unsure now

mummytwinton

would you say i'm better sticking to 67k on virgin mortgage & 20k on 0% ccards but when they run out that will go on my mortgage again & take my payments for 87k back to about 670 a month or go to alliance & leicester & start with 95k covering all the work left on the house & the money we had saved for our holidays. 95k with A&L works out at 617 for 2 years at 4.4% so saving us money & we can then make over payments of the difference between what we were paying & the lower amount. we are still only taking the mortgage for 19 which is the same as what we have left on Virgin.

sorry to keep going on but hate to do the wrong thing.

a few people have told us including the mortgage consultant how bad the all in one accounts are & now i'm worried i'm doing the wrong thing.

payless

Not saying it might not be worth looking further afield that virgin ( depends on usage of options)

BUT don't just look at monthly costs - look at balance at end of the 2 yrs, especially if you are having fees added in the swap

dunstonh

Rather than press the new thread button with each of your replies, its best to press the "post reply" button as this keeps all your posts on the same thread and makes it easier to follow.

mummytwinton

:j :j At last we have made our minds up.
we are going with Nationwide with 5 years fixed at 4.78% charges of £498 to set it up but they pay all the rest.
we are saving £240 a month. what is the best thing to do with the spare money. pay of the mortgage or save in a high inerest account??? we are thinking of putting £100 on mortgage & save the £140 for holidays & christmas:beer: :beer:

homer_j_3

using the money for xmas and holidays is a good idea if you otherwixse would go into debt for it.

Joe_Bloggs

@mummytwinton
Well done I'm with Nationwide too. The only thing that is concerning is the £20K on 0% cards. I was a stoozer and was requested to pay back all the money by the Nationwide when the deals ran out. This £20K has got to be paid back. Perhaps use your future savings projections towards your debt before these 0% rates rocket up. You will have incured one or two credit checks recently, too many of these in a short space of time can count against you and lead to refusals for credit in the future. You have lots of options and Martin has credit card advice as do the forums which deal with credit and debt issues.
J_B.

mummytwinton

we are going to clear the )% back onto the virgin one account before we change mortgages so we start a fresh no cerdit cards going to bin them & no more loans apart from for a car. other than that save or go with out. uptill npow because of the flexiblilty of the all in account if we wanted something we just got it & worried about it later. we have liked the virgin one a lot but now it's time to just pay it back & not run it up anymore. i think if we stayed with virgin we would keep taking it back up

MortgageMamma

There's no substitute for will power and self discipline when it comes to money!

Good Luck

MM

Joe_Bloggs

@mummytwinton
My previous mortgage was an offset and 0% credit, if it really is 0%, is a good way to make the best of a bad rate. The good thing about many modern lenders is that you can access your mortgage balance online and make near instant overpayments. Small amounts, if made regularly can significantly alter the term. A reserve of overpayments can qualify you for a repayment holiday or moneyback from your reserve. I'm working to build up a year in total interest payments. A Nationwide Flex account is probably required to access some of these features (always had one so could be wrong). This is a very good account but you don't need to close your old current accounts if you are happy with their features.

I found it useful to ask for £1K more than I needed as It subsequently became apparent that I would have to make two mortgage payments, one each to the new lender and old lender. These things happens and I got the money back the next day via a free chaps payment. I paid the excess back to Nationwide at the maximum of £500 a month.

It would be wise to look closely at the rates you have on your savings accounts and your current accounts to get the best from them.
If you want to build up your savings then read MSE Martins Savings and Investment tips.
J_B.