Taxi 73 diary

In_Search_Of_Me

Not sad at all taxi! Getting it paid off wil be the best think for all of us! Imagine the parties we'll all be having when we get there having spent such a long & bumpy ride togeather! Fab about the hair - seriously thinking of having mine done locally as muct be cheaper than my usual salon! Have a good day! Hugs for you!

taxi73

Afternoon all...hope you're all having a good weekend...
It's been quiet on the cab today but tomorrow is a new day and will probably be busy ...will have to pop to the bank tomorrow as well...and fill up as well...
Had a lovely tea roast beef and everything left over from yesterday and there's still a bit left over so will make a sandwich with that for my lunch tomorrow so no waste...already done the hoovering and got the washing on...and will be chilling out tonight ..so nothing new there then..take carexx

hypno06

Hi taxi!! Going back to your loans/mortgage pay off dilemma, have you put the figures in the snowball calculator to see if there is any favourable difference one way or another?

taxi73

Hi Hypno...all the loans finish within a month of 2 of each other...they are all 6.3% or thereabouts ...so are very low...
My mortgage is on SVR which is 7.25 % at the moment...I have redemption fees if done before march...
I owe roughly £47k probably less...(though not much less)...without looking at the statements...I pay less then £400 p/m at the moment...
My dilemma is that The loans are front loaded so can't see much sense in paying them off early....so was thinking to let them run....but if I change my mortgage which I should as it's SVR ...and no DFW ...should be paying that rate....
my term left on my mortgage is about 18 years ...I would like to seriously overpay it and finish it around the same time as the loans if possible...
I've never used the snowball calculator would it be of any use to me?...this is really confusing...I think I need a mortgage that calculates interest daily and that I can overpay as much as possible with no redemption fees...if this is possible but they are clamping down on mortgages and I'm self cert but with an excellent credit history...either that or stash the cash and pay one loan off at a time...I really don't know what to do...I need to decide before JAN as I have an appointment with my mortgage advisor then

hypno06

OK, if your loans are front loaded, it makes no difference to your interest payments or total amount payable on them if you clear them only. It MAY however look better to your potential new mortgage lender if you have less "non-mortgage" debt perhaps which in turn may give you a better mortgage rate?

How about asking on the mortgage board if they have any input? I have not had any difficulties getting questions answered on there, but there are not many posters so you may have to wait a few days for an answer?

Pania is a mortgage advisor, she is having a few days "off" at the moment, but when she is back up and running, I am sure she would be very happy to receive a PM from you about this.

My gut feeling though, is to bung it to the mortgage and let the loans take their usual turn..

taxi73

Thanks for that Hypno...that's what I thought...my mortgage advisor says we've no need to count the £271.95 loan as this is business expense...I won't owe Barclays anything by then either...so it will be the two loans and egg that will be considered...
I can easily afford the mortgage but have a feeling that due to the credit crunch that I may get refused...if I do I will just stash the cash and when things settle down will reapply with another huge amount to put down against it..will have to see how it plays out...though I've never had a late payment or missed payment in my life being SE could upset them and my books are obviously bad last year and this year due to having a few operations...when I spoke to my mortgage advisor I told him what debts I have and he said it wouldn't be a problem but this was before the credit crunch..so will have to go with the flow..if needs be I'll pay the loans off first...obviously after the CCs...but if everything works out I'll throw it at the mortgage instead....will have to be patient...(hard for me)

hypno06

that sounds like a good plan to me - very sensible, and you will just have to be patient if needs be!

Right, better go and take the kids ice skating.......back later!

taxi73

Thanks have a good time xx

taxi73

Hi everyone...just sorted all my banking stuff out for the morning:j:j:j:j
:j I have hit my target....:D:D...my normal DD of £54 comes out for Barclays in the morning and I have £1215 bagged up here ready to go as well..this will be paid in first thing in the morning...so grand total of £1269 off barclays this month:p:p.......That in turn has brought me into the 37ks owing and over £7k paid in the last few months...
I would love to pay the remainder off the barclays before christmas if at all possible...
I've also transferred another £100 in my tax savings so am keeping on top of them...it would be nice to hit 35k by christmas if that is possible...I'm so happy....

dreams_R_free

Well done, Taxi, on all your latest achievements. You must be elated, and long may the feeling last:beer:

Sorry I can't help with your order-of-payment dilemma:o but what a wonderful position for you to be in.......enough money to actually make large payments and the only real problem being which to pay off first:j

Have another good week
Take care
Imp