£195,000 mortgage for a single mum!

happydays_70 wrote: »

pollyanna24 wrote: »

And to you Happydays! Do you have a mortgage free diary on here? I won't be updating mine too much at the moment as I'm not overpaying on the mortgage, just saving saving saving.

Hi, yes, my diary is called £192,737 mortgage, I think.
I was torn between saving and OPing but I have a little put to one side so trying to OP as and when.


Hope you enjoyed yourself at Haven..kids love it don't they?

Think I've read a little bit of your diary. Hard to keep up sometimes, haha!

I think I will overpay when I get my new mortgage as I have an old mortgage which lets you take back any overpayments. As it stands at the moment, there is £54,000 worth of overpayments in there, so I will definitely keep that mortgage just in case I need them and use that as my "savings" account if that makes sense.

Will also try to have a little emergency pot, but if things go really dire like I lose my job or something, then at least that reserve is there to use.

Just trying to get my head around what is the best way to do things.

Me and my brother overpaid by quite a lot in the four years that he has been living with me.

He has agreed a figure that he will accept in January when we get the ball rolling, but wants to get the house revalued closer to the time (no idea why unless he is planning on backing out of the plan if the valuation is too high).

Part of me wants to overpay on the current mortgage we have as I will be retaining this and borrowing more, as I think I would save on interest, but there is a large part of me resisting doing this in case my brother changes his mind and it will be my £10,000 odd that has overpaid and I won't get it back. I assume he has his own savings to go towards his next house, but we stopped overpaying the mortgage at the end of last year.

I trust him, but.... I still don't think it's worth ploughing my savings into the mortgage until it's all in my name. Does this make sense or am I rambling?

horsechestnut wrote: »

If you have a Santander 123 current account, they pay 3% gross on money over £3k: which is 2.4% net. That is .1 % less than if you put the money off the mortgage, but quite close and it is only a few months, so might be worth just saving. They charge £2 per month, but give cashback on various payments which usually more than cancels it out.
Also, do you collect Tesco points? You can get RAC breakdown cover using Clubcard points, save a pound or two!

Thanks for that. Never really thought how much my savings are making. I'll have a quick look now.

Gosh, pretty parpy 0.96% net.

I only have the one current account with Nationwide, not sure I want to get another and have to change all my dds. My mortgage is with Nationwide as well.

I do collect Tesco points. I have AA breakdown cover, but I think for next year, I will take out the Nationwide Flexplus which costs £10 a month as you get breakdown cover with it, so figured I may as well as that is what I'd be paying on breakdown cover anyways (I got an introductory rate this year).

In the end I saved £1,002.22, but I'm okay with that. Quite proud really.

I haven't spent anything yet today, but I know Mum has done some shopping (she minds my kids), so I will have to pay her for bread and lettuce.

Planned spends in the near future are dinner out with my girls on Sat. Harvester or something similar.

Groupon tickets for a beach event that is happening near me that I think my girls would like.

Savings for July are planned to be £1,076.68.

And my savings are way way down on what I anticipated for July, but there are sounds reasons for it.

Owed mum money for minding kids, so that's done now till next year.

Paid off my flights to my brother's wedding.

So, only have £2,000 odd (whatever is in my signature) in savings, but now that I don't have to pay mum monthly, hopefully savings will go up quite quickly.

Although, I say that, I don't actually know how quickly this whole mortgage thing is going to go through.