Was Mortgage Free until 52!!!

A_Frayed_Knot

Worked the opposite for me - didn't want to take a permanent job - so used to work for agencies then took this job as was for 3 months - only problem they offered me a permanent post when 3 months were finished. That was over 20 years ago, and I still work there.Was having a ponder - interest is charged on a daily rate, so they add your days interest on to balance, then charge interest on your interest, and so forth. Cheeky ....
Then if you o/p at a weekend that doesn't get taken off until the Monday. Cheeky ....
Haven't tried the deluxe melon and pear yet - had a cone with some macaroon ice cream - delicious, as its been a lovely day here.
Oh, and just heard some "maybe" good news, don't want to speak too soon but there's a chance I may see the "3 years mortgage payments that I have out on loan" winging its way back to me very soon.
dither, dither.

bexster1975

Ha ha ha:rotfl:

Twenty years is a fairly major comittment!

Funny how things turn out. Great news about maybe getting the money back shortly. Why the dither? Are you deciding whether to pay straight off or save it?

Bexster

A_Frayed_Knot

20 years - I know, I usually save my holidays every year and if I found another job or decided to leave then I could at a moments notice as I always had enough a/l to cover my notice.:D:D

Not so now though,:( as I now have a mortgage.:eek: so now definately "committed":eek: Yes was thinking of paying a large lump sum and getting even more years off. Not paying it outright - no chance of that - still got a long way to go.

Oh, had a look at the offset mortgage and looked really good for me but mortgage co said they did not do that type of mortgage :(and don't want to change just to avoid the "fee" if I moved over. But, wait a minute did you say you were with the Halifax as well and you have an "offset mortgage" what are they playing at?

bexster1975

Hi

Get that money paid off the mortgage!

To clarify, I am with halifax but I am offsetting myself, rather than in an offset mortgage. For reasons I don't understand, when I considered moving to an offset the institutions who offered them said I needed a single income of £50000 a year if joint income of £75000 :eek:

Now, as I am currently in the public sector, that was clearly a no!

I decided I would fix low for a period of time ( two years) and that should cover saving the remaining mortgage ( it has). This is in a 3% savings account that I can get at when I like, and as mortgage is 2.29% with no fee ( this was important as I didn't owe that much even two years ago) I'm pretty much offset in the same way I would be with the high rollers mortgage!


There is more than one way to skin a cat! ( where on earth does that expression come from -apologies if you are eating breakfast)

Bexster

A_Frayed_Knot

No, not eating breakfast, appt with mortgage advisor so left early. Went well, got 2 yrs fixed at 1.79%:j, nearly missed out as rates have went up twice since last Monday, luckily I had filled in paperwork last week, so got lower interest rate.:D Once paperwork comes through I will have reduced term to 8 years.(That's 6 1/2 years off my term).
Quitely pleased with this.
Will really need to try and find o/p calculator that I can work out what would be due at end of the next 2 years and how I an reduce years even more:)

A_Frayed_Knot

bexster1975 wrote: »

Hi

Get that money paid off the mortgage!

To clarify, I am with halifax but I am offsetting myself, rather than in an offset mortgage. For reasons I don't understand, when I considered moving to an offset the institutions who offered them said I needed a single income of £50000 a year if joint income of £75000 :eek:

Now, as I am currently in the public sector, that was clearly a no!

I decided I would fix low for a period of time ( two years) and that should cover saving the remaining mortgage ( it has). This is in a 3% savings account that I can get at when I like, and as mortgage is 2.29% with no fee ( this was important as I didn't owe that much even two years ago) I'm pretty much offset in the same way I would be with the high rollers mortgage!


There is more than one way to skin a cat! ( where on earth does that expression come from -apologies if you are eating breakfast)

Bexster

Extra money not forthcoming as yet, so went ahead with application and no more o/p's, which I am fine with:).
Offsetting yourself explains, thought they were giving me duff info when they said they did not do offset mortgages and would not lend beyond official retirement years, but not the case, they would just need to confirm retirement pension figures before they lent over the official retirement years.

I'm also in the public sector - proud to be an overworked, underpaid ..... worker:beer:

And now my mortgage rate will be 1.79% and my savings in a 3% account, I wonder if it is wise to o/p, maybe I should now be self offsetting as well. Will need to think the pros and cons on this thought.

Slowly but surely I'm learning. (I hope). I keep telling myself - one step at a time.

bexster1975

Hi

It depends what is important. Some people just want the mortgage gone. It's a psychological thing ( and I totally get that, in other circumstances I would do the same!). Offsetting based on yours ( and to a slightly less extent mine) interest on savings vs mortgage is a financial no brainer. People forget that a mortgage is about loads more than " can my money make more interest than I pay on the mortgage?". If that's your angle - financial then the answer is clear.

As mentioned before, being offset for me is sufficient security ( at least whilst it's fully offset) whilst keeping my options open ( I'm very much an options open girl - more so following recent illness).

I don't think I answer your question about " to offset, of not to offset" but at least some things to think about.

Have a good weekend, congrats on low new interest rate. I suspect within 12 months you will be glad to be locked in as interest rates start to rise!

Bexster

A_Frayed_Knot

Yes, know what you mean about clearing off the mortgage asap, which is what I really want, otherwise would not have reduced the term down to 8 years, so it can be clear 3 years before official retirement date. Already glad I eventually signed up for new term and interest rate as within last week, the rates already went up - twice.:eek:
Not quite getting the hang of this - do you need it, will you use it as I saw some lamps a good few months back and am still hankering after them.:) Have resisted so far, but ....
Do I need them - No
Would I use them - Yes
Do I want them - YesCan I afford them - Yes
I could reshuffle my other lamps, as these would go just perfect in my bedroom, and they are such a bargain, in other shops they would cost more than double, and keep telling myself I did get quite a lot in o/t last month and will get even more this month, so could treat myself.:o
Need to shuffle off to PO now to send another small parcel that I have sold on the bay.:)

A_Frayed_Knot

Mobile vodafone internet - around £15.00/month incl vat and works discount for 3g. Must be better out there. Mission for today is to find cheaper with more data allowance - even unlimited, but would still like it to be mobile.


Have heard about these cashback sites but never used them, so need to find out about them as well.


This all started when my mum went to PO and was given a leaflet about line rental for her home phone seems they are cheapest.

Dalradian

I use quidco for years - they take £5 a year but usually have the best rates.

You need to make sure you clear cookies if you have visited a site before buying the item via quidco. You can aldo link credit cards so when you spend in certain stores you get cashback. I have got around £1000 back over the years.

If you decide to do it - here is a referral link that pays both of us a £5 bonus once you have managed to claim £5.