would love to be mortgage free!

coldcazzie

Our leaky window has now been waterproofed again :j:j

Turns out whomever did it before didn't use the correct amount of lead flashing so there was a portion of the bay which had no lead over it at all :eek: plus it had completely come away from the wall...

Anyhoo, now there is the correct amount of flashing over the bay, and it's all sealed into place etc and looks lovely compared to how it did before! :T:T

No more leaks for us! Very proud of being able to transfer money across from our savings and pay for it immediately with no concern this is a whole new arena for me, and I think I'm liking it! :A

coldcazzie

Monthly items: £139.89 (£150 budget)
Weekly items: £43.40 (£60 budget)

These will both be added to my January Grocery Challenge. I've set my target as £500, which includes birthday party food, so hoping I can do it.

Peonie

coldcazzie wrote: »

Very proud of being able to transfer money across from our savings and pay for it immediately with no concern this is a whole new arena for me, and I think I'm liking it! :A

That's great news! Isn't it nice to know you're not getting into debt for unexpected problems.

Peonie

And well done for coming in under budget.

gollysmissus

Hi everyone,
I'm new to this thread - not sure if its right one.
Anyway position is this do I save £300 a month in a regular saver 5% Santander (ISA's full) or O/P on mortgage?
I've tried working it out with the calculators and they both seem about the same to me.
Interest only mortgage of £117,701 at 3.89% fixed until April 2012 then drops to 2.44% SVR (thinking of leaving it on SVR to see how things go).
Hubby made redundant in 2004 - works away from home and remortgaged home to buy flat for him to live during week. We only owed £6,000 on main home but I suppose we were lucky that we could do that - we call it our pension!! Mind you the way prices are going we'll be lucky to break even.
We couldn't afford a repayment mortgage at the time but now that interest rates have dropped and our finances are better - (Thank you Martin - discovered when hubby got made redundant) still don't want to commit to repayment but would like to reduce amount.
Can afford about £300 a month but just cant fathom whether to save or overpay on mortgage.
Any help would be gratefully received.
This site has certainly changed my outlook on money - I wish I'd have known what I know now when I first bought a house 30 yrs ago I'd be a millionaire:rotfl:

Tilly_MFW_in_6_YRS

Hi Caz, good news about the windows, with the price of fuel you will hopefully see a difference in the heating cost as well.

I bet you were delighted to know the money was there ready to pay the bill - it really is a lovely feeling. No worrying, no switching to zero card, just paying the bill. Excellent.

Your grocery challenge looks good.

Night, Tilly x

Sepa74

@ Golly'smissus... Hi, you've posted in ColdCazzie's diary (I'm sure she doesn't mind!)... but you might get a better response if you create a new thread for yourself.

As for whether you should save or OP, it depends on your tax rate. To work it out, work out the interest on your mortgage for a period of time, and the interest on your savings for the same period of time, but then reduce your savings by your tax rate.

If you earn more interest on your savings then you pay on the mortgage than save, if not vice versa.

I hope that helps.

coldcazzie

Tilly_MFW_in_6_YRS wrote: »

I bet you were delighted to know the money was there ready to pay the bill - it really is a lovely feeling. No worrying, no switching to zero card, just paying the bill. Excellent.

Peonie wrote: »

That's great news! Isn't it nice to know you're not getting into debt for unexpected problems.

It is a fab feeling. Feels a bit surreal to be honest! :rotfl:

gollysmissus

Thanks SEPA74 - you can tell I'm a newbie:rotfl:
Thought there was a lot about coldcazzies daily life - but it was interesting and entertaining.
Thanks for the info - I will have a go at trying to work it out. I don't actually pay tax at the moment as I took early retirement and have a small pension about £7100 so under threshold but wasn't sure if my new savings would be taxed. All other savings are ISA's.
How do you start a new thread as amtter of interest!! Its OK I think I sussed it. Thanks
Thanks again and thanks coldcazzie - very entertaining diary

coldcazzie

gollysmissus wrote: »

Thanks SEPA74 - you can tell I'm a newbie:rotfl:
Thought there was a lot about coldcazzies daily life - but it was interesting and entertaining.
Thanks for the info - I will have a go at trying to work it out. I don't actually pay tax at the moment as I took early retirement and have a small pension about £7100 so under threshold but wasn't sure if my new savings would be taxed. All other savings are ISA's.
How do you start a new thread as amtter of interest!! Its OK I think I sussed it. Thanks
Thanks again and thanks coldcazzie - very entertaining diary

You're welcome. I find it useful to put thoughts down so I don't lose them, to do lists as them being on here gives me more motivation than just on a piece of paper, groceries etc as it keeps me focussed and I can easy look back to review them. Plus it's nice to receive encouragement from others. Although we all have different targets we're all striving for the same thing - better money management.