On my way!

245

Comments

  • wildesavings
    wildesavings Posts: 176 Forumite
    First Anniversary Combo Breaker
    Oh that sounds so close! We've got double the journey and double the time scale. :) so trying for the same goal! Thank you for mentioning the hsbc switch! I might check those out x

    Good luck with it all :)
    Started my MFW journey in August 14 : £103,650
    2019 : £77,900
  • Escapar2020
    Escapar2020 Posts: 136 Forumite
    First Anniversary First Post Name Dropper
    I recently fell for an internet scam, paying £180 for a couple of bargain bikes :'( just goes to prove that if something looks to good to be true, it probably is!

    Good news is that my bank has refunded the money, so as I thought I'd lost it already, I've moved it straight into another OP :-)
  • fiona100
    fiona100 Posts: 29 Forumite
    First Anniversary First Post
    Hiya,


    Just dropping by to subscribe. Paying your mortgage off 8 years early sounds a wonderful thing to aim for.


    Thanks for the example.


    Fiona100
  • Escapar2020
    Escapar2020 Posts: 136 Forumite
    First Anniversary First Post Name Dropper
    Hi all

    I'd appreciate your thoughts on this.....

    I see that rates are expected to start rising again soon and people are thinking about fixing.

    I moved onto a SVR a few years ago while rates were low and there are no penalties for op or finishing early. My current rate is 2.04% which includes the base rate, and im expecting to finish 8 years early. My current Ltv is around 25%.

    When I consider set up costs, I cant see much or any benefit in remortgaging. Plus I'd either need to match my current term and face op penalities, or reduce the term to increase the standard payment, which I might want to reduce for unforseen circumstances in future, such a possible redundancy.
    So, should I stick or switch!?

    Thanks in advance

    Escapar2020
  • beanielou
    beanielou Posts: 90,126 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    I would tend to agree with you that there is little benefit in changing.
    However, I am no expert it has to be said.
    But if it was me I would stick.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Escapar2020
    Escapar2020 Posts: 136 Forumite
    First Anniversary First Post Name Dropper
    Wise words beanielou :-)
  • Escapar2020
    Escapar2020 Posts: 136 Forumite
    First Anniversary First Post Name Dropper
    Switched my current account today to hsbc so should recieve £150 soon and another £50 in a year, which will go to pay the mortgage. Makes me feel good as its an hsbc mortgage!

    I see clydesdale is now offerring £250 to switch, so I might move my other current account too.
  • jodles16
    jodles16 Posts: 1,477 Forumite
    Car Insurance Carver!
    Hi Escapar,

    What a marvelous challenge and amazingly well done on the massive OP this month! It does seem that for yourself it makes more sense to have unlimited OPs...is there an independent advisor who might be able to offer solid advice? I am definitely no expert!

    All the best, I will be popping in again soon!

    Jodles :D
    MFW2020 #115 250/3000 J-250
    1% challenge- /1525
    Save 1k in 2020- /3000

    Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
  • Escapar2020
    Escapar2020 Posts: 136 Forumite
    First Anniversary First Post Name Dropper
    Thanks Jodles, I think I prefer nonexpert opinons sometimes!
  • beanielou
    beanielou Posts: 90,126 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Escapar2020 wrote: »
    Switched my current account today to hsbc so should recieve £150 soon and another £50 in a year, which will go to pay the mortgage. Makes me feel good as its an hsbc mortgage!

    I see clydesdale is now offerring £250 to switch, so I might move my other current account too.

    Excellent :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
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