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Need some reassurance...

Hi all

Long been a reader of this thread, here's a quick summary of where I'm at...I wanted to be Mortgage free and over 10 years I got my mortgage down from 90k to 28k and I now have enough to pay it off outright if I needed to...........

However, I've had a bit of a whirlwind romance and got married - she is from overseas and has an outstanding mortgage of 35k.

I had an offset with YBS and was paying approx 1% above base (28k left to pay).

As she has had to give up her job and move to the UK it costs me £20 a month to send money to her account to pay the mortgage which is at 6.5%.

My idea is to remortgage with First Direct for the joint amount owned on both mortgage - please can someone reassure me this is the best approach ?

(Before you ask no we can't sell the house abroad as the family live there, its a dead duck as far as investments go - but guess thats what you get for following your heart !)

Thx in Advance

Replies

  • IMHO I would probably just keep sending the £20 month for the next year and then review the situation. £20 a month isn't too much to find each month, however £35K is a massive amount.
    Mortgage Free Date
    [STRIKE]Original: Jun 2041[/STRIKE], Current:Nov 2022, Target: Oct 2020
    Debts
    [STRIKE]2010/02 £14,500[/STRIKE], 2011/02 £13,000, Target 2012/01 £0K
    11k in 2011 challenge #32 4.8%
  • I pray that your marriage is happy, long and blessed, however...I would urge caution.
    Please do not confuse me with other gratefulsforhelp. x
  • all4oneall4one Forumite
    36 Posts
    Sorry, I may have given the wrong impression the relationship is very stable so I wasn't implying marriage advice I wouldnt to insure that the route I'm taking is the best route.

    ps. I definetely don't want to continue sending the £20 and paying 6.5% abroad.
  • originalmiscellanyoriginalmiscellany Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    I think the tone of people here is general caution (esp on mfw) where by nature you clear your debts and live within your means :)

    Their concern I imagine is from previous experience where people have been hurt/ripped off by "holiday romances" which I am not suggesting your is - and from what you've said quite the opposite.

    Inho, the course of action you are thinking of would be right - you could get a mortgage to say 75% ltv of your house, and once it's in the account, transfer the full amount to clear your partners mortgage, leaving a larger mortgage on your house.

    Out of interest would you get any money/rent from the house abroad?
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • originalmiscellanyoriginalmiscellany Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    Also, you won't be in a much worse position - outstanding mortgage = 35k, you have 28k to clear your mortgage, so in fact you'll only be extending your mortgage by an extra 7k?
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • all4oneall4one Forumite
    36 Posts
    Thanks for reply, no unfortuantely no chance of renting it out, however I do intend to keep it well maintained.

    I was actually going remortgage for 65k as most of my savings are in ISA's - my plan is to save 10k a year in ISA (Stocks & Shares) until I get 100k then chuck it in a Saving account and hopefully get 5% interest a year sort of a pension so to speak - I've just turned 40 so 8 yrs more to that goal.

    However I have thought about just paying off my mortgage and pay hers off in drips and drabs.....as we will look to move soon also.

    Its never easy is it ?!?!?
  • Sepa74Sepa74 Forumite
    962 Posts
    Forumite
    I must admit I would be very tempted to shut down her mortgage because not only do you have the monthly fees, you also have the exchange rate risk - what if the ££ plunges or the currency of the other mortgage sky rockets?
    Borrowed £150,000 in an offset tracker mortgage in May 2007 - MFD May 2041 (67)

    Jan 2012 - £125,620.02 / 2,913.87 / Nov 2032 (58) :beer:
    Apr 2012 - £122,901.88 / 3,170.91 / Jul 2032 (58)
    Jul 2012 - £122, 589.02 / 3,507.99 / Sept 2032 (58)
    Oct 2012 - £120,476.31 / 3,889.42 / July 2032 (58)
  • all4oneall4one Forumite
    36 Posts
    Sepa74 - Yes that was another consideration, although sods law has it that with the Tories taking control the £ will rocket up and I could have paid it off for half.
  • Sepa74Sepa74 Forumite
    962 Posts
    Forumite
    lol... I know the feeling. When I moved to the UK the Oz $$ was incredibly low so my savings disappeared VERY quickly.

    13 years later the Oz is so high that I couldn't afford to move home - not that I want to particularly!
    Borrowed £150,000 in an offset tracker mortgage in May 2007 - MFD May 2041 (67)

    Jan 2012 - £125,620.02 / 2,913.87 / Nov 2032 (58) :beer:
    Apr 2012 - £122,901.88 / 3,170.91 / Jul 2032 (58)
    Jul 2012 - £122, 589.02 / 3,507.99 / Sept 2032 (58)
    Oct 2012 - £120,476.31 / 3,889.42 / July 2032 (58)
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