Introduction, MF wannabe

lincoln-potter

Did some more of the fence at the weekend although didn't get the bushes lopped like I wanted to. Having two "little helpers" didn't really speed things up when they wanted to jump in the post holes I was digging.

Pretty skint at the moment with the ring purchase so other than the food shop for £60 we have had no spends for the past few days.

Off to the in-laws this weekend though so that will be a full tank of fuel sadly, still OH has to show her ring off to her family I suppose. Really can't wait for them to move closer.

Noticed earlier our Mortgage is now down to 166K so in quite a nice position for my remortage appointments next weekend. From what I saw online I have two choices:
Halifax - 2 years 2.94% with £900 fees
Nationwide - 4 years 3.09% with £1000 fees

I think I will go for Nationwide even though I don't tend to like long term fixed rates and usually opt for just 2 years, however I have a feeling the rates will HAVE to rise sooner or later. I must check what their policy is on overpayments though and how easy a process it is.

misscousinitt

Don't hold me to it but reading on here in the past I THINK you can overpay £500 a month with Nationwide with a fixed rate.

MCI

lincoln-potter

Just had a quick look on Nationwides site and you are correct, £500 or less overpayments each month. So £6,000 a year is a bit below the amount I would be wanting to pay. Tough choice to make it seems.

I could always pop extra pennies into a savers account and pay it off at the end of the four years but I know I would only end up spending it on a drive or something. Halifax is 10% of the mortgage value per annum.

Happy mood today thanks to Arsenal winning and City losing

Had another look at the repayment calculator and if I continue at my current OP rate I'll be MF in 8 years. I know I can do better, just the darn house keeps having things wrong with it!

lincoln-potter

Morning all,

OH was trying to sell to me the benefits of DS having school dinners as opposed to us making him a packup. I could see straight through her plan of "organic", "healthly" sales pitch. She simply doesn't like making the packups!

I think its coming up time again for another sit down and financial health check to make sure i am getting the best deal on electric etc etc.

Also our christmas shopping is almost done, think we have a couple presents for the kids left to get and then a little something for the OH and thats it. Just got to wrap them then. Love getting xmas sorted early and missing all the usual hassle.

Mortgage_Reduction_Novice

lincoln-potter wrote: »

I could always pop extra pennies into a savers account and pay it off at the end of the four years but I know I would only end up spending it on a drive or something. Halifax is 10% of the mortgage value per annum.

Pick a longer fixed rate savings account (up to 4 years) you'll be less likely to spend it on other things that way!

misscousinitt

lincoln-potter wrote: »

Also our christmas shopping is almost done, think we have a couple presents for the kids left to get and then a little something for the OH and thats it. Just got to wrap them then. Love getting xmas sorted early and missing all the usual hassle.

How organised are you!!???!!!

I always attempt to get it done in good time - but there is always last minute running about - must do better this year!

the_end_of_the_rainbow

lincoln-potter wrote: »

Just had a quick look on Nationwides site and you are correct, £500 or less overpayments each month. So £6,000 a year is a bit below the amount I would be wanting to pay. Tough choice to make it seems.

I could always pop extra pennies into a savers account and pay it off at the end of the four years but I know I would only end up spending it on a drive or something. Halifax is 10% of the mortgage value per annum.

Happy mood today thanks to Arsenal winning and City losing

Had another look at the repayment calculator and if I continue at my current OP rate I'll be MF in 8 years. I know I can do better, just the darn house keeps having things wrong with it!

You could always reduce the term of your mortgage so that your monthly repayments are higher and therefore include some of your regular overpayments.

lincoln-potter

Mortgage_Reduction_Novice wrote: »

Pick a longer fixed rate savings account (up to 4 years) you'll be less likely to spend it on other things that way!

true but having the money there is always a worry with the OH's ambitious plans for extensions, conversions etc etc. If its out of reach it keeps her grounded :rotfl:

misscousinitt wrote: »

How organised are you!!???!!!

I always attempt to get it done in good time - but there is always last minute running about - must do better this year!

Yes we learnt our lesson from a few years back when we had a mad dash at the end and overspent too!

the_end_of_the_rainbow wrote: »

You could always reduce the term of your mortgage so that your monthly repayments are higher and therefore include some of your regular overpayments.

That is an excellent idea which I had not even considered. Looking at it quickly I would bring it down to a 10 year mortgage which would still leave a bit spare for overpayments. :T

lincoln-potter

Morning all,

Had a quite nice weekend at the MIL & FIL, went swimming with the LO's.
What a wet and horrible start to the week. Other than fuel it was pretty much a no spend weekend.

Need to call Halifax this week to discuss their best mortgage at present and also need to collate all my income details ready for Saturday.

Hope all are well.

lincoln-potter

OH has been looking for caravans for the past hour or more. I give it another ten minutes before she starts trying to sell the positives to me again!

Been doing my "home accounts" and our food bill seems to keep on going up and up. I think I need to get the OH to join MSE for tips!