New here - my attempt at an SOA

Zulu_Dawn

Hi

Have you thought of moving your mortgage to interest only for a short time so you can have a really good bash at those credit cards?

Also get to work on reducing your marginal rate of interest on the credit cards. Paying more than 10% with your income is definitely a mistake.

Good luck,

ZD

mizmir

Johnhowell wrote:

If these are required for work then your employer should reimburse you, my company will reimburse for one professional body subscription a year.

If your company does not reimburse you then all of these professional subscriptions can be deducted from from your tax liability.

Regards,
John

Thanks - will check this out - we do set them against tax but will see if can get them paid.

mizmir

Am going to ring round my other cards - I have empty MBNA and Lloyds ones plus some spare credit on the Capital One (although the 5.94 was a limited time balance transfer for life of balance so not sure if I can get them to give me that again). If they won't give me a good lower rate (preferably lob) then I will cancel the empty cards and apply for a 0% card.

Mortgage - don't think I can go to interest only on the existing package - but am looking to see if we can get a lower rate by transfering.

mizmir

Managed to get 2.9% for 6 months on my MBNA card so am transferring the Sainsburys and Mint debts to that and will then see if I can get a better deal in June. That should help a bit.

Ali-OK

mizmir wrote:

Am going to ring round my other cards - I have empty MBNA and Lloyds ones plus some spare credit on the Capital One (although the 5.94 was a limited time balance transfer for life of balance so not sure if I can get them to give me that again). If they won't give me a good lower rate (preferably lob) then I will cancel the empty cards and apply for a 0% card.

Mortgage - don't think I can go to interest only on the existing package - but am looking to see if we can get a lower rate by transfering.

Give Lloyds a ring anyway if you've still got more on high rates. They are doing 5.5% LOB rates with 2.5% BT fee. Just paid off mine on that rate, but they offered to do it again if I wanted another transfer (don't need it as have only got M&S 3.9% LOB to go).

mizmir

Ali-OK wrote:

Give Lloyds a ring anyway if you've still got more on high rates. They are doing 5.5% LOB rates with 2.5% BT fee. Just paid off mine on that rate, but they offered to do it again if I wanted another transfer (don't need it as have only got M&S 3.9% LOB to go).

When I got my card I found it had expired and I think I may have cancelled the account when I cleared the balance last time. I have to double check.

Seaxwyn

Re the cycling to work - go for it! It seems daunting if you're not used to it, but I started six months ago and love it now. In fact I cycle to all sorts of other places I would one have driven to - the shops, taking kids to the park etc etc. Your dogs might enjoy going for a run with you on a bike!

It has the added benefits of making you feel super fit, learning interesting routes you've never found before, and making friends with fellow cyclists you meet at the bike park at work.

mizmir

Seaxwyn wrote:

Re the cycling to work - go for it! It seems daunting if you're not used to it, but I started six months ago and love it now. In fact I cycle to all sorts of other places I would one have driven to - the shops, taking kids to the park etc etc. Your dogs might enjoy going for a run with you on a bike!

It has the added benefits of making you feel super fit, learning interesting routes you've never found before, and making friends with fellow cyclists you meet at the bike park at work.

Thanks Seaxwyn

How did you get started? Did you just get the bike out one day and go? My journey to work is a 14 mile round trip - I'm worried that in my current unfit state I'd get stuck half way! Maybe I should start with local trips and build up. Shame it is so wet and dark at the moment. Oh - I know - excuses, excuses, excuses!

I will get my bike out at the weekend and at least see what sort of a state it is in!

Seaxwyn

Well my round trip is only three or four miles so I can't brag about it.

I took my bike to the bike shop and got it all cleaned up, new tyres, lights and various unnecessary bits - spent £70. Then just got on it and went. And I've ridden every single day since July, even in the dreadful storms we've had recently.

I'll admit it's less enjoyable in the rain and cold, but probably no less than driving then walking from wherever you parked the car. In the summer it was a positive pleasure.

I was even invited by some cycle-crazy colleagues to join a group that goes out on longer rides on summer evenings. I had some really good (and cheap) times with them - but I'm never going to become as fanatic as some people do!

Good luck with it.

Seaxwyn

Poppy9

Ring up your mortgage company and ask them what rate you are on and if any exit penalties. If penalties for leaving them ask them for a new deal with them without incurring any costs. Most BS/Banks will offer you something and with such a high mortgage even a small rate cut will make a big difference. If no exit penalties then shop around for a new deal. Take a look at Martins tips on Mortgages (see left of screen). Given you have such a big mortgage don't discount a new mortgage with a fee. Work out the total savings over the life of the mortgage deal less fees to get the best deal. Make sure you are not tied in with redemption fees at the end of the term of any new mortgage. Moving mortgages is quite hassle free, I do it every 2 years to keep a discounted rate. Potentially this is the area you could really make savings.