A cunning plan (but a humungous mortgage!)

Jevvers

Thanks!! I'm on a mission

cardiffmatch

Good luck Jevvers - just read through your diary and am feeling inspired; we've just started a mortgage beginning with 2 so it's been great to read about someone tackling a large project!

We are hoping to tackle ours in ten years so have subscribed to keep track of how you are doing.

All the best

CM

MallyGirl

I am about to bump my mortgage back up again with new car and extension which might put me back in the 2s briefly. We can do it though

Jevvers

Thanks both. We are going to save like mad - even with the low interest rates it's worth it because our mortgage is only boe + 0.49% so until we can't get anything more than 1.2% on our savings (to allow for tax) then we are better off saving it up to OP in the future. Or in our case to pay off the i/o.

Not had a particularly good day in this regard: a buyer has asked for a refund on a £30 ebay sale saying the item is not working. It had been working but I have refunded her anyway on the benefit of the doubt. I had undercharged on the postage as well so have lost out twice there. Oh well. Did a 25p survey!

MrsCautious

Hello Jevvers, do you mind me asking, with regard to the interest only mortgage do you think/worry much about the BoE rate going up? What's your take on that?

I ask because I don't know what to think when it comes to mine x

Jevvers

Hi Mrs C
I do worry about it in the long term - it's one of the reasons I want to get that millstone from round our neck. In the short term I am fairly confident that the BoE base rate will stay low for the next two or three years at least (after Mark Carney's announcements). It's obviously not great news for the economy in general but it's an ill wind and all that.

My plan for when the base rate does go back up is to shift our savings into the offset pot in the mortgage. It's a flexible offset so that money would stay separate within the mortgage and could be retrieved if necessary.

thanks for asking

Jevvers

Our HSBC regular saver matured today, earning us net interest of £76.77 for the year, so I've transferred that plus the savings to the general pot.

SeriouslySeekingtoSave

Best of luck in what you are doing, I think it's an effective strategy for someone who is organised and keeps a hawk eye on what their money is doing. I can't opperate like that, I'm too lazy with money and I lose track of it quickly. My strategy is just to cut down and cut out and them transfer lumps off. If I try to get too clever I just lose track of everything and waste my money. Heck I can't even do a proper budget. So I'm full of admiration for those who are as organised as you.

Tahlullah

Wow! Just Wow!

I am not worthy!

Ed_Zep

Hi Jevvers,

I was just wondering if you're also funding for retirement as well?

The barber I go to is in his early-40s (as I am) and says he has no pension. :eek:

He plans to use his house as a pension pot.

There's some merit to the idea, I suppose.