A long slow journey to mortgage freedom

Firegirl

Watty1 seeing your signature is so motivational!!! I think I'll take it off the monthly payment. My job at risk or redundancy once if not twice a year, so it will keep all options open! Also health issues, MS, may mean I can't work til retirement so good to keep options open. Unpredictable illness but so far so good!

Firegirl

Advice needed...... So hubby wants to buy a new car and do a trade in for his old one and pay an extra 5k intop of his trade in price. Now this is the question.

He was thinking of doing finance option and that would mean he'd pay an extra £450 over 2 years. I said no we have the money. You'd be better paying for it out of the offset mortgage savings and then pay it back in there. He said he wouldn't pay the extra, wed just do it.

So should I just let him do the finance option even though it's like giving away £450 because if I don't well be 5k down in our offset mortgage account.

His brain doesn't work the same as mine when it comes to finances. Although he doesn't generally spend much so I'm not complaining about him spending the money at all, it's just hard to get my head round. I think I should let him do finance even though it's crazy!!!

katep23

Hi Sque, just a thought but what about the MBNA money transfer at 1.94% for 2 years? Low interest and would mean the money would stay in your offset.

I think your OH is very honest if he can see that he wouldn't pay the money back into the offset but this way he would have to repay but it wouldn't cost a lot in interest while he does it.

Firegirl

Another logical suggestion but anything other than pay for it or finance he will think is to much hassle. I've been thinking about it and I think I'm best to let him finance because he won't be organised to save for the next car. He also says that a lot of people do finance as the norm and why not.

I'm very lucky to have a hubby that doesn't buy much so no way I would begrudge him at all. Just wanna think of the best way to organise him, and his car and make us both better off in the long run! Lol

katep23

Fair enough, I understand where you are coming from!

I have an OH who wants to keep a "float" of a couple of thousand in his current account for work expenses and so that he doesn't have to worry about running out of money. He is just used to having enough to pay for whatever he wants without having to check the bank balance, although again he doesn't spend loads, except on work-related stuff which he can claim back.

Needless to say his current account pays naff all in interest!

Still better that than going overdrawn because he can't keep an eye on his account during the week...

I guess you just have to compromise sometimes even if they don't make the same choices we would!

Watty1

Mr Watty is rarely on board with my financial plans. He just goes along with me (bless him). In your situation I'd probably go with the finance option as he has been honest enough to say he probably won't pay the offset back. I think in a year or two you might see a difference. It has taken Mr Watty till now to think about saving and I was quite impressed at the w/end when clearing the loft he put some stuff aside and said I should ebay them and use the money to overpay! Finally he gets it - nearly 18 months in!

Firegirl

I think it'll take a few yearly mortgage statements! He doesn't really realise we wouldn't have the house we have now if it wasn't for my determination!!!

Firegirl

Being doing some geek calcs which I know we all love but just worked out if I pay £100 off my mortgage balance it saves me approx £20 over the term of the mortgage. If that's not a motivator nothing is!!!

Luckyinlife

I think it is a case of every little does help when it comes to mortgages sque its mad the interest we all pay is criminal
in my case £100 saves me £380 in interest over the full term madness ok i have a high rate currently which will change in time but dam that motivates me big time

How have you been getting on ? you haven't posted for a month now hehe

Firegirl

Woooo hooooo sold a few eBay items that had been lingering for weeks! Yay!!!