Pay off mortgage and start having fun!

newgirly

Hi, just realised I didn’t answer one of Vix questions, we are not involved the finances of the old business, a new company took over (almost all) of the liabilities. The original company is now just a vehicle to run the rent and loan through really. We are employed by the company that rent the building from us now. 

Hi SC, we may as well get a a new deal anyway as the SVR will be about 4.6% and we don’t need to have affordability checks to just change deal with the same provider. I rang hem today and have got an appointment booked for next weds - a 90 minute appointment just to switch to a new rate 😱 he also confirmed that the minimum deal term (2 years) actually runs for longer than two years , this is apparently common and means that the term is stretched to fit it. So the term will be about five months longer than it should, this will not involve a full affordability check , just a light one. Talk about complicated! 

I’m still no further on ideas wise on a better plan than sticking with what we are doing really. We could go for a 25 years term , but if we do it would only be insure against a worst case scenario of being jobless and thus unable to remortgage in two and a half years, that’s the only benefit. The down side would be a higher monthly payment (£179) going for IO to a 25 year term. I feel like we should probably just stick as we are, stay IO and save in the offset and just fix to a new offset deal. 

South_coast

Ouch to the SVR 😯 (and to the 90-minute phone call - definitely keep away from the teapot before that one 😂). I can see the sense in switching now, so it's just a decision of which to go for....

newgirly

Morning SC, I think offset will still be the only option as we are saving all money in there now, plus we are limited to a 2 year fix and the relatively small amount means we will probably need fee free, so we are probably limited to a choice of one.

Dh is off for an early morning egg run at a farm miles away, we have just had a debate over whether he should buy 60 or 90 😱 I want to drop a tray to dd for their household and he says 30 would not be enough as he wants to make lots of Spanish omelettes, we have been eggless a while now so we are buying 90 😆 At least we won’t need any food for ages if we live off eggs!

themadvix

Thanks for the clarification on the business NG. I agree, I think saving into the offset for the time being and re-fixing is probably the best option at the moment - it keeps your options open.

Jessy103

90 eggs?! That's a bit eggstreme!! 😂

Sorry, I'll get my coat! 

newgirly

I think so Vix, thanks 🙂

Great news today - we have had the cruise refunded 🥳 I am shocked as I’ve been checking my emails 100 times a day and lurking on cruise discussion boards to see if anyone has been refunded yet (none as far as I’ve seen!) so my phone call last week must have helped. £1598 in the current account, so what to do with it then? 😬 

South_coast

DON'T SPEND IT ALL ON EGGS 😂!

Seriously though, that's great news and fantastic timing 😀 Looking forward to hearing the different permutations of what may or may not happen to it 😂

newgirly

Hi Jessy, don’t worry that’s a cracking pun and SC I shan’t spend it all on eggs, that would be a total yoke 😂 

South_coast

😂                 

themadvix

Oh dear, I think you’ve all been on the egg nog and got overeggcited over here!

Put it in the offset is surely the only sensible thing to do right now?