Hope is not an Effective Financial Strategy

Suffolk_lass

shangaijimmy wrote: »

Thank you, I'll go and have a look now.

Edit:
High fee at Skipton is a stumbling block.
For the one with a £1,995 fee Skitpon (1.79%) works out at £1 more expensive than FD (2.08%) over the 5yrs
....... £995 fee Skitpon (1.89%) works out at £95 more expensive than FD (2.08%) over the 5yrs

FD have one with a fee of £490 (1.99%) which works out at £37 cheaper than their no fee (2.08) over the 5yrs.

I completely misinterpreted that £1995 - I was thinking that was an additional fee for repaying early, but it means completion of your new mortgage and so just other-ends what would be an application fee. I can see the logic, you don't pay unless you are successful but it seems a lot.

Our mortgage is with them. Their products are good, their staff are somewhat variable. Close, but no cigar, as they say!

Edit: and the OP issue is a big one. It is why we have stuck with our tracker (0.49% over the BOEBR)

shangaijimmy

Well the deed is done...Decision made. 5yr fix @ 2.08 with FD, sticking with FD. I've made the phone call and am booked in for the 20min one on Monday. Feels good to have made the decision nice and early, so now i can spend my time off plotting!

If we are to have this thing finished by the end of this fix then I need to find approx £15k of the shortfall... (that kidney of Mrs SJ's looks very appealing...whats the going rate for selling these days??)

Suffolk_lass

So decisive! I like that. I [STRIKE]dither[/STRIKE] deliberate for ages before making decisions

shangaijimmy

In truth I've known it was coming mid December (sad that I know the 90day mark) so i've been keeping my eye on rates for a month. Mid November FD 5yr fix was 2.25%, so i'm more than happy to lock in 2.08%, and of course I can keep my eye out in case it drops further.

shangaijimmy

Christmas night out yesterday. Well day out really. So have a terrible head ache today, and we have family coming round for a mini party for my mums birthday so i need to be sociable!

OP'd the TT pot this morning which was £4.90 for the week, so that's 1 days interest paid off.

Busy_Mee1

Great to see you back Jimmy. I have also been MIA but sloped back in today.

You mortgage research is really helpful. My DS comes to the end of his first 2 year fix shortly and I am going to suggest that he fixes in for 5 year. The FD ones look great so thanks.

shangaijimmy

Nationwide is also very similar in terms of rates, so if he prefers to do mortgage face to face then they are a good option. FD you have to do it over the phone, so isn't for everyone.

shangaijimmy

Full day on my lonesome today, I'm really looking forward to this week off work. I've actually got no house jobs to do (other than a quick hoover and to change all the beds), no Christmas shopping left and every present has been wrapped. We've never been so organised. School run first, then drop DD off at her grandmas (i cant spoil their routine and she does have a play group party), then for a big dog walk. Before a snooze on the couch!

Got our mortgage phone call booked in at 1pm but it shouldn't take long. There are no changes to make, our balance has gone down significantly since 2 yrs ago, and i don't need any mortgage advice (bet that doesn't happen very often).

themadvix

We've just remortgaged and stuck with Santandurrr, even though they're terrible for customer service it was pretty much the best deal out there and saved us having to faff on with affordability etc, so totally get why you're sticking with FD, and they have *excellent* customer service!

Hope phone call goes well and enjoy the long walk!

shangaijimmy

I think that's how they get us! Make any remortgage a little worse than you can find, but such a small amount that we avoid the rigmarole of affordability.

43p TT to start the week off by the way.