Mortgage Free in Three Yrs

Dithering_Dad

Hi weezl74, I've added you to the list. Welcome!

weezl74

Ta v. much.

P.s Re: the challenge listing, I am a she not a he, sorry I didn't state that!

sarahe

Well I'm trying to stay focused !!!!

3 children and a 2 up 2 down terrace house - means we have to move and I just keep on putting it off.

We had our house valued and it is a good time to buy a 3 bed semi. In our area the difference is the lowest it has been - apparently. We are thinking about upping the mortgage to £40,000 or £50,000 (it's have to be good) which is what is was this time last year. ( We then 'cashed' in our endowement and paid off all we could with our savings- keeping back 3 months of wages for emergencies).

The shock has been ( even with reading the house selling forum) the price of estate agents to sell our home - stamp duty - solicitors fees etc So we need to 'save' £1,000s just to move.

So I'm thinking that we will have to 'save' rather than pay off the mortgage to pay all these. Or should I carry on paying the mortgage off and then ask for more 'mortgage money'? Would the building societies let me do that?

Thanks

ailuro2

Our mortgage overpayment fund is instantly accessible.

Make sure yours is the best rate, that is, no other savings rates with instant access have better overall rates.

http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings#calculator is the calculator that will let you work it out.

djbd1973

sarahe wrote: »

The shock has been ( even with reading the house selling forum) the price of estate agents to sell our home - stamp duty - solicitors fees etc So we need to 'save' £1,000s just to move.

So I'm thinking that we will have to 'save' rather than pay off the mortgage to pay all these. Or should I carry on paying the mortgage off and then ask for more 'mortgage money'? Would the building societies let me do that?

Thanks

If the mortgage rate is higher than the best saving rate (because of the tax you pay on your savings) then I would go for the mortgage and get your fees added to the mortgage if you really need to. Depends on how good the mortgage rate is compared to the best savings. When I remortgaged earlier this year I added the fees to the mortgage because I had a lot of uncertainty at work and needed cash quickly and didn't want to wipe out my emergency fund at the time.

EDIT - Sorry - just realised thats what Ailuro just said but in a better way. My morning caffeine obviously hasn't kicked in yet

sarahe

I would tick the thanks box but it's not there on the page.

Well I haven't 'paid' my Oct overpayment yet and I've made an appointment to go and see my mortgage provider on Thursday. I'm not too keen on them but thought it was the best place to start.
Some bits of painting to do - before we decide on an agent ( valuations varied by £20,000) - but all the estate agents said it wouldn't make much difference to the price. Fees vary from a fixed fee to 1%. Fixed fee works out the most expensive but looks the best and is the one recommended by friends.

Thanks it's all very scary

ailuro2

http://www.moneysavingexpert.com/mortgages/house-selling-tips
Looks like it's our very own Martin to the rescue again.:money:

Kaz2904

I had a surprise payment from quidco last night so I'm able to add some more money to the pot I've updated my sig and sorry Tallgirl but will pm you again with my new total.

firesidemaid

sarahe wrote: »

Fees vary from a fixed fee to 1%. Fixed fee works out the most expensive but looks the best and is the one recommended by friends.

Thanks it's all very scary

you can try and negotiate on the fees they quote - eg. "we would really like to go with you, but you are 0.5% dearer than blah, can you match or get close to this?"

it's always worth a try;)

Scarum

I made a major overpayment last month! And as you can see below, my plans for the next 12 months, when all should be paid off. I have decided to cash in my ISA investment, I'm feeling nervous in the short term on the stock market.

I will keep my car for another year unless an opertunity arises to buy a half-decent car for around £1500.

I was wondering about stoozing a little to pay off even quicker but think this will save me very little time and money and not worth it. What do you all think?