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Hope is not an Effective Financial Strategy
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I saved money by going for a higher rate and no fees on one part of my mortgage and by paying a fee and getting a lower rate on the other. Look at the total cost over the period of the fix incorporating fees.0
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Good figures. Just a query, does the fee get charged at the discounted rate or svr? It has an impact if we didn't have the fee due to OP's? It will be significant though to have to confess. Maybe I need to relax my views!!!MFW: Was: £136,000.......Now: £47,736.58......0
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shangaijimmy wrote: »Good figures. Just a query, does the fee get charged at the discounted rate or svr? It has an impact if we didn't have the fee due to OP's? It will be significant though to have to confess. Maybe I need to relax my views!!!
The fee is to arrange the mortgage, so we paid our fee September 2015 when we locked in the rate even though the new fix didn't start until December 2015. (This is for FD, but I assume other banks operate the same way.)0 -
Makes sense. I may hold off on some OP's so we have cash for the fee. Help with decisions, options etc...MFW: Was: £136,000.......Now: £47,736.58......0
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Makes sense to look at the fee v interest rate over the term of the mortgage, but I'm challenging you SJ to find the cheapest fee free out there and prove to us all you're a man of principle! then you can OP all that you have held back!!DFW (08/08) £64,346.53 Gone (02/19)
MFW (08/08) £118k Gone (09/23)0 -
I need to back off anyway till September! In other news our house eats gloves. Just found 7 kids gloves and not 1 pair!MFW: Was: £136,000.......Now: £47,736.58......0
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The mortgage advisor at the spanish bank was very helpful to me, worked it all out and explained it to me, but was so quick doubt I would be able to explain it to anyone else. in my case the fee was more than I would save, and said it works better if you have a large mortgage (meaning bigger than mine).Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_Now a Part Timer from 27.10.190
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shangaijimmy wrote: »I need to back off anyway till September! In other news our house eats gloves. Just found 7 kids gloves and not 1 pair!
lol I know what you mean. Ours has a thing for socks! Never a pair. I have stopped caring but DH gets really annoyed if hes not got a matching pair :rotfl:Total Mortgage OP £61,000Outstanding Mortgage £27,971Emergency Fund £62,100I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>0 -
£1 TT'd this morning and followed up with sending the weekly TT pot to mortgage. So £5.11 OP this morning. Loving the regular Sunday morning OP!
Dreaded Mother's Day so another anxious couple of hours before confirmation that I did ok with presents for Mrs SJ...
Pooch is shattered from all our walks yesterday!MFW: Was: £136,000.......Now: £47,736.58......0 -
Well I can relax now till Christmas. Presents went down a storm! Especially ornament and baby feet casting kit!MFW: Was: £136,000.......Now: £47,736.58......0
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