So confused, now have more money than I ever thought I would. HELP!

JimmyTheWig

princeofpounds wrote: »

Whilst the sentiment is right, it is not necessarily the right approach to take. If you are financially disciplined, far better to have a normal length mortgage with smaller minimum repayments, preferably with the facility to make overpayments.

I don't disagree.
But I do think it depends on (a) discipline (as mentioned), (b) ability to understand what is happening and (c) organisation to move money around.
When we bought this house we weren't happy enough with ourselves on points (a) and (c) and so followed the plan as I described it.
Three years later we were much more disciplined and organised and so switched to interest-only (the logical conclusion of princeofpounds' plan) as we were getting better returns on our savings than we were paying on our mortgage.

I would say that the default position for a newbie would have to be repayments to repay in the minimum term.
But then again it depends on getting that calculation right in terms of what is affordable.

Up to you, OP...

nollag2006

Tembo wrote: »

Ahhhh, its the lifetime tracker. I dont really want a tracker tbh.

Why? Interest rates are unlikely to move over the next year or two. With this product, you can switch out with no redemption penalties.

pinkteapot

BitterAndTwisted wrote: »

Do you have comprehension of just how bloody rude you have been to our lovely DVardysShadow?

I agree, but I'm going to be calling him DavyShadow from now on. :rotfl:

Thundercat_2

I agree with DVardysShadow and BitterandTwisted - perhaps his windfall has somewhat gone to his head?

Like others have already said - go and see a financial advisor and stop wasting time on a forum where you're not prepared to give all the facts...

DVardysShadow

Tembo wrote: »

Bitterandtwisted - such an apt forum name.

Leave it out. B&T makes valid and useful contributions consistently.

For your own valid reasons, you are not giving people the full facts. So in effect, you are wasting peoples time by continuing to press for answers here. I thought your PM to me was rude and out of order and you should have the good grace to stop this thread rather than insist on answers without giving the facts and rather than send shirty PM's to people who are trying to give you the very best advice.

GDB2222

without wanting to take sides in this particular argument, I do sometimes see a discussion developed something along the lines of the following: –

OP: I want to buy a cat, can anyone recommend a particular breed?
Answer: dogs are much better. Buy a dog.
OP: but I really want a cat
answer: why do you want a cat?
OP: because they are furry
answer: dogs are furry too. You really have to give more details of why you want a cat.
OP: (starting to get quite shirty by now) why cannot you simply accept that I want a cat?
Answer: that is quite a rude approach to take with forum members. We are just trying to make sure that you make the best possible choice of quadruped pet. Pigs make very good pets too. Look at all the thoughtful responses you have had from forum members. I do not think you are being at all grateful for all the effort we are putting in.
OP: but I just want to know about cats, and you have not given me any information about cats....................................

I can see that this can become quite frustrating for both sides.

DVardysShadow

GDB2222 wrote: »

without wanting to take sides in this particular argument, I do sometimes see a discussion developed something along the lines of the following: –

Actually, I think it is more like this:

OP: I want to buy a cat, can anyone recommend a particular breed which can be left unattended for 3 days at a time?
Answer: Is it right to have a cat and leave it alone for 3 days?
OP: but I really want a cat
answer: why do you want a cat?
OP: because they are furry
answer: You really have to give more details of why you want a cat. Particularly as you are leaving it alone for 3 days at a time. [suspecting that OP actually has mouse problem]
OP: (starting to get quite shirty by now) why cannot you simply accept that I want a cat?
answer: Obviously you have an issue which you think a cat would solve. But a cat will create another problem of caring for it while you are away. So tell us what the real problem is and we should be able to help
OP: but I just want to know about cats, and you have not given me any information about cats....................................
OP meanwhile starts to PM people: OK I have a plague of Rats, but I am not going to post that in public. Get off my case you unthinking insensitive moron.

GDB2222

DVardysShadow wrote: »

Actually, I think it is more like this:

OP: I want to buy a cat, can anyone recommend a particular breed which can be left unattended for 3 days at a time?
Answer: Is it right to have a cat and leave it alone for 3 days?

Possibly, it goes wrong at this point in the discussion. There seem to me to be three answers that makes sense:

1. no breed of cat should be left unattended for three days at a time
2. XXXX breed of cat can be left unattended for three days at a time
3. many breeds of cat can be left unattended for three days at a time provided that the following precautions are taken…

My inclination is always to accept the OP's question at face value. If I think it is a nonsense question, I usually restrain myself from answering.

I also get frustrated when it becomes clear that there is only one answer that the OP is interested in hearing, though.

suki1001

I'd like to buy a horse.

JimmyTheWig

I'm afraid to say I see it that there are more threads like DVardysShadow's scenario than GDB2222's scenario. Often when the OP is wanting to do something fraudulent / anti-social.

But I accept that it can be annoying for an OP to ask a question and not get answers that they think are relevant. For me, the OP would have to either give a full enough picture as to why they want to go down the route they were going or an acknoledgement that they understand what we are saying but want to discard it for their own reasons.

E.g. on this thread the OP could have said, for example,
(a) The flat I'm buying is the flat I grew up in. I really want to buy it for sentimental reasons. These outweigh any moneysaving reasons for not buying it.
or
(b) Thanks for all your advice. I see why you have suggested what you have given what I've posted. I understand that buying a house now would be the logical step to save money in the long run. However, I have my reasons for wanting the place I am buying and I don't want to go into those reasons in a public forum. So if anyone's got any suggestions on what to do with my mortgage on the flat that would be great.

Because unless they do something like the above it's not clear that they've understood the suggestions. It isn't like someone prefering dogs to cats. Buying a house now really would save the OP money over buying a flat now and buying a house in a few years time.
They are on a Money Saving website, asking about the best ways to maximise their money.