Countdown to Freedom

Lois_E

I've been looking at them too. I'm considering the Covntry one which is not brilliant but better than some of the others, although it's 60 day notice. The only reason I'm thinking of doing it is in case I have more money I want to put in ISAs in the future, so I want to build up how much money I've got "inside the wrapper".

Matt_The_Chippy

Good morning,

Would an Offset mortgage benefit you all as you want to build up savings but still have access? Especially useful that you get interest to help 'offset' the mortgage interest. If rates go up in future, you get a rate that savings accounts can't get near. Mine is a 2.99% over base, so my top priority is to match the savings to outstanding balance as soon as possible. Should take about 4 years to do. That way, the interest rate would not have an effect on me. Well its a nice plan, just got to make it happen now!

Just a thought for you Tilly.

elantan

I'm tied into my mortgage for a wee while yet, it worked out I would need to be in negative interest for it to be to my advantage to change ( ERC or something )

Luckily with my mortgage I can claw back any overpayments in an emergency so whilst not the same as an offset mortgage it's still not too bad, I worked it out that I would need an interest account of more than 6.25% as well to make it worth my whole saving ... It's kinda one of those head/heart arguments

Tilly_MFW_in_6_YRS

Matt_The_Chippy wrote: »

Good morning,

Would an Offset mortgage benefit you all as you want to build up savings but still have access? Especially useful that you get interest to help 'offset' the mortgage interest. If rates go up in future, you get a rate that savings accounts can't get near. Mine is a 2.99% over base, so my top priority is to match the savings to outstanding balance as soon as possible. Should take about 4 years to do. That way, the interest rate would not have an effect on me. Well its a nice plan, just got to make it happen now!

Just a thought for you Tilly.

Hi Matt, I am offset actually and have an approach of approximately 50/70% capital overpayments 50/30% offset savings

What I know I should be doing is building more tax protected cash - we have filled the ISAs for the last two years so do need to switch at least one of those. In the meantime I aware that we are not thinking long term about cash assets.

It's always such a pickle to find the right path.

Tilly x

elantan

It is and that's one of the things I love about here, it's a place were you can discuss ideas ... That couldn't happen for me in RL but here people "get it" and hve came up with brilliant ideas as well as being really supportive

Tilly_MFW_in_6_YRS

Morning, 5 items are selling eb@y currently standing at £51. Quite a few watchers on the 18 items, so time will tell.

£525 banked and OPd for items sold to a friend
£80 banked and OPd for an item sold to a work colleague

As I am saving as well for some work being done on the house, that's a big help.

No pennies to OP and happily it's pay day next week. I've found this month has gone quickly again and am really looking forward to the Easter break. Due to DD DoE activities we aren't going away for Easter

Had a great night out with friends yesterday, so the entertainment pot is taking a hammering. Only out twice next week, plus pot is topped up when I'm paid :T

Still undecided on the iSA vs bank accounts vs oping - given the size of the mortgage I think I am leaning towards just oping, which as El points out, can be pulled back if needed.

Right, need to get cracking.

Best wishes Tilly x

Radish72

Tilly_MFW_in_6_YRS wrote: »

Still undecided on the iSA vs bank accounts vs oping - given the size of the mortgage I think I am leaning towards just oping, which as El points out, can be pulled back if needed.

Need someone to put a 5% ISA with transfer on the market tomorrow

Peonie

Radish72 wrote: »

Need someone to put a 5% ISA with transfer on the market tomorrow

And it needs to be easy access without penalties.

MoneyMission

s'ok. I reckon one of the big tax-payer bailed out banks will be along with just such an account in a moment!

Tilly_MFW_in_6_YRS

Do you think we could find one that fills itself as well, or is that asking too much? :rotfl::rotfl: