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Need some reassurance...

36 Posts
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
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
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[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%
ps. I definetely don't want to continue sending the £20 and paying 6.5% abroad.
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?
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
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
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 ?!?!?
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)
13 years later the Oz is so high that I couldn't afford to move home - not that I want to particularly!
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)