Cheery's buttling diary: tea in one hand, plant pot in the other, running shoes on

Cheery_Daff

Very true Starnac, and definitely worth investigating. Although these things aren't always straightforward rational financial decisions :rotfl: I REALLY like not having a mortgage it's super great I feel free and like I could give up work for something MUCH lower paid without worrying about it. I'm pretty reluctant to sign up for ANY loan, let alone one that says 25 years on it...

We'd only be borrowing a max of £50,000 I'd say. Looking at the MSE mortgage tool, over 10 years that's roughly £450 a month (at the intro rate for the first couple of years of course) - over 25 years about £200 a month.

I suppose it depends how much they let you overpay? If we could pay it off in 10 years (or less) without adding too much to the interest then it's worth it. Otherwise I don't think £450 a month is too much to burden ourselves with given our situation? Although it would mean not adding to long term savings for a few years - but we wouldn't be doing that if we were overpaying a 25 year one, and I suppose the temptation would be to just spend it sometimes because we didn't *have* to overpay the mortgage...

Anyway, in 25 years I'll be 60 and Mr Cheery 78 so they might not let us go for that long anyway :eek: :eek: :eek:

(gosh, what a frightening thought!!)

I need another cup of tea after that!! :rotfl: :rotfl:

Karmacat

Cheery_Daff wrote: »

I suppose it depends how much they let you overpay? If we could pay it off in 10 years (or less) without adding too much to the interest then it's worth it.

Overpaying wouldn't add any interest, Cheery, it would take it away, honest Are you thinking of a potential penalty?

Anyway, in 25 years I'll be 60 and Mr Cheery 78 so they might not let us go for that long anyway :eek: :eek: :eek:

(gosh, what a frightening thought!!)

I need another cup of tea after that!! :rotfl: :rotfl:

I'm not surprised :rotfl:

Its the principle of longer-than-10-years though, isn't it - 20 years, for instance. Though, bear in mind, age 60 in 20 years time will be nowhere near retirement age - it isn't now, in reality!

Cheery_Daff

Yes, penalty, that's the word :rotfl:

Although maybe I was thinking of mr Cheery's old mortgage - they asked about repaying the whole lot (when there was about 10 years to go) and were told it would cost the entire amount of interest (right up to the 25 years) all added on anyway, so there was no point :eek:

I'm assuming they can't get away with that kind of nonsense these days from what you say?!

You're right about 60 being nowhere near retirement already :eek: Although personally I don't intend to be working past 40 so it's irrelevant :rotfl: :rotfl: :rotfl:

Karmacat

Right on both counts - they couldn't get away with that these days, and yes, you *will* be retired very soon (by 40! Go you :j:j:j) because you are a Ninja Moneysaver, who has also imported a Mustachian Vibe

Cheery_Daff

sorry KC, I was kidding There's no way I'll be retiring by 40 although 45 would be nice

I prefer to take a flexible approach to the notion of 'retirement' I work 4 days now, hopefully 3 and closer to home in the future, and then I'd like to just stop doing that when it suits

Chocforever

I recently got a mortgage. A pretty horrendous amount but I'm still aiming to pay it off in about 12 years if all goes well. I really needed the payments to be scheduled over 25 years, as Starnac says, just in case anything went wrong and I couldn't keep up the enhanced payments. However, when the mortgage adviser asked me whether I anticipated carrying on in my current line of work until I was 65 so I could keep up with the repayments, the look of horror on my face must have said it all!

It sounds like your loan will be for a much more manageable amount so I can see why you are happy to take a shorter term.


Good luck with the house hunting!

Cheery_Daff

Thanks chocforever I love your name and it just makes me want a bar of chocolate (which sadly I don't have right now)

Thank you all for your advice and suggestions. I feel pretty clueless about all this having never taken out any kind of a loan before, let alone a mortgage, and having never been involved in buying a house. This is a quite exciting stage of soaking up any and all info I can get my hands on so any comments welcome!

Quite excited about seeing mortgage woman tomorrow :j Although she's said to allow TWO HOURS for the appointment - I'd best get free tea and biscuits if I'm going to be there that long!! :eek: :rotfl:

Already found my last couple of bank statements and last 3 payslips (although clearly I will NOT be signing anything tomorrow) - might take PhD certificate with me and get 'Dr' put on my bank account at the same time rofl Only 4 years late!!

starnac

Cheery_Daff wrote: »

Already found my last couple of bank statements and last 3 payslips (although clearly I will NOT be signing anything tomorrow) - might take PhD certificate with me and get 'Dr' put on my bank account at the same time rofl Only 4 years late!!

You should!!! Just for the thrill you'll get when signing cheques "Dr C Daff"

Karmacat

Cheery_Daff wrote: »

sorry KC, I was kidding There's no way I'll be retiring by 40 although 45 would be nice

I read it seriously which just shows how highly I think of you - if you wanted to, I bet you could :j

I prefer to take a flexible approach to the notion of 'retirement' I work 4 days now, hopefully 3 and closer to home in the future, and then I'd like to just stop doing that when it suits

Actually, that does sound nice, doesn't it - when someone's got a job they enjoy, that also feels a positive thing to contribute to the world, stopping work isn't necessarily the best thing (it is at my advanced age, obviously ).

Cheery_Daff wrote: »

Thank you all for your advice and suggestions. I feel pretty clueless about all this having never taken out any kind of a loan before, let alone a mortgage, and having never been involved in buying a house. This is a quite exciting stage of soaking up any and all info I can get my hands on so any comments welcome!

Soaking up the information gradually is the best advice I can give. And working out the figures in detail - I didn't do that for the French apartment and if I had, I'd have realised what a non-starter it was.

Quite excited about seeing mortgage woman tomorrow :j Although she's said to allow TWO HOURS for the appointment - I'd best get free tea and biscuits if I'm going to be there that long!! :eek: :rotfl:

Already found my last couple of bank statements and last 3 payslips (although clearly I will NOT be signing anything tomorrow) - might take PhD certificate with me and get 'Dr' put on my bank account at the same time rofl Only 4 years late!!

I'd vote "yes" to both those things :rotfl::rotfl::rotfl: Good luck!

Cheery_Daff

Sorry for accidentally fooling you KC I've only got 5 years left til I'm 40 so not much time!!