Pay off mortgage and start having fun!

AlexLK

Happy belated birthday, NG.

themadvix

Belated happy birthday from me too NG! And I totally approve of stringing out your birthday for as long as possible!

newgirly

Thanks vix

Been a busy week, I've eaten and drunk soooo much :eek: off for an afternoon tea in a couple of hours too.

I've put on about 3 lb in the last few weeks which is not surprising. After chatting with best friend yesterday we have both cancelled weightwatchers and joined the gym we used to go to instead. The plan was this originally but when we hit goal weight, as nothing has been happening we thought a change would be good. Total cost pm will be an extra £15 which is pretty good, I'm looking forward to going swimming again

newgirly

I have an enforced late night tonight, ds1 is at morrissey gig and ds2 has snuck in the local pub with his older friends. Hopefully they both won't be too late....

In the meantime I've been pondering the best course of action re the mortgage and switching deal. The estimated balance left when the deal ends in July is about £25,915 if we stick ridgidly to the plan. We are hoping to pay that off in 9 months although 11 is more realistic.

It makes it not worth while to change provider really, but staying on an offset will mean a rate of 2.3% (unless it goes up by then!) plus a minimum term of two years, although we can leave a small amount as a float until the term ends.

I'm just thinking perhaps it would be better to get a 25k loan for the last part, currently rates are 2.8 with a possibility of 2.3 from a nationwide price undercutting offer. More importantly though I could do some 0% cc transfers.

It would save a bit of cash but wouldn't shorten term, but it would be nice to not have to sign up for another 2 years for a new mortgage deal when we plan to clear it quicker. SVR is not an option for the remainder as it's 4.99%.

I'm also wondering if it's a good thing to NOT have the facility to keep the mortgage account running - less temptation to not pay it off

wishingthemortgaheaway

I know someone who's fixed rate mortgage ended and put the remainder on 0% cards. They must have had a slightly lower balance than yours though. (Maybe just less than £20k) it really worked for them.
Maybe just a 'normal' loan would be best.
I hope you get it sorted. Svr rates are starting to worry me, but we're going to do another 2 year fix with the same lender come July. (Don't think we'll get as good a deal as we're on now, but hopefully the overpaying I've done will mean the actual repayments will be similar)

gallygirl

You might probably struggle to remortgage to a decent rate anyway NG - don't some have a minimum amount they will lend?

My first house cost 24k :rotfl:.

newgirly

Hi wishing, I'm sure our svr with Chelsea is higher than usual! Things are defiantly creeping upwards, I hope you get a good deal sorted for July

Hi GG, yes they do usually about 30k I think? 24k :eek::eek:

Stressful night, ds2 out, ds1 comes home from gig and gets Lift by me to friends with ds2 at 12.30 they say they will stay overnight , 3am ds2 comes home, 3.10 am ds1 comes home. 7am dh alarm goes off even though he promised (for the 3rd time this week!) it was off. Divorce may now be on the cards as he is the one cross :mad:

Today's plans are sulking with intermittentent moaning, a vast pile of ironing -perhaps shoulder height if it would stay upright. Then a reunion night out with all the girls who went to Italy :T I had asked dh for a lift but am so annoyed I may have to pay for an uber to spite him :rotfl::rotfl: I'm sure he would like that mind!

daisy_1571

Morning ng

Clearing the mortgage with loans does appear to make perfect sense. You get the joy of technically paying off mortgage this year and as long as having the large loans doesn't lead to a gay spree of spend, spend, spend (cos psychologically you 'don't have a mortgage yipee)', then it will be cleared. If you can trust yourselves to walk past the travel agent/cruise shop, keep off right move and away from classic car sites just to keep temptation away until you get the loan cleared :A then it sounds like a good plan to go for it

LOVE your plan for today - sulking with intermittent moaning :rotfl::rotfl::rotfl::T:T
Daisy xx

newgirly

Cheers Daisy, temptation is always a problem

Dh has gone to visit his parents so no moaning today for me! The loan had been applied for and accepted :T it may have been better to wait until nearer July but with rates so low (2.8 accepted and possibility to load onto 0% cc and /or nationwide 2.3 loan rate once accepted for the 2.8 % one ) hope that makes sense I thought why not do it now.

Challenge is on to clear the final mortgage balance one month after the deal end date , i.e. August :eek: that means finding £447 pm for the new loan whilst paying off £15,818 from march until August :eek: pressure on :rotfl:

Once the new lloan comes through I'll start applying for 0% ccs , what fun will I have juggling all the strange awkward payments for all this , I shall be in heaven :j

Kittenkirst

Ooooh I do love a good plan NG!

Have you now caught back up on sleep?
Hope your brood are good to you today :heartpuls