Fixed Rate to Variable

Butterfliesarepretty

My mortgage is over £300 but below £400 for a £46,000 mortgage on my mid terraced and I have been on a 2 yr fixed deal with nationwide at over 6% and for the last year I have been making overpayments of £50.

I have decided as the rate is lower and house prices lower I am just going to go on the variable rate as its 4.1%.

I earn flat rate wage of £1000 a month and am starting to struggle now so need a better paid job. I have no sky, no debts apart from mortgage, car ins £30, council £70, gas and electric £56, csa £115, life ins £7.70, house and buildings £17, gym £28 (which i use a lot and free swimming), tv lic £12, savings for my daughter £6 , £30-£35 a week food and petrol only have to travel 8 miles a day but still with a £400 tax refund and spending on my car such as mot and service £110 altogether and next month its the tax and a £550 overdraft I really see the difference from years ago that it is no longer cheap for me to live alone, when at one time I did quite well.

I bet everyone is in same situation. Trying to get a better job earning £17k or more but not much success.

Life is getting harder for single people.:rolleyes:

benjo

Sorry, Im not sure if you are asking a question or since you posted a SOA seeking comments oh well here goes

Sell the car and buy a push bike - Savings on car ins/tax/mot/fuel.

Dump the gym and cycle to work on your new bike - Savings gym membership and you still get 16 miles cycling a day.

If you cant find a better paid job - find a part time job to bolt onto you full time job.

Take in a lodger.

If you have a garden, reduce your food bill by growing veg instead of a lawn.

Butterfliesarepretty

benjo wrote: »

Sorry, Im not sure if you are asking a question or since you posted a SOA seeking comments oh well here goes

Sell the car and buy a push bike - Savings on car ins/tax/mot/fuel.

Dump the gym and cycle to work on your new bike - Savings gym membership and you still get 16 miles cycling a day.

If you cant find a better paid job - find a part time job to bolt onto you full time job.

Take in a lodger.

If you have a garden, reduce your food bill by growing veg instead of a lawn.

thanks for your comments.
No never sell the car its a 16 yr old mazda mx5 paid for and its my hobby. I also need to see my daughter who lives 50 miles away and is only 11 and spends weekends with me. Car ins cheap.
I have a bike yes but I work 8-6 four days a week, not possible to cycle to work would not get there in time, also need to get home quickly in case of emergency with my daughter.
The gym motivates me and many of my friends are there and I love it.
No time for a part time job, weekends are with my daughter (who is far more important) and as I'm 42 I would not be able to function working too hard - life is too short to work too many hours.

Lodger no - the bedroom is my daughters and private and very tiny and you have to walk through bedroom to the bathroom which is not private enough. I have had a lodger long time ago and it made me miserable not having my own space.

Garden yes at the front and very small and do grown my own veg and strawberries although not much.

Ta very much

dimbo61

Wait until your fix ends and see what Nationwide have to offer you in the way of a long term fix of say 5 years and I hope you get something less than 5%.
This will save you money and give you long term security! and have fun with your daughter.
Good luck

alphason

shawtj2 wrote: »

My mortgage is over £300 but below £400 for a £46,000 mortgage on my mid terraced and I have been on a 2 yr fixed deal with nationwide at over 6% and for the last year I have been making overpayments of £50.

I have decided as the rate is lower and house prices lower I am just going to go on the variable rate as its 4.1%.

A bit of good news for you, your variable rate should be only 2.5%. I am on this and have no incentive to move to a new fix for a while :T

"Customers with deals reserved on or before 29 April 2009 revert to the variable Base Mortgage Rate (BMR), our Standard Variable Rate, for the remainder of the mortgage term
The interest rate of our BMR product is currently 2.5% and amongst the lowest standard variable rate of all major high street lender"

Butterfliesarepretty

alphason wrote: »

A bit of good news for you, your variable rate should be only 2.5%. I am on this and have no incentive to move to a new fix for a while :T

"Customers with deals reserved on or before 29 April 2009 revert to the variable Base Mortgage Rate (BMR), our Standard Variable Rate, for the remainder of the mortgage term
The interest rate of our BMR product is currently 2.5% and amongst the lowest standard variable rate of all major high street lender"

thankyou I look forward to leaving it to drop on to variable rate.:rotfl:

Chinkle

Yes, your repayment should drop to around £200 once you move across to SVR. So this will give you a bit of breathing room. But spend wisely and consider overpaying as interest rates won't be this low forever.

Butterfliesarepretty

Hi thanks for that I already overpay by £50 a month on the first account.
I have three accounts for my mortgage due to debt added on.
£253.20 - total debt at 8/12/08 was £27153.26 over 18 yrs 9 mths
£85.89 - total debt at 8/12/08 was £11620.88 over 18 yrs 10 mths
£47.07 - total debt at 8/12/08 was £6322.71 over 18yrs 7 mth

Capital Repayment mortgage - repayment date 2027

all at 6.13% and the deal ends 30 sept 2009



Total £386.16 a month.