Countdown to Freedom

lulabelle1

This sounds interesting Sepa, i will look in to It....... L

Polly_Wolly_Doodle

Morning Tilly,

How much would your insurance protect you? Is it for a set number of months and are there any 'conditions' attached to them paying out?
I'm very sceptical of insurances i'm afraid, so if say they would only cover the first six months then once you have offset / overpaid that amount you would be better stopping it and making effectively another month's overpayment each year wouldn't you?
The other thing to bear in mind is they may only pay out on the interest part of your mortgage, so again may not be worth it, it's a case of going through the small print and if in doubt phoning and asking.

Good luck!

Well done of getting the go ahead from FD for the new mortgage :j:j:j

financialbliss

Hi Tilly,

Just reading through the insurance comments. £180 per month is £2,160 per year, which whey you say that, sounds quite a lot.

Pretty much as Polly Wolly Doodle says - What exactly are you getting for that £180 - does it only kick in after 6 months of unemployment, does it pay just the interest or the full mortgage payment, does it only run for 12 months etc.

If it were me (who's never had mortgage insurance), I'd seriously consider checking what you get and cancel straight away, but immediately divert the £180 into overpaying on your mortgage, so that you don't become used to the extra income and "using" the £180 that way instead.

FB.

CathT

Tilly, I have only heard good things about FD mortgages, my tracker ends in April so I am going to see what FD have to offer.

Tilly_MFW_in_6_YRS

Hi CathT, PwD and FB, plus LB and Sepa74, the insurance pays out after the 4th month if made redundant. We took it out when we bought our house abroad, as we remortgaged the UK. It will pay out for 12 months and covers 3/4 of mortgage payment. I am going to call the 'Spanish' bank tomorrow as our mortgage payment will have gone out and check balance, then wil call insurance co. and check the amount we are covered for.

Once we remortgage in March, I will cancel the insurance after the September payment, as that will have given us 6 months OP. after that, with a bit of juggling we can increase OP to £3k per month which would include the extra £180 per month as well.

It's been a busy weekend, aren't they always, and good focus on shopping. We are going away mid December, although I will be working from home, but finishing cob 20th December (CAN'T WAIT). Shopping yesterday was £40 covering some boring things like loo rolls, then fruit and veg. Bill next week should be around £30 and am using my freezer and store cupboard to reduce costs until we go away.

Yesterday I defrosted the freezer, redid freezer contents list and then redid the menu plan. Will mean an extra £150 to spend when away so good news.

Had a great time in church this morning, then lunch with friends, now about to finish the ironing. Likely to be going to the movies tonight and after that it will be 'relax' - onwards and upwards all......

By the way CathT, FD were extremely professional, excellent knowledge mngt processes, so bodes well.


Tilly

CathT

Tilly_MFW_in_6_YRS wrote: »

.


Yesterday I defrosted the freezer, redid freezer contents list and then redid the menu plan. Will mean an extra £150k to spend when away so good news.



By the way CathT, FD were extremely professional, excellent knowledge mngt processes, so bodes well.


Tilly

Don't spend all that Tilly!

Thanks, I'm seriously considering them especially as can secure a good rate now. I just wish I had some inkling as to when rates will start to rise.

lulabelle1

Super impressed with what you spent at the supermarket, well done!

Sepa74

I seriously wish I had your level of spending money, though!

Tilly_MFW_in_6_YRS

Thanks Sepa74, the thing is, we have both been on good salaries for a long time, but we have taken family on holidays, sent money to them when going through difficult times, the list goes on, but I learnt a very important lesson over the last year or so. We earn the money and should spend it looking after our kids and for our future. We have both spent a lot on helping others, but when push came to shove, and we needed some support, not financial but emotional, where was everyone? Huge lesson and one we will not forget. We could definitely have been mortgage free many years ago but today is a new day and having DH on board is great. I admire everyone who does this on their own either without an OH, or with no support from the OH as it is difficult. It is a mindset change and touches everything we do. Whether it is food shopping, clothes, gifts, household bills etc etc, no stone has been left unturned. It feels fantastic to take control of the home this way.

CathT, FD will honour mortgage offer, they say for 6 months, but the lady on the phone said you need to draw down the mortgage 5 months from offer. As we have to switch on/by 3 March then that works out well. Excellent rate and £17 ish of interest from £45 daily, goodness what a difference.

Right, ironing complete, trousers for DS turned down, repaired and ironed, kids have made their lunches for tomorrow and in the morning I am making scotch broth soupy stuff.

I am laughing now, if my colleagues could see my home life vs the person at work they truly would not recognise me.

Can you all remind me in April 2017, that I really did agree that DH could have a new car. I think I wil be wanting to do something else and I have to make sure that we honour the agreement. Cars have never held much interest for me, so I sort of assume it's a bloke thing (apologies to any females who think I am being really inappropriate here), and I am quite happy with my little car. However, as DH gets older, I think it does seem to be more important. Not sure if it is a status thing, age, where you are with career, etcetc but after the next few years, I believe he will really deserve it.

Now, just to close down, did I mention that we want to build a new house? Now that's a whole new chapter but we both get to have the kitchen of our dreams FAB.

Good luck to all for the coming week on the MFW wagon.

Best wishes, Tilly

Tilly_MFW_in_6_YRS

Hi all, back from movies, Ben Stiller latest and although a bit ridiculous, just what was needed after the last few weeks. I have agreed kids can go to movies on Wednesday afternoon - revision and study in the morning then time out pm. Most schools by us are closed, so i thought I had best make sure they worked.... Lodger bedding washed, dried, ironed and bed made up again. Am really pleased with the way this is working out. I actually really enjoy this and interestingly am wondering how this could benefit us after the kids have left. No plans, just toying and mulling. Having worked abroad, also away from home in the UK, then I know first hand how difficult it is to leave the family so i need a little quiet thinking time.

Right, off to persuade DH to make me a cup of tea, it always tastes better - why is that?

Night all, Tilly