Tm's MFW ramblings

edinburgher

Also what would be the benefit? Ok short term lower payments but we'd be increasing our MF date - that's the wrong direction!

You earn more than OH, but will lose income if you have another baby, just trying to help solutionise as you seem a wee bit peeved that OH wasn't doing so.

That 4.9% debt is ripe for refinancing, unless you have a terrible mortgage rate?

turtlemoose

I was peeved, but am not now. Yes in an ideal world of fairies and unicorns, we'd all be super happy and fulfilled at work. I'm miserable, but so are plenty of other people who earn a hell of a lot less than me. I just need to get on with it. (and have a moan every now and then to help deal with it!) I don't see how expecting him to be miserable too is good for us as a family unit. The joint account would be £250 a month better off, he'd have an extra £160 in his pocket which he would probably add some extra to the joint account too. But that's EXTRA - we were doing fine before without it and we will have to do fine without it too


Mortgage is 4.89 (residential one). As far as I understand it I can't get extra borrowing without triggering affordability and I'm back to square one! Plus no interest saving.

Or... hmm.. how about a Sainsburys Nectar personal loan, £7500 at 3.6%... Pay off the current owed of £4238.25. Immediately repay £3261.75 off the new loan. Assume OH goes back to old job. comparison is:
Current - paid March 2016 interest between today and then £180.59
Sainsburys - paid Feb 2016 interest £80.50

Or have I gone totally on the wrong track?!

edinburgher

Haven't looked at the sums, but the principle looks sound, should save you 1.29% of the borrowed sum over a year. Better than a poke in the eye. 0% credit cards might be an option as well if you're able to use these.

turtlemoose

Ed you never fail to make me think harder at a point where I'd already thought I'd thunk my hardest.

turtlemoose

ach, I already have an MBNA card which would have been the best option (1.94%) for a money transfer. OH credit is terrible so no chance.

But considering we are likely to pay the debt off in less than a year, the FlexDirect 0% overdraft is looking very nice. Off to apply.....

turtlemoose

Done, accepted for £2500 interest free overdraft for 12 months. Just need to wait for it to pop up in my online banking and then do a little money shuffling

thanks Ed. It's around £130 interest saved - certainly not bad for about 20 mins researching and applying!

edinburgher

Well done :beer:

gallygirl

turtlemoose wrote: »

thanks Ed. It's around £130 interest saved - certainly not bad for about 20 mins researching and applying!

Nice one :T. If only you could earn £390 an hour regularly :rotfl:.

Well done Ed :j.

turtlemoose

Cooker has died at the btl, it is 8 years old and was cheap (plus I set fire to it when I lived there!) so it doesn't come as much of a surprise. I went round to measure the size so I can replace it, it's the first time I've been inside since they moved in in November. Pleased to see they've decorated and look "at home" there - they have family in 3 houses on that road (inc directly next door!) and have been waiting for a house to come empty there for a few years. hopefully they will be happy and want to stay for the long term.

I've been trying to find ways to get the remaining 1.5k loan on to low or no interest. The answer has been staring me in the face! Sant123 card has 21 months interest free purchases left on it. So any purchases on there I will pay off the loan not the card, in effect transferring the loan bit by bit to the 0% card.

SuperSecretSquirrel

Sounds like you've got the perfect tenants turtlemoose Those roots they have could save you a fortune in voids over time! Sounds like they are well worth looking after