Pay off mortgage and start having fun!

newgirly

Today is really not my day, I have had an extra £5.99 taken from my card by xbox live as I bought what I thought was a one off months subscription but apparently it rolls over every month, not sure how I managed that as I checked to make sure I wasn't signing up permenantly.

Followed by a lengthy call to first direct to apply for the mortgage which looked ok on the online calculator, went through as no debts (CC would be cleared if need be), no hp, good credit record and it was refused due to affordability due to our outgoings, income was fine for the sum required. It is a bit odd as the only ones I was asked was water £60 and council tax £125, so it was the mortgage payment of £681 that was too much for us to afford , that was upping our mortgage from 10 to 25 years as well.:eek:

This has now worried me quite a lot as I don't want to be stuck with chelsea next year when the deal ends. So, do I clear the 0% CC before next may or pay the min and op everything possible to get the amount needed lower?

never_too_old

Im no expert but i think the lending criteria (?) has just got way too strict.
Hope you get it sorted.:)

icontinuetodream

Hi newgirly...have just spent my entire afternoon reading your thread!! What a rollercoaster ride you have had....sounds so much like me, its scary!!! :rotfl::rotfl:

am definately subscribing....I love your resilience and determination...truly inspiring!

newgirly

Ah thanks I continue to dream, you must have square eyes I don't think I could read through the whole lot :rotfl:Your comments have cheered me up after a not particulary great day.

Never too old, I have also realised that as dh has shares in the company he may be self employed as well, which means looking at his accounts , which is a road no- one would want to down.:eek:

I think we may be forced to get a much longer term fix with the chelsea who we are with now, at least the balance would hopefully be a lot lower after a few years, so it might be easier to re-mortgage.

To cheer myself up (and due to a lack of chocolate in the house) I have made fairy cakes, flapjacks and a pinapple cake tonight, I am just about to quality control them.

never_too_old

newgirly wrote: »

Ah thanks I continue to dream, you must have square eyes I don't think I could read through the whole lot :rotfl:Your comments have cheered me up after a not particulary great day.

Never too old, I have also realised that as dh has shares in the company he may be self employed as well, which means looking at his accounts , which is a road no- one would want to down.:eek:

I think we may be forced to get a much longer term fix with the chelsea who we are with now, at least the balance would hopefully be a lot lower after a few years, so it might be easier to re-mortgage.

To cheer myself up (and due to a lack of chocolate in the house) I have made fairy cakes, flapjacks and a pinapple cake tonight, I am just about to quality control them.

Banks and building societies hate the self employed to big a risk, normal people have to show 3 or 4 months payslips , se have to show on average 5 years accounts.When you next go to Tes^o have a look at the large ish bars of cadbury dairy milk, says £1,30 bar or 2 for £2 in most stores ( so check on self scanner they go through at 34p):D

CathT

Oh no that's not great news from FD. I am also hoping to go onto one of their tracker rates and plan to ring them in the morning. I better make sure I have recent CC bills to hand. I checked online and they will lend is more than we need whereas B***lays would not. We are currently on 3.19% but the SVR with current provider is 3.99% so am keen to escape! My concern is that I am currently on maternity leave but I did input the figures to reflect this. It's daft they say you can't afford it which forces you to pay more on a more expensive mortgage deal.

Do Chelsea have any competetive deals that could work for you?

newgirly

never_too_old wrote: »

Banks and building societies hate the self employed to big a risk, normal people have to show 3 or 4 months payslips , se have to show on average 5 years accounts.When you next go to Tes^o have a look at the large ish bars of cadbury dairy milk, says £1,30 bar or 2 for £2 in most stores ( so check on self scanner they go through at 34p):D

Oh dear! The more I think about this the worse it seems. Without going into too much detail I think dh will be self employed. Probably using the accounts we could borrow around £1.50.


Thanks for the choccy tip, but terrible timing I have just had a "we have to tighten our belts" chat with dh which included how he has to cut down his large bar of wholenut a day habit.:D

newgirly

CathT wrote: »

Oh no that's not great news from FD. I am also hoping to go onto one of their tracker rates and plan to ring them in the morning. I better make sure I have recent CC bills to hand. I checked online and they will lend is more than we need whereas B***lays would not. We are currently on 3.19% but the SVR with current provider is 3.99% so am keen to escape! My concern is that I am currently on maternity leave but I did input the figures to reflect this. It's daft they say you can't afford it which forces you to pay more on a more expensive mortgage deal.

Do Chelsea have any competetive deals that could work for you?

Sorry cath , post no. 2 I I don't know how to multi quote. Good luck with FD, i know a lot of mfw's rate them highly, I was just a bit surprised as we also showed as passing the affordability online. We are currently on 3.43% but the svr is 5.79%.
I have had a look and there is a 5 yr fix for 4.19% which would work out £105 PM dearer than the FD 2 yr tracker would have been, but I think I may have not many options but to go down that route as I think re-mortaging might be impossible.

Fingers crossed you get it, you should if it says you can afford it whilst on maternity pay, good luck.

icontinuetodream

we are also on a fixed rate with chelsea which finishes in July 12 - unfortunately, we have a poor credit rating so wouldn't get a mortgage with anyone else chelsea have never been competitive in all honesty, but they were absolutely great when dh got sick a few years ago and had to give up work (hence the poor credit rating!!)

I think that they are doing offset mortgages now and I don't think the rates are too bad (was having a mooch the other day, but didn't really look at the details) so that may be an option for you..:D got to admit...bit of a mathsophobe so tend not to look too hard until I absolutely have to, so sorry if its not worth looking at!! :rotfl:

newgirly

Hi ICTD, I had dismissed the offset as the rates were a lot higher I thought, but have just had a proper look and it would be 4.19% instead of 4.09% a difference of around £7.50 per month. I think if its around I will definatly go for that as it would mean if I was really desperate to get the loft converted I could in future.

I see you have a lot of new challenges for 2012, I was looking on the vegan store cupboard challenge the other day for ideas (although dh needs meat!) the one that sticks out most though is the grocery spend one- £1600, is that for the whole year, and if so how many people for ?