5 years MFW - Lets get cracking...

HelenDaveKids

You see if you want some eye candy... he was very handsome!

anyway home, tired, relisted all my ebay as its a flw.

nw finally "recieved" op ... Yay!

HelenDaveKids

So Morgage 1 ended its fixed rate, have reset it on a 2 yr at 2.69% which Im pleased with. Have also "booked" Morgage 2 onto the same from end of May. Also got account details and reshuffled my DD so they automatically land in Morgage 3 to max at £500 with leftovers to land in Morgage 2 starting 1st April and in the rare event of maxing then morgage 1. Have spent time going through my "books" and can max April 1st to £500 each (x3) but its a one off, Im short £60 but will be doing regardless as too excited not to (even if I have to steal shortfall from next month), so come on ebay!! :j

Has seriously ruined my spreadsheets (as new payments can't be added to spreadsheet (less payments) so have given up and redone. looking good for Sept 17 - just £500 short if carried on as doing.

~Have update my MFI3 and my endowments are now gone but did make me green. After 1st april my pot is empty.. .

Working fulltime with no extra planned this week. Finished early today for Parents evening (stayed late Monday) and all is well. DD3 doing v well but could work harder.....:o

HelenDaveKids

Paid for next terms swimming lessons tonight, and still have a whole £13 to last the month, still have just over a £100 in grocery fund.... will i make it.........? definitely in a better position then previous months, and still have half tank of petrol.

moneycurious

I was saying that this month the money seems to have gone alittle further, so fingers crossed i cansave alittle normal for op! your doing well, we all put our faith in Flebay! xx

lulabelle1

When your mortgage rate ended did it not revert automatically to the Base Rate?

Both of our our fixed rates ended at different times last year and they are now both on the BMR of 2.5%.

I think I will leave them there as it keeps everything flexible but I wondered whether you had the same choice and why you opted to go for another fix?

Just nosey really as I was wondering whether I've done the right thing and it's nice to hear other peoples thoughts and ideas....

HelenDaveKids

mine reverted to 3.99 %. Thought id done ok but maybe not??? who are you with please?
Its tricky trying to second guess whats the best way forward. Have my biggest one due end August and not sure whether to fix for 2 or 3 years, as if i fix at 2 will then have to do another 2 years. Toyed with fixing for 3 and focusing on that one.

Done some nectar and some adpoints tonight. 4 items will sell on fleabay (but all 99p or less) but 24 hours left. Can't summon up the energy as truly exhausted from work as had other items could have listed, job share on hols this week and next so added burden, but have got loads done.

lulabelle1

Hiya, we're with nationwide..... We took these mortgages with 5 year fixes, so before the credit crunch.... Back then, when your fix came to and end you would revert to their BMR which is 2% above Bank of England.

Once the interest rates came down with the credit crunch, they changed their mortgages so that any new mortgages would revert to their new svr which I believe is around 3.99%. Also their new mortgages are with less flexibility, I.e not able to borrow back overpayments.

So, that's why, for the time being we're leaving ours on the BMR....

It's difficult knowing what to do for the best.

I remember we kicked ourselves as we did debate taking trackers when we took the 5 year fixes... If we had done this, then we would have paid no interest at all as back then the deal was that they tracked below the Bank of England rate.

A crystal ball would come in handy sometimes.....

ajmoney

lulabelle1 wrote: »

I remember we kicked ourselves as we did debate taking trackers when we took the 5 year fixes... If we had done this, then we would have paid no interest at all as back then the deal was that they tracked below the Bank of England rate.

A crystal ball would come in handy sometimes.....

This is what I did from the beginning, at 26 years old it was a bit risky but 8 years on it has helped. My smaller mortgage is at 2.68%, I benefitted from the rates dropping but had more of a collar on my mortgage so I am tracking above the base rate but not by much. Our larger mortgage is a tracker too. This one worries me more about interest rates going up but that is why I am overpaying now.

HelenDaveKids

Ours is nationwide, but when we moved (had kept a £1 on it) we borrowed it all as a deposit on this house, then borrowed the rest on this house (plus a chunk of savings to reduce borrowing), unfortunately they wouldnt allow us to "bring with us" and we are now stuck on this rate.

I must admit I never thought anything about interest rates when we bought our first home, I was quite naive looking back. We started OP'ing in our second home after recieving a letter saying endowment was performing badly and thought it was a wise thing to do. One started Op'ing, realised quickly how much we could save. Becoming mF in earlie thirties. At least this time, even when I sat in Building society and he asked what term I wanted, I said it didnt matter as I would be reducing it straight away.

Our new (current) morgage(s) are way more than three times as much as our first. Does make you wonder how our own children will get on the property ladder, as the 100k we borrowed would only buy a terraced house now days.

I suppose the safety net is if the interest rates rises, there is still the option of reverting to the original term (heaven forbid though), unlike the borrow back which was really useful and allowed us a much smaller emergency pot at the time.

I think we are really lucky in that we both work for the public sector in what I consider to be jobs that are still difficult to recruit due to skill shortages. I know without a doubt that I could get another job very easily. My DH may find a little harder but still easy compared to many.

lulabelle1

We were the same, never really thought much about mortgage rates or overpayments etc..... We only saw the light after we had moved to this house 6 years ago.... The first thing we did was to reduce the mortgage term a few times, and then, once we were blinded by the light, we started to make overpayments - I guess the focus on this has steadily increased over the last few times to the point now where I have spreadsheets and think about the bl**dy mortgage every day!!