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Hell wants to be mortgage free!
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Overpay the more expensive part first ( fixed at 5.99%)
what does this revert to in april 2011? Check with the lender.
You really should have a good( large ) emergency pot of 6/9 months of income as you are the only one earning in the household and the kids will be off to uni soon!
Dont have more than £16K in savings ( think benefits)
Once you know what the rates are on the 2 parts of the mortgage then consider which to overpay first.
There are several long term fixes( 5 years) at 3.95/3.99% and as you have overpaid so well consider offset mortgages ( Good Luck)0 -
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No car must save a few£££ every year but I dont know how you manage without one.
Need to build up emergency savings and can you get back your overpayments?
You live very cheaply with Gas and Elec of £60 a month.0 -
Hi,
Looking at your SOA you seem to have things under control. It might be worth keeping a spending diary for a couple of months to see how this matches to your SOA.
Bills seem more than reasonable. Our gas/elec is £72 per month but we are at home nearly all day every day.
Do you have some plan in place for paying uni stuff as the kids get older? The way they have risen is really scary. I can't see how any parent can help out even one child without lots of loans now.
Keep doing the small things and you get there.0 -
Welcome Hell. Looking at your SOA there seems to be no travel in there at all?? I was guessing you were in London because of house prices. G&E looks low, i was imaganing 2 girls with hair straighteners/hair dryers and the boy being a ps3 addict. yes I am sad enough to of tested both my GHD's and OH's stupid PS3!!!! another thing i noticed is no B&C insurance?
Do you have income protection/critical illness or MPPI insurance that means you don't feel the need to have a large amount of savings?MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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Welcome to MFW Hell1
I've only just caught up!
It sounds like you have really smart kids Currently studying for a Diploma - wish me luck
Phase 1 - Emergency Fund - Complete :j
Phase 2 - £20,000 Mortgage Fund - Underway0 -
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Me I would look at a 5 year fixed offset mortgage with YBS or First direct but I love offset mortgages and rates are going to rise in the next five years its by how much that NO ONE KNOWS0
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I think you have to regard a fix as an insurance payment against future rises. If you can handle the rises then take advantage of low SVR fr the moment and take the fix if youbthink you can't.RosieTiger - Highest £242,000 Feb 2004 :mad:
Lightbulb Dec 2008 £146,000 by March 2026:eek:
MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
Current Position-Fully off set by savings since March 20130
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