Hope is not an Effective Financial Strategy

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  • ourcornercottage
    ourcornercottage Posts: 1,526 Forumite
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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.
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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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: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • hiddenshadow
    hiddenshadow Posts: 2,525 Forumite
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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.)
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    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: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • debtfreeoneday
    debtfreeoneday Posts: 4,814 Forumite
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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)
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    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: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296 Forumite
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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 27.10.19
  • lippy1923
    lippy1923 Posts: 1,374 Forumite
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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 £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    £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: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    Well I can relax now till Christmas. Presents went down a storm! Especially ornament and baby feet casting kit!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
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