Mortgage Free in Three Yrs

moonflower_2

Hi everyone,I am a newbie ,so I am sorry if this is posted in the wrong place.
Does anyone know when the new mortgage interest cut will come into force.

As I want to make an overpayment an think I should wait until then,what do you think ?

Bargain_Rzl

Hi moonflower,

It is in the wrong place but I'll answer it anyway

Most (all?) lenders bring in their new rates for variable-rate products on the 1st of the new calendar month - so, 1st December.

However the best timings for your overpayments are dependent entirely on what mortgage you have, what its terms and conditions are, and so on.

Generally speaking, I would have thought that if your rate is due to fall next month, it would be MORE advantageous to overpay while the rate is still higher (because you'll be saving yourself a few £ in interest in the meantime). However given that it's less than three weeks until the rate cuts will take effect, I doubt if it makes a huge amount of difference either way.

cupid_s

ailuro2 wrote: »

I think the Ailuro family will be going for the 'Purchase Our Perfect Property Without A Mortgage, In Three Years' or POPPWAMITY for short, which is a bit of a mouthful, but the acronym is better than the one for 'Save Hard In Those Three Years'

:rotfl:

I'd join a POPPWAMITY challenge after this one, though i'd also join the Save Hard.... one just for a laugh

FreedomGirl

Hi,

Glad to see everyone is still in good humour, despite these trying times.

We're going "backwards" on the balance due to being one (funded) student and one (unfunded) student. But, I'm still cheering myself up with the fact that, even if we continue like this for another year, we'll still be OK (my savings match the mortgage). And I'm getting a cheque for 6.5K due to an inheritance, with a bit more to follow "when" the flat sells (!!).

I think there is also going to be another benefit to this situation we're in. I always had problems getting my OH to consider the need for saving for retirement (he liked to spend any excess money). But now he's experienced life on a smaller budget (he gets £500/month - and utility bills are separate from this total, so we're even not at pensioner income yet) he understands that retirement on a low income isn't going to be as much fun as one that's better funded.

Keep up the funny posts, especially those acronyms.

FreedomGirl

ailuro2

the miserable money when living on a poorly funded pension - Should Have Invested in The Early Years

more money living on a well funded retirement plan- For All Necessities, Treats And Snowboarding Trips In Chamonix


My DH's and my pension is about to change to a DC scheme from a DB scheme, so it's even more important for us now to make good decisions about money as I'd hate to have a miserable old age - I saw one grandmother excluded from benefits because she got a £7 a month pension, and so had the state pension plus £7 as month to pay all her bills. The others had a company pension and it certainly made life more comfortable.

It's a no brainer for me, really! Having all the time you like to go off on holidays here there and everywhere but not having the funds to do it? Think I'll pass on that option.

Dithering_Dad

ailuro2 wrote: »

the miserable money when living on a poorly funded pension - Should Have Invested in The Early Years

more money living on a well funded retirement plan- For All Necessities, Treats And Snowboarding Trips In Chamonix


My DH's and my pension is about to change to a DC scheme from a DB scheme, so it's even more important for us now to make good decisions about money as I'd hate to have a miserable old age - I saw one grandmother excluded from benefits because she got a £7 a month pension, and so had the state pension plus £7 as month to pay all her bills. The others had a company pension and it certainly made life more comfortable.

It's a no brainer for me, really! Having all the time you like to go off on holidays here there and everywhere but not having the funds to do it? Think I'll pass on that option.

My main worry now that I have my mortgage more under control is being in poverty in my old age. I'm addressing this by padding out my wife and my pensions at the moment and will be blitzing these and our S&S ISAs once we have finished the MFi3 challenge.

Rushy

Dithering_Dad wrote: »

I'm addressing this by padding out my wife....

DD I hope you're not seriously fattening up your wife to eat in the leaner years??? :rotfl: :rotfl: :rotfl: Surely times won't be that bad in your retirement years!!!

Dithering_Dad

tenuous one, though I'll let you have it...

Perhaps we're both fattening up for the winter; 'fattening' being saving and 'winter' being retirement.

ailuro2

I've just found a grand excuse for having a spare tyre - it's protection against food price inflation - I obviously bought now while the food and drink was cheaper....:beer:

and my spare tyre obviously understands compound interest as it seems to grow on a daily basis.:p

setmefree2

ailuro2 wrote: »

I've just found a grand excuse for having a spare tyre - it's protection against food price inflation - I obviously bought now while the food and drink was cheaper....:beer:

and my spare tyre obviously understands compound interest as it seems to grow on a daily basis.:p

LOL:rotfl: - but what happens when the cost of food starts going down?:rotfl: