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Butti's Journey: A matter of loaf and death

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  • beanielou
    beanielou Posts: 96,083 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Words fail me to be honest!!
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Butti
    Butti Posts: 5,014 Forumite
    Part of the Furniture 1,000 Posts
    beanielou wrote: »
    Words fail me to be honest!!

    Fortunately I wasn't speechless.
    After he'd invited me to balance transfer and pointed out his 34.9% APR I said "Yes...I don't think we'll be doing that".
    Debt LBM (08/09) £11,641. DEBT FREE APRIL 2021.
    Diary 'Butti's journey : A matter of loaf or death'.
    Diary 2 'The whimsical tale of the Waterbed of Debt'         48% off mortgage
    'one day I will be rich and famous…for now I'll just have to settle for being poor and incredibly sexy'. Vimrod Member of MIKE'S :cool: MOB
  • ZTD
    ZTD Posts: 24,327 Forumite
    Butti wrote: »
    Fortunately I wasn't speechless.
    After he'd invited me to balance transfer and pointed out his 34.9% APR I said "Yes...I don't think we'll be doing that".

    We will instead:
    1. Continue to talk in plural.
    2. Have an urgent appointment with eyes and sharp sticks...

    Somewhat expensive that - especially considering they borrow money at 0.5%...
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky."     OMD 'Julia's Song'
  • Butti
    Butti Posts: 5,014 Forumite
    Part of the Furniture 1,000 Posts
    I just don't necessarily think doing big balance transfers 2 days before a mortgage application will do me any favours. Am tempted to pay off a further £500 though especially as the conveyancing and survey are going to be subsidised by the bank. Am very tempted to sit tight, get approval and then move things around. As it stands the mortgage will be less than 25% of my disposable income which makes it 'affordable' (I know, I did an essay on the subject!)
    Debt LBM (08/09) £11,641. DEBT FREE APRIL 2021.
    Diary 'Butti's journey : A matter of loaf or death'.
    Diary 2 'The whimsical tale of the Waterbed of Debt'         48% off mortgage
    'one day I will be rich and famous…for now I'll just have to settle for being poor and incredibly sexy'. Vimrod Member of MIKE'S :cool: MOB
  • ZTD
    ZTD Posts: 24,327 Forumite
    Butti wrote: »
    I just don't necessarily think doing big balance transfers 2 days before a mortgage application will do me any favours.

    I don't think transferring a balance onto a card where existing debt is accruing at 34.9% would do you any favours either - so good call on that one...
    Butti wrote: »
    Am tempted to pay off a further £500 though especially as the conveyancing and survey are going to be subsidised by the bank.

    Leave wriggle room. "Excrement Occurs" as they say, and a few hundred quid papers over many cracks and chasms that might spring up.
    Butti wrote: »
    Am very tempted to sit tight, get approval and then move things around.

    Indeedy.
    Butti wrote: »
    As it stands the mortgage will be less than 25% of my disposable income which makes it 'affordable' (I know, I did an essay on the subject!)

    Now I'm thinking that up to 100% of disposable income is affordable - that's why it's called "disposable". But let me guess - the definition has changed?
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky."     OMD 'Julia's Song'
  • Butti
    Butti Posts: 5,014 Forumite
    Part of the Furniture 1,000 Posts
    The established definition before housing benefit muscled in was 25-30% of disposable income (income after tax,NI, pension). Once HB would pay virtually all the rent it became an irrelevent question for great swathes of the population.

    As I said I do have an essay on it if you're having trouble sleeping!:D
    Debt LBM (08/09) £11,641. DEBT FREE APRIL 2021.
    Diary 'Butti's journey : A matter of loaf or death'.
    Diary 2 'The whimsical tale of the Waterbed of Debt'         48% off mortgage
    'one day I will be rich and famous…for now I'll just have to settle for being poor and incredibly sexy'. Vimrod Member of MIKE'S :cool: MOB
  • ZTD
    ZTD Posts: 24,327 Forumite
    Butti wrote: »
    The established definition before housing benefit muscled in was 25-30% of disposable income (income after tax,NI, pension).

    Ah, so it's after fixed costs, but still before stuff like food etc. (Which I still consider pretty vital)
    Butti wrote: »
    Once HB would pay virtually all the rent it became an irrelevent question for great swathes of the population.

    Well, Mr Osborne is changing that...
    Butti wrote: »
    As I said I do have an essay on it if you're having trouble sleeping!:D

    You'd be surprised what I read. I read the fluence issued by my Management for one thing. That's sometimes a laugh per paragraph - for all the wrong reasons... :eek: :rotfl:
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky."     OMD 'Julia's Song'
  • Snagggles
    Snagggles Posts: 434 Forumite
    'Disposable income' has always been a bit of a misnomer when it comes to mortgage assessment.

    Mind you, 'assessment' has often been a bit of a misnomer when it comes to mortgage assessment. :)
    I'm a Money and Debt Adviser for a homelessness and housing charity in Scotland. If you have any questions about debt management and debt relief under Scots Law, just ask.
    The pain you feel today is the strength you feel tomorrow.
  • beanielou
    beanielou Posts: 96,083 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Lucky lucky you at 25%.
    I'm about 50 %.

    Any changes ect on your credit report don't show up for about a month AFAIK.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Butti
    Butti Posts: 5,014 Forumite
    Part of the Furniture 1,000 Posts
    Well the man with the house...he said Yes.:beer:
    Now I just need the mortgage peeps to do likewise.
    Debt LBM (08/09) £11,641. DEBT FREE APRIL 2021.
    Diary 'Butti's journey : A matter of loaf or death'.
    Diary 2 'The whimsical tale of the Waterbed of Debt'         48% off mortgage
    'one day I will be rich and famous…for now I'll just have to settle for being poor and incredibly sexy'. Vimrod Member of MIKE'S :cool: MOB
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