Hypno's "no more boom or bust" diary

Lemon_Tree

you lucky thing, mortgage and debt free in 10 years! i'm looking to increase our mortgage when i'm debt free (cept maybe for my 0% loan) so we can get a house.

Keeping_Motivated

Hypno that makes sense to me to do it that way.

The only thing I wonder is if, when it comes to dream house time and you need to borrow more on your mortgage, do they look at mortage debt and loan debt differently in terms of how much they will lend you.
I mean based on your committments at that time will it look better not having the loan or having the loan but less mortgage? Or does it make no difference?

Am I even making myself understood

hypno06

Ah yes, LT, of course I am intending increasing my mortgage too in a couple of years, when I can indulge myself in my dream house hunt........but if we WERE to stay where we are, we could be free of all financial ties within a reasonable time frame!

and in any event, all overpayments now, will help persuade the building society that we are a good risk in a couple of years time when we go armed with payslips, house details and unreasonable demands for money :rotfl:

hypno06

But the loan comes to an end in a couple of years anyway, so should be gone before we start househunting - by the time we get to that stage, we will only have the mortgage debt left anyway.

OliveOyl_2

macgirl wrote: »

Maybe I didn't explain that clearly...
I'm not concerned with who earns/owes what...I'm very much a "Live and let live" type anyway...
But do you agree with concentrating all your efforts on reducing your personal debt before the mortgage debt - as you have already started over-paying - or will you attack it all together?

It would depend on the interest rates.
Mortgages are usually cheaper than credit cards for instance.
But if you have £10K on 0% cc then paying the mortgage off faster would be better as long as you have the necessary to clear the cc when the 0% finishes :rotfl:
I think you'll find that if you have a joint mortgage you are financially linked. I don't think they can come after you for your partners debts, but if s/he has "untidy" debt that can affect your rating as you are linked. Someone will correct me if I have that *rse about face

ZTD

hypno06 wrote: »

So perhaps I should concentrate on paying the 0% to be sure I won't be subject to high APRs on there in the future, then concentrate on my mortgage, letting the barclayloan look after itself in its natural lifespan.

Whaddya think........

Pay off anything that can be subject to high interest at a whim. Unless you can predict the future, you don't want to be faced with companies raising interest rates until the pips squeak...

hypno06

ZTD wrote: »

Pay off anything that can be subject to high interest at a whim. Unless you can predict the future, you don't want to be faced with companies raising interest rates until the pips squeak...

That's what I reckon - so the two that are subject to change are the 0% card and the mortgage - although the mortgage is fixed for a while yet, the longer term picture could be very different to the one we have now.

I am glad I wasn't way off with my thinking - I would have felt a bit of a wally if I was

macgirl

ZTD wrote: »

Pay off anything that can be subject to high interest at a whim. Unless you can predict the future, you don't want to be faced with companies raising interest rates until the pips squeak...

hypno06 wrote: »

That's what I reckon - so the two that are subject to change are the 0% card and the mortgage - although the mortgage is fixed for a while yet, the longer term picture could be very different to the one we have now.

I am glad I wasn't way off with my thinking - I would have felt a bit of a wally if I was

Yes, most of mine is on LOB which are at more or less exactly the same rate as my mortgage....
Having said that, someof it is not. So, that does put a different slant on things...interesting chat, thanks all.

Raquela

well, I fell fast asleep on the sofa shortly after posting that, oopsie!

Not much rain?! Twice this summer I was afraid I was going to get flooded - lol, think there is a reason that house is raised above road level! You'd think the gardener would see to the brown lawns; he had a gardener every week! Still does I think, even though the old boy has gone - must admit, I thought it would have more than three beds, must be three big beds.

As for me, I'm viewing 4 properties on Saturday, not sure I've the energy! I think I've found a flat I want, so these viewings are just to make sure there isn't anything better.

Right, better get me scratchcards done before I go to sleep!

hypno06

Good luck with the viewings raquela - I'm sure you will get what you need.

DD is home from China - very tired and with a hacking cough but has had a good time......she went straight to bed, so I've not got much out of her - I think she will sleep until about Monday :rolleyes: