Matt's mission to be MF!

nattypants

I wish I has your foresight when I was your age Matt (although technically, I AM guessing that you are early 30's....perhaps you're 60!! :rotfl:)

tea_lover

I think the worry about rising mortgage rates is spurring a lot of us on at the moment. I'd be lying if I said I had the faintest clue about the wider economy - but I'm pretty sure rates won't be staying this low forever... or even for much longer maybe.

Matt_The_Chippy

nattypants wrote: »

I wish I has your foresight when I was your age Matt (although technically, I AM guessing that you are early 30's....perhaps you're 60!! :rotfl:)

Haha not a bad guess, I'm 39. I have a lovely younger partner who keeps me feeling and being silly-er than 39!

Matt_The_Chippy

tea_lover wrote: »

I think the worry about rising mortgage rates is spurring a lot of us on at the moment. I'd be lying if I said I had the faintest clue about the wider economy - but I'm pretty sure rates won't be staying this low forever... or even for much longer maybe.

Yep, how much longer is the golden question! Save, save and save!

Saying that, I'm spending time this morning getting prices for spending on power tools. I do like new toys, erm I mean tools!

sweetdaisy

Congratulations on the overpayments :T and almost £100 monthly interest.

Matt_The_Chippy

sweetdaisy wrote: »

Congratulations on the overpayments :T and almost £100 monthly interest.

Thanks SD, I like this paid interest business. I've wondered if you get more in the savings than is owed. Would the bank pay you interest on the bit over your owed mortgage amount?

sweetdaisy

Out of interest (being a bit nosey :rotfl:) are you making direct mortgage overpayments or are you 'saving' your overpayments in the offset?

I am currently making direct overpayments, but am considering 'saving' them up in the offset to see if it makes a difference on the monthly interest applied to the mortgage. I like seeing the mortgage balance reduce with the overpayments but I also want to be fully offset as quickly as I can.

Matt_The_Chippy

All my OP's are going into the savings pot. Hence my balance not coming down very quickly compared to how much I've OP'd. I don't think it makes much difference if you make a capital payment or save it. Saving is more flexible for us as I need to withdraw sometimes. I guess you get paid more interest if you save and you pay less interest if you make capital payments. I like them giving me money!!!

MallyGirl

I am so glad I have a current account mortgage - I think I would get very confused with moving stuff about and seeing the bigger picture with an offset one. I just have a massive overdraft so if I want to spend I just do and the overdraft gets bigger.

sweetdaisy

Matt_The_Chippy wrote: »

All my OP's are going into the savings pot. Hence my balance not coming down very quickly compared to how much I've OP'd. I don't think it makes much difference if you make a capital payment or save it. Saving is more flexible for us as I need to withdraw sometimes. I guess you get paid more interest if you save and you pay less interest if you make capital payments. I like them giving me money!!!

I think my Offset mortgage may be different to yours. I don't earn any interest at all on my offset accounts until I become fully offset.