First step, in the long road to being mortgage free.

Tony_R

Last month I put in my own PPI claim from a loan I had 14 years ago. Today I got a letter saying my claim was upheld, and I've got £1,990. I might start the overpayments quicker than I thought I would. Not a bad way to start the weekend.

We need a new boiler, but I was saving up for that anyway.

gallygirl

Tony_R wrote: »

Last month I put in my own PPI claim from a loan I had 14 years ago. Today I got a letter saying my claim was upheld, and I've got £1,990. I might start the overpayments quicker than I thought I would. Not a bad way to start the weekend.

Great stuff, well done :T.

Tony_R

I've made another £500 overpayment, hopefully I can keep it going this year.

I'm tempted to treat myself to an iPad out of the PPI money I've got coming, but the sensible bit of me tells me not too. I do have quite an small older tablet, that'll probably do.

Tony_R

Overpayment for January made, £580. Still not got myself an iPad, probably won't.

bugslet

If i get an unexpected windfall, I usually tithe 10% to myself and do something sensible with the rest.

Tony_R

I decided not to get an iPad, a bit unnecessary really.
I did renew my football season ticket for next year, which I would have done anyway.

I'm going to put the money towards a new boiler, which is needed.

Tony_R

Hi All,

I'm after a little bit of advice. Our 5 year fixed rate ends at the end of June. Is it too early to start looking for new deals and getting them ready? Would a bank hold a deal for 4 months? Or should I wait a bit longer?

Currently we are fixed at 4.99%, which reverts to an SVR of 4.49%. But obviously that's really high nowadays, although it was the best I could get 5 years ago.

I was thinking rather than overpaying and commiting the overpayments like we do now, we could get an offset instead.

YBS do a 5 year Fixed rate Offset at 2.44%

Our monthly payment started at £1173 when we first started which is down to £999 now. But hopefully if we get 2.44% it would be about £780. But rather than commiting the money i'd like to offset it, just in case we ever needed it.

Is there any downside of offsetting that actually overpaying?

Luckyinlife

hopefully youll get the 2.4% rate would be awesome great stuff :]

well done on making so much overpayments to

Tony_R

Thanks. Just seen a 2.19% 5 year fixed rate Offset. It definitely makes sense as your not taxed on the interest either as its coming off your mortgage. I really can't wait to get of this fixed rate.

Tony_R

Latest overpayment made, £750 this time.

The new boiler installation has been arranged for the day after East Monday, which will mean a long weekend.

Plus, all the rendering on the outside of the house was finished last week, we'd had the money saved from a year ago, but it kept getting delayed. Glad it's done.

Just three months left on my 5 year fixed rate, so not long now till we can shift. When the OP was made the lady said a letter will be sent shortly offering us a new deal. But I'm think i'm set on the Offset idea.