I really really want to be........mortgage free!

A_Frayed_Knot

Sounds a good plan, I always err on the cautious side, then wish I had pushed myself further, but hate commitment so opt for the term/payment that gives me choice.

If you get the answer you want from them you'll be glad you couldn't sleep;) talking of which it's time for mine,

ourcornercottage

A_Frayed_Knot wrote: »

Sounds a good plan, I always err on the cautious side, then wish I had pushed myself further, but hate commitment so opt for the term/payment that gives me choice.

If you get the answer you want from them you'll be glad you couldn't sleep;) talking of which it's time for mine,

This is what I struggle with I think if they offer it I will take it though. I think, maybe, possibly!

newgirly

Be wary! I know its the much smaller chunk of your mortgage , but could you not get a product that will let you op more or a shorter term fix that you can make a lump sum payment to at the end of term?

Feel free to ignore, but I shortened the term on ours from 32 or 33 yrs (can't remember!) to 12 with just over 6 left and now we cannot extend back even though we were told we could.

hiddenshadow

Hope you get word back on the application soon!

We pulled the trigger on committing to our "base" OP amount when we re-fixed. We've been paying that amount via standing order for 2 years, so it seems reasonable to assume that we could continue for the next 5. The bank was pushing us to go even higher (I guess based on our I/O figures), but I'd rather shoot for massive OPs and have the option not to make them if need be.

Luckyinlife

All you can do is try in it occ :] dont try never know

sounds like a good idea im on a 2.4% fixed for 2 years i OP
Op helps the ltv/affordability loads as well keep it up :]

ourcornercottage

All really good considerations,

I currently save £530 and OP an additional about 290-400 per month which could be reduced to less than £100 if required.

I'm sure affordability will be an issue but with a 5 year at such a low rate you've gotta have a go.

In other news I've decluttered 5 things so far today, been for a walk and are now checking out the football.

Edited : Just paid out 13p from TCB!!!!!! Woohoo

ourcornercottage

I am doing well, I am up to 9 on my decluttering, I know this as I am keeping a list! I am also keeping a list of things I get free in 2016 and what I spend the money saved on. Im not sure how long this will last.

Have been looking at the accounts and in retrospect I do think I will have to move some money from the annual bills account for the two annual bills I am paying which equal about £370 ish. I was hoping to cover these from the bills account but I think I was being optimistic. Well its fine as this is what the annual bills account is for. I need to stop counting this account as savings (just been and moved it in my spreadsheet and on my sig.) Will only try to take out what is needed as this will depleat the annual bills account and will need to top up on oil soon.

shangaijimmy

Just to weigh in. Last year I really considered a major term reduction to take account of OP amounts. In the end I opted to round from 21 to 20 yrs, rather than the considered 12-15. I was happy for the safety net of the larger term and figured I was disciplined enough to keep OPing. We've actually had a very good year but I think for the next remortgage I'll keep the term as it is again.

ourcornercottage

Thanks SJ. As you know I'm not all that disciplined unfortunately. My main objective of doing this would be to get rid of mortgage pt1 with no possible effect on interest rate rises. Fixing at 13 years on pt1 for 5 years won't allow enough OP's to pay off in 5 years so I would have to save the rest. This is something I'm rubbish at doing and where my discipline lets me down.

ourcornercottage

nearly a nsd. Still being very careful with money to hit all the payments this month. will definitely need to transfer a bit around. Decluttered a couple of things today to keep up my challange. Ordered a few tea bag samples to add to my get free stuff 2016 challange. I love tea so will be very useful

Virgin money have naffed me off my not closing my tracker as asked and just sent me all the money that was in it as that date. They have taken another payment today. I will need to call tomorrow to sort this out. I definitely ticked the box to close the account though, I remember it specifically.

As I'm a glutton for punishment I have applied for a sipp and today received all the documentation that I need to fill in. I have requested to transfer over my 2 stakeholder pensions into one sipp. Hopefully this will be smooth going.

have emailed for catalogues and site visits for the home office we are planning for late 2016-2017 we are looking at about £30k im thinking for a large fully fitted office. I am hoping that I am correct in thinking that we are on the edge of the national park by about 200m not within it so that will really help with planning

have emailed for site visits for the guttering a couple of companies

Both are just speculative at this stage but need to get the ball rolling.

In other news i was back at work today and miniocc back at school tomorrow