Living life, loving life.......hypno's having a ball!

beanielou

& i havent been to France this year.Sob.

hypno06

beanielou wrote: »

& i havent been to France this year.Sob.

its ok, beanie - I ate enough pastries for both of us

beanielou

Thanks Hypno
DD started driving yet?

hypno06

Yes, she has had a few lessons - seems to be doing alright, but can't drive my car because it is an automatic and she is learning manual, so she doesn't get any extra practice, unfortunately.

Firewalker

I have not been to France for holiday for, may be, eight years. Usually go to Paris for work and enjoy it - but outside Paris is not for me I am afraid. Too many French cows, no Otrivin and August everyone is off on holiday. Oh, and the wine has to be very expensive to be good...However, doing my best to be open minded I can accept that it can be nice.

We prefer Italy, and I love Greece.

Hypno, I am so glad to see that you are having great time - this is the way!

Firewalker

hypno06

Well, I love many areas of France and would gladly visit more often. There are so many places that I haven't been to in Europe though, so of course I can't compare it to so many places. But I like it anyway

Forgot to mention yesterday that I got a pay increase. Not huge, but something that will be noticeable in my monthly salary, and that will be very useful. Once I have received September's pay and now the exact net difference from previous months, I will decide how to allocate it - this could be the ideal time to start making the mortgage overpayments, as I wouldn't be having to find any additional money from my existing budgets

Friday today - have a good one, whatever you may be up to!

seese75

Great news about the pay increase.

Mortgage over payments sound like a good idea. Always good to see the mortgage length decreasing. Are you aiming to try and pay it off early? I am sure you are.

Looks like being another hot sunny day....lets hope its a happy Friday.

Kittikins

Hoorah for the pay increase hypno, fabulous news. Mortgage overpayments sounds like a good idea to me..

benbenandme

Fab news about the pay rise Hypno, how about it goes into a skiing pot towards training for the dc's? Then again, I would also highly recommend the mortgage overpayments

hypno06

Ok, loving the tool that is the MSE mortgage overpayment calculator......it seems that if I pay what I think will be the difference in my salary to my mortgage as a monthly overpayment (which is allowed under the terms of my mortgage) then it reduces the term of my mortgage by 2 years 3 months.

So for no "real" cost to me, provided I set up the standing order to come into effect straight away so that I have never had the benefit of the pay increase, there is a significant benefit.

Seems like a no brainer

Pros:

• Saves £9904 in interest payments alone
• gets me mortgage free over 2 years quicker
• saves a whopping £29414 in monthly payments for the period between paying off sooner and leaving to run to term.
• When fixed rates ends in 2013 gives me more equity to get better deals, and if rates go up, it gives me certainty that I can afford the difference.
• is always good to see the amount owing go down quicker!

Cons:

• Once paid, funds cannot easily be accessed again.
• If I have paid it to the mortgage, I cannot use it to buy shoes and handbags

Worst case scenarios:

• If budgets become tight, I can cancel the standing order.
• In a real , true, emergency, it is likely I can release equity by a remortgage.

I am already saving approx 10% of my salary into creating a long term savings pot, and a further 5% into short term (eg holidays) savings, so there is provision for small emergencies along the way, so I wouldn't be committing money I need elsewhere.

Like I say, no brainer really.......off to set up standing order :j