. Gloss next - we're just having all of the gloss work in the hall and landing done along with the kitchen and bathroom........ It was going to take him forever to do the whole house and whilst it would have been "nice", it wasn't essential. Hopefully he will be finished tomorrow..... It's impossible getting any work done whilst he is here as he whistles, sings and talks to himself all of the time - I'm not grumbling - it's nice to here someone so happy but difficult to make sales calls with it all going on in the background :rotfl:

    So, off to London in an hour or so for a meeting - keeps me out of the house. Will need to wrap up warm, blooming freezing outside.
  • nattypants
    nattypants Posts: 2,577 Forumite
    Hope the meeting went well and you kept warm. No snow where I am (as yet) but very, very cold:eek:

    I ordered snow boots last night (keeping this off my own diary:D) as I hate the thought of icy, slippery walks with the dog.......trying hard to stay away from expensive gloves that rhyme with mug:o:o
    February13 - £74990 (or thereabouts)
    MND - Let's go for 2020 'cos it's got a nice ring to it:D
    C'mon nattypants:cool:
  • lulabelle1
    lulabelle1 Posts: 2,693 Forumite
    First Anniversary First Post Combo Breaker
    edited 6 December 2012 at 10:38PM
    Natty - I wish I'd known that you were interested in those gloves before I returned the ones I ordered..... I got them for £59 instead of £115 but the guilt made me return them.

    Still lots of painting to be done, I really can't see that he is going to be finished tomorrow, so I'm going to get him to forget about the kitchen and just get the kitchen done in the new year. I really don't want to have to fork out for more than 4 days work as this is what I have put to one side...
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