"Simply not solvent!

hypno06

Hellooooooooo

Karmacat

:rotfl: Hellloooooo, mischief maker!!! Here you are! How you? How you, Sea? Lots of food on this thread..... today, after using up the last crumpets for breakfast, thats it, I'm back on the good stuff - veggies, fruit, carbs of oat/rice/tatties, less cheese and more beans and nuts. Going well so far, and as I haven't gone down too badly, it won't take long, tho I am very nasal and uncomfortable. Good luck to us all.

Seaxwyn

I've been worrying about our mortgage. Our fixed rate of 5.59% ends in June, when we will switch onto Abbey's standard rate, At today's rate that would mean a jump of over £150 in our monthly payment.

Not good..... obviously I intend to shop around for the best deal going at that point, but I am not optimistic as our incomes aren't consistent enough and we have all these other debts.

I just phoned Abbey to talk through some things and it gave me some food for thought. I hadn't realised that we can pay off up to 10% of the total sum in any year without penalty. So I'm wondering if I should be paying every odd penny I can into capital payments on the mortgage.

It's exciting to see the mortgage as something else I can pay off, rather than the untouchable millstone I thought it was.

On the other hand, I feel sick at the thought of our monthly outgoings rising in July as OH's work will end when the university holidays start; my tax bill will be due in July, and our tax credits will drop then.

Also, I have my head in the sand about the fact that my freelance contracts are winding down.

Worry, worry, worry

Sea78

Oh hon - sorry that you're worrying about it. Would it be worth investigating now what other options would be available? How far in advance can you start looking for deals to swap to?

Big hugs

Sea xx

ZTD

Seaxwyn wrote: »

I just phoned Abbey to talk through some things and it gave me some food for thought. I hadn't realised that we can pay off up to 10% of the total sum in any year without penalty. So I'm wondering if I should be paying every odd penny I can into capital payments on the mortgage.

IMHO - no. Not unless you can drop your mortgage through some magic barrier like 75% LTV.

Seaxwyn wrote: »

On the other hand, I feel sick at the thought of our monthly outgoings rising in July as OH's work will end when the university holidays start; my tax bill will be due in July, and our tax credits will drop then.

Also, I have my head in the sand about the fact that my freelance contracts are winding down.

Worry, worry, worry

Don't worry - plan!

What are you doing about your contracts? Are you canvassing for more? Are you looking to move into a salaried position?

Seaxwyn

Hi ztd

I think we may actually be better off than that... with a lick of paint and some hard labour in the garden, we might be closer to 50% LTV. What difference does this make? Will the lenders fall over themselves to give us low rates?

Work plans.... a salaried position would be a last resort.really - unless it was close to home with really good holiday entitlement. I'm planning to tout for work with a designer I sometimes work with, advertising ourselves as a package. I'm hoping I'll get swept up in his enthusiasm as my heart isn't in it really. Work has always come to me before, so I'm kind of expecting something will turn up without my having to make an effort. Lazy, I know.

hypno06

Morning. I would start looking at mortgage deals now - best to know what is out there so you can budget accordingly when OH pay goes down.

As for your own work, do you have any reason why you are de-motivated over it? Perhaps a brainstorming session might give you some ideas of what you can do? You know you can't afford to have your head in the sand and that work doesn't always magically come your way, so get ahead!

I would hate to think of you having income problems now you are getting so much paid off.

pania

Morning seaxwyn haven't checked in in ages hon for which i really apologise! How are you? feeling any better?
DOn't worry about the mortgage. how much is your outstanding mortgage and how much is the value of your house?
I do hope that everything is ok? May be headed down your way soon, we have a big launch at horrabridge that i may be included on, Is that in your direction? PM if you'd rather.
Big hugs and keep smiling hon, even though it can be tough sometimes.
xx

Seaxwyn

Hi there
Pania the outstanding mortgage is just over £150k (and not reducing as we pay interest only). I imagine the house is worth 300k, possibly even more, I really don't know. It would need a bit spent on it to achieve its potential value as it is quite shabby.
Is it a good idea to start looking at mortgages now? I assumed it would be better nearer the time. We have a 5.5% fixed rate deal til June.

And no I'm not near Horrabridge, unfortunately, I'm in Surrey.

ZTD

Seaxwyn wrote: »

Hi ztd

:wave:

Seaxwyn wrote: »

I think we may actually be better off than that... with a lick of paint and some hard labour in the garden, we might be closer to 50% LTV. What difference does this make? Will the lenders fall over themselves to give us low rates?

The difference it makes is that you are so much less of a risk.

Although I'm in no way, shape or form a mortgage expert, speaking from the lender's point of view: If you had a high LTV - say over 95%, then if your home were to be repossessed, and auctioned then after costs, the lender may not get all of their money back. However, with a LTV of 50% - that's simply not going to happen, so no matter your credit score, they is no chance of them losing out (barring fraud of some description - again speaking from their point of view).

So I don't think you're going to have that much problem getting a mortgage.

Seaxwyn wrote: »

Work plans.... a salaried position would be a last resort.really - unless it was close to home with really good holiday entitlement. I'm planning to tout for work with a designer I sometimes work with, advertising ourselves as a package. I'm hoping I'll get swept up in his enthusiasm as my heart isn't in it really. Work has always come to me before, so I'm kind of expecting something will turn up without my having to make an effort. Lazy, I know.

Get up of thy arrse...