Had a mortgage too long - it's going, going, gone!

hiddenshadow

Ali-OK wrote: »

New outstanding amount - £111,625 and I can colour another brick in :j
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And takes another month off the end date to January 2027 - 8.4 months early :T
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Can't stop :D:D:D and now for my fave bit...sig updating
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I can't wait for my annual statement - asked bank when can I have it as it's my fave bit of reading :rotfl:. End of March :eek:

Congrats on the brick and the extra term shortening.

Sig updating is also my favourite bit, I preview my changes about 5x just to look at the number more.

We got 2 copies of our annual statement this month (though it only covered 6 months of data, presumably b/c our fix ended). The first copy was exciting, but DH didn't want to re-read his copy.

Ali-OK

Luckyinlife wrote: »

£1,365 capital payment you cheeky devil you haha aw some :]

11k in EF is amazing to Does this have any plans for 2016 ? or do you mainly keep it for the interest you get monthly on it ?
can i ask how much interest you get from the 11k EF put into them accounts ?

As next week ill be placing my EF in a few different places instead of 5k earning me hardly anything

£7k of that is paying for the car in April, so I want to get savings up to £12 or £13k to have a good buffer when that goes. I'll get the £7k back via the business in dribs and drabs.

Where are you spreading yours? I'm pretty cautious about opening more current accounts, having only just done the TSB one back in October. I'll probably utilise the Club Lloyds Monthly Saver again in April (4%) with the £1k tax free interest coming in, it's slightly higher than mortgage. Also pension contributions - I'll be adding another £150 per month to that pot fairly soon, so won't be much extra to play with.

Also maintenance for DS is quite a chunk (£375) and that will stop coming from his Dad at some point, things may well be quite tight then.

hiddenshadow wrote: »

Congrats on the brick and the extra term shortening.

Sig updating is also my favourite bit, I preview my changes about 5x just to look at the number more.

We got 2 copies of our annual statement this month (though it only covered 6 months of data, presumably b/c our fix ended). The first copy was exciting, but DH didn't want to re-read his copy.

Brick coloured in - Bright yellow for 2016

:rotfl: Keep looking at my sig too - a nice shock to see it drop to the £111 as completely unplanned! Maybe I can get into 5 figures by end of 2016.

:rotfl: I was only reading last year's statement yesterday with filing the monthly letter they send for interest amount. Very satisfying - to us anyway

Your figures are very impressive I'm trying to keep up/catch up with DFOD and Lippy - and stop SJ catching up overtaking me :rotfl: It's like that horse game at the fair where you roll a ball and it moves a little, alot or not at all !!

hiddenshadow

Ali-OK wrote: »

Your figures are very impressive I'm trying to keep up/catch up with DFOD and Lippy - and stop SJ catching up overtaking me :rotfl: It's like that horse game at the fair where you roll a ball and it moves a little, alot or not at all !!

Thanks!

And yes, always someone to chase (or outrun). At least it fosters a sense of healthy competition, and cheering on other peoples' milestones is almost as nice as achieving my own.

Luckyinlife

Oh i see what is it like a final payment to own it outright is it ?

Sounds good

Currently my EF is 16k after the OP i just made but

5k of that is in 5k at 4% account another 4k or so is the monthly saver at 4% but this matures in feb next year Not 100% how much it will pay out tho as iv been putting £400 a month into it

The other 7k wow that sounds a lot :)is mainly in an isa Earning less than 1.5% Now i know this is an issue so need to really

Plans for it nothing really Its there for when i need to do something to the house/car or have a poor month in work or unemployment

Ideally id like to earn around £500-600 interest a year after from this which would pay 2 months of my mortgage currently :eek:

Think currently im around £400 with the 2 accounts i got ?

Ali-OK

hiddenshadow wrote: »

Thanks!

And yes, always someone to chase (or outrun). At least it fosters a sense of healthy competition, and cheering on other peoples' milestones is almost as nice as achieving my own.

You'll be ahead of me in no time at all with your plans and new rate - finally caught up on your thread too

Luckyinlife wrote: »

Oh i see what is it like a final payment to own it outright is it ?

Sounds good

Currently my EF is 16k after the OP i just made but

5k of that is in 5k at 4% account another 4k or so is the monthly saver at 4% but this matures in feb next year Not 100% how much it will pay out tho as iv been putting £400 a month into it

The other 7k wow that sounds a lot :)is mainly in an isa Earning less than 1.5% Now i know this is an issue so need to really

Plans for it nothing really Its there for when i need to do something to the house/car or have a poor month in work or unemployment

Ideally id like to earn around £500-600 interest a year after from this which would pay 2 months of my mortgage currently :eek:

Think currently im around £400 with the 2 accounts i got ?

There's a Reg Saver calculator on the site - plug your figures in and see what you'll earn in interest Club Current is @ £144 per year interest

I agree totally in keeping some money in easy access (which means poor interest rate unfortunately) as need to have that with the uncertainties SE brings us. Unless there's somewhere else that's better that I'm not aware of either...probably!!

Luckyinlife

Ya so i get £144 a year in 1 and £105 in the other i pay £400 a month into this so when its matured ill have £5305 after me putting in 5200 in over a year Not a great amount really

so £250 from 10k in a year roughly which is 1 month less a few £ mortgage payment


Thing is iv come to relise over the last year or 2 if i want my money quick and easy ill never get any good return and i wouldn't lock it away for any lengthy time

I do however want to have a side income monthly so maby it be worth me putting my money into something i can control myself that generates an income. fact is we pay tax on everything so

Id need 25k at 4% to get an income from interest of 1k Realistically we cant even get it even if we had it grrrrrr lol

Ali-OK

Sounds like you've got a plan with a side gig

If/when rates move up, should see savings rates increase too. But double edge sword as mortgage rates will rise as well..just seen Spanish Bank's 5 yr fixes went up in December for higher LTVs.

Which brings me to my next dilemma...should I change my product now.

Always thought it was a no brainer to wait out the next 24 months as ERC is 5% of current balance (so £5,581.25).

But, EU changes (I think it's March 2016) means all product changes (same or new lender) will need to go through full MMR and I don't think I'll meet I/O criteria for income so will have to go onto repayment (which will mean another fee and limit OPs and not help the flex I enjoy with payments being SE) and probably have to increase term to meet their affordability.

Whereas if I changed now I'd avoid all that and could smoothly move onto the lower 5 yr 2.34% rate (down from current 3.69%) and as I'm OPing anyway, the rate on the 'Ditch Fix' calculator won't be so accurate. Automatically it'd create another £100 capital per month to OP.

No doubt, it'd still cost me a bit more and gutting to add the ERC and see the balance go back up...but I think this might be worth a chat with my lender to see what's viable now.

Up at stupid o'clock this morning (4.45am) - had a few nights like that recently. Took a couple of clothing items DS and I had for Christmas from ex-MIL back as wrong sizes - no replacements in store, so money refunded onto gift cards - great for topping up our wardrobe later in the year as needed.

DS wrote all his thank you letters last night, another job done and dusted and all delivered/posted today.

Gammon joint cooked and LO tonight and tomorrow.

Visited Mum this morning, waiting on blood results still but that suggests it's good news as they did say they would know same evening. Mum gave me and DS some extra money because a) she'd bought DB and family items for their Christmas stockings/bags but forgotten to do same for DS and I and b) to help towards food/clothes I'd got her and extra fuel. So shall bank that to build up the OP pot for next month.

Monthly use and pay off CC rolled over and full payment set up.

Month end electricity reading taken - picked the worst moment when it was blowing a gale and pouring with rain though (meter outside). Used same volume per day as last December.

Still working through updated To Do list and a box of chocs at same time

Quiet evening in here and wishing everyone a very Happy New Year :beer:

beanielou

Dident know about the EU changes.
That is me flucked come the end my fix.

Ali-OK

I hope that's not the case Beanie

I'm only going on what I've found on the 'net - such a complicated area now.

hiddenshadow

That's tough on the mortgage, Ali.

Running back-of-napkin numbers it looks like the rate change would save you ~£12k until 2027 (so ~6k if you did a 5-year fix, as my numbers assumed the same rate for the whole term). So in theory you'd be slightly better off switching, except you'd have to pay most of that savings up-front with the ERC.

Given that you've got the eligibility concerns, though, I think that puts it slightly in favour of switching. Unless you know that your I/O numbers would look better once it's time to switch? (Alternately you could stay on your current deal once it reverts to SVR until you're at an I/O vs LTV point where you'd be eligible?)

Hope you get a good night's sleep tonight - I've had the opposite problem recently (up until stupid o'clock rather than awake too early).