museumworker's quest to consign mortgage to history!

CathT

From reading your post i think it is well worth paying the penalty to get out of your mortgage to secure that good fixed rate. I have no dealings with FD but I think toots has sold it to you! Definitely a bonus if you can view online and add to the obsession of being a MFW!

When we applied for this mortgage we did it very naievely and i regret paying to go on a tracker with awful redemption charges.

I think it's great you can secure peace of mind on a fixed rate and still save money on your repayments.

museumworker

Look forward to reading your achievements list too SSS, I'm enjoying reading your diary enormously. Here's to us MFW and DFW too :beer: (offers free pint, as too much of a tightwad to buy one :rotfl:).

CathT I appreciate your input, when you put it like that it does sound like a no brainer. I suppose I am nervous about going for a deal and missing a better one, but some more research this weekend will help clarify that.

The good news is I discussed the FD mortgage v briefly with OH last night, and he was very positive about it. Reducing the standard payment would mean we have £200 pm more to throw at the mortgage. In fact, I got a little excited with a mortgage calculator and worked out that by 2015, when the mortgage deal would end, we could have halved our mortgage if we can OP what I think we can! To get to under £100k would be amazing, I am sooo jealous of everyone with their 5 figure mortgages! Although the online bit might make me even more obsessive than now - if that is possible :rotfl:.

Today has been a good day, am glad it is end of week though! Got up at 640 (I am getting slightly later!), not quite enough time to sort out DD plus put make up on but did get her to breakfast club only 5 mins late which is a major improvement! Paid £4 for club yesterday and today, but that is my only spend today . Had all day training at work so feeling mentally bashed. OH is defrosting freezer surprise (I had it for lunch as well but think this is different!), and we will write a shopping list for tomorrow and chill out I think.

I got my first free graze box today, got given a voucher for 2 free ones (plus signed up via tcb and hopefully will get paid a £1 to eat them :rotfl:). I also sorted out my meerkat, which did not have the free zoo ticket in :eek: as I found out last night. Debs are sending me a new one, and collecting the old ticketless one. They are clearly still in stock, so if anyone wants to pay £4 for a voucher for London Zoo/Whipsnade plus free cuddly meerkat I would recommend going for it!

We are also trialling lovefilm, £15 through tcb, and are about to get our second film tomorrow. We are thinking of keeping it on after, the 3 discs a month one at a time for £6. Have been considering it for some time, a little treat which means might spend more time at home than going out, so possibly could save money there.

Will form weekend plan to post...

laurasavon

I've not used FD myself but have heard loads of good things about them. Could you not get the offer for the mortgage check how long it is valid for (usually 3 or 6 months) then switch if base rate rises or apply again in a few months and then wait until you come out of your tie in period with C&G?

Also worth considering, isn't C&G's SVR 2.5% - you could sit on that for a few months, even if there were two 0.5% rises this year you'd still be on a lower rate then the FD one

museumworker

Very interesting post laurasavon, and I really appreciate a different perspective. Part of the issue is that we have to wait until end Feb 2012 before we are out of the tie in period. By then the C&G SVR is likely to have risen, given that we are in a abnormal period of historically low interest rates. I don't think these rates will be around then. It is a gamble - and paying £1k to get out of our mortgage might seem counter intuitive. However, as mentioned we would immediately save £200 a month. Sitting on the deal for 6 months would not release that extra £200pm (which would cover the get out fee). And as I need to get the quote in Jan, it is likely I would need to approach FD three times (it is valid for 6 months), so it was still valid in Feb next year.

The worst that could happen is that interest rates stay the same next year and we could have dropped down to 2.5%. Do I think interest rates will stay the same for the next 5 years - no I don't. Fixing now offers me security as well as instant savings.

tootallulah

Hi MW, the securityois good, it let's you make plans I am on a tracker for the first time but I'm going to ring today and see what sort of fix I can get. My LTV is nowhere near as good as yours so I may have to chance it until the end of the year when I will have paid down another 10% it's a bit nerve racking.

museumworker

This weekends ambitions are a bit ridiculous - let me know which ones you think I should cull!

* 3 washloads
* declutter x [STRIKE]2[/STRIKE] 1 hours done an hour, hard box done another hour this morning, planning to do 2 more hours today done 5 hours in total this weekend :j
* [STRIKE]exhibition[/STRIKE] given up on that idea, want to get house sorted instead
* [STRIKE]pub with friends this evening[/STRIKE] enjoyed it greatly
* make 1 present (have most stuff to do it with) friend I am making for came round, so didn't do!
* [STRIKE]make 2nd present -- no idea what! Don't have the stuff[/STRIKE] bought something instead
* [STRIKE]take things to charity shop[/STRIKE]
* thank you cards found some in declutter so will start with those
*order moo.com cards for bdays for rest of year
* [STRIKE]batch cook[/STRIKE] decided to focus on eating everything in the freezer first
* [STRIKE]food plan[/STRIKE]
* [STRIKE]food shop[/STRIKE] done, £12 :j
* [STRIKE]2[/STRIKE] [STRIKE]1 x light therapy sessions[/STRIKE] done whilst shredding (paper not exercise!0
* 2 x exercise sessions planning to do an hour later instead Just done an hour of cindy the next challenge
* investigate 40th bday present for sis spent half hour thinking of things yesterday, still undecided
* post bil's present (need wrapping paper)
* call 2 x friends who sent me surprise presents
* catch up on emails
* [STRIKE]list books on amazon[/STRIKE] have done one! :rotfl:
* [STRIKE]check get out fee of mortgage[/STRIKE] is £1800 :eek::eek:
* [STRIKE]do mortgage calculations with OH[/STRIKE] he's v happy with my crazy calculating, with OPs could realistically be looking at being MF in 10 years!
* research other mortgage offers further

On that note off to the charity shop!

[Deleted User]

Hi mw
I think security is a good option... I know I am constantly waiting in fear of interest rates going up at the mo! (not enough ltv for BLT but can only be on sv rate with consent to lease)... I think some of the fixed rates we are being offered now may be great for when the interest rates do go up - looking back even to when I got my mortgage the SV rate at the time wouldve been 7% - scary as that would double what Im paying now for no extra benefit!!

I too would love a 5 figure mortgage.... oh well, shall keep plodding along!!

enjoy your graze box- I got one back in the summer and was v yummy and healthy too!

CathT

hmmmm 5 figure mortgage, that would be fantastic! Hoping to have that end of 2012!

museumworker

Have done about 3 hours decluttering today - am getting pretty tired now! Good news is have emptied 4 boxes, filled a massive binliner full of recyclable material including old christmas cards and birthday cards, masters notes. Stuff to shred too, and have filled shopping trolley with baby toys, and craft material DD has never touched and clearly forgotten about that another child will appreciate. Come across a lot of stuff from last 10 years, so I think it has been emotionally draining too. Want to keep going though - have finished looking in all boxes in dining room, just back office to go. Does mean though I won't be able to do all the things I was hoping for, like make something for friend. Although am so tired probably best not to try and use my hands!

Had friend without washing machine drop off some laundry for our machine so haven't even touched my own yet!

CathT - 2012 will be here in the blink of an eye - then tyo and I will be very very envious of you!

museumworker

Weekly targets: ALL ACHIEVED
* Exercise 3 x week done, although slightly cheated by doing 1 hour session today and calling it 2 , hope tyo lets me off that, it is the first week after all!
* Get out of bed earlier (6.30) done 4 x this week
* Eliminate all migraine triggers and reintroduce slowly to see which if any are a trigger for me done this week, apart from malteser cupcake and victorian lemonade
* call one friend a week (52 x calling friends) called three :j
* declutter 1/2 hour a week (52 x decluttering sessions) done 5 hours :T


Monthly targets:
* Make at least one thing a month (12 x crafty things) to do, although have project in mind
* Have at least one cultural event per month (12 x cultural events, this includes theatre, music, exhibitions, comedy, visits to National Trust or English Heritage places) to do, although may be going to cabaret on weds, does that count?
* Have one date night with OH per month (12 x date nights) to do

Annual targets:
* Stick to £100 clothes challenge for another full year (have £4.50 to carry over too ) yes, although spent £9.97 yesterday on clothes
* Save £5K Jan-April for OH car
* When get £5k interest free loan back from OH employer, then overpay the mortgage with that
* Overpay an additional £14K on the mortgage after that ( I do not know if and how that is possible, but that is what I want to do)
* essentially finish the AMA

Plus in addition I have:
* researched mortgages
* set date to talk mortgage with FD
* found out early redemption charges of mortgage
* played round with mortgage calculator and worked out I could be MF in 10 years
* talked through mortgage with OH
* achieved £12 food shop (unheard of!)
* got the SAD light I was lusting over for £40 from pocket money (RRP £250 :eek:)
* taken a trolley load of stuff to charity
* seen friends for drinks, and had a friend over for tea
* bought 3 new (well to me) items of clothing
* been an :A and done friend's laundry
* taken down tree and put away decorations