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

Ali-OK

I asked a similar question and got the 20% ERC discount, didn't expect that and works out a better saving than getting the 2.39% I'd hoped for, albeit have to raid the savings.

You've got a great rate there that'll probably see you through to paying it off.

Luckyinlife

I see ali sounds like a good deal either way well better than you got now :]

exciting :]

Brogden

Great work Ali but really......what a game we have to play !! Just like other financial activities we have discussed, it is no surprise at all that so many people will just sit with what they are given (mortgage / savings / pensions etceteraaaaa...:o.)

I cannot say loudly enough what a game it is :mad:. First world complexities:rotfl:or perhaps that's just the way I'm feeling this morning!

I get the whole thing though Ali . But....it's a 'swallow hard job' particularly for an enlightened person like yourself to see the mortgage balance shoot up in return for staying loyal and keeping your mortgage with the valued institution! So thank the lord you have the wherewithall to crunch (fiddle ) the figures in your spreadsheets.

Me.......I would go for the five year fix, no question. Let's not pretend that's not quite a long time but is maybe a period short enough to allow real focus and maximum incentive. I could not be happy with a cap on OP's.....makes me blood boil !!

I am not on a fix but a discounted rate for only two years ending December 2017 :eek: !!! I thought that would bring focus. My feeling is rates may rise within two years but.........not much.....famous last words? No one knows......even if they say they do !!

Ali-OK

Lucky, you're right there and having slept on it, I'm sticking with choosing the 5 yr fix. The numbers stack up with better savings allowing me to OP those and the risk of higher rates in 5 yrs is balanced by the plan that the mortgage outstanding should be less than half what it is now - so the impact of interest come a new deal in 2021 shouldn't be horrendous.

Broggers, it is a first world problem! Who'd have thought base rate would sit at 0.5 for so long!

Alot of fiddling done yesterday and more to come. Hidden's spreadsheet is a work of art and ultimately will replace my plethora of files/spreadsheets which is great news. Thanks Hidden :A

Am a bit behind on my To Do list after all that, so focussing on that today.

DS's laptop had it's annual meltdown yesterday, so looks like after replacing his HD last Christmas, it's time for him to pay out for an SSD. Just hope his Graphics Card is ok as that is now crashing too. Gaming laptops are the devil's work.

Friday the tree and decs came down so it's onto work and school planning in readiness for Tuesday and housework again.

Onwards and upwards!

Skinnylatte

Wow tree down already, you are focused. I can never bring my self to do this until the 12th night

Ali-OK

Morning Skinny

Think I normally take the tree down New Year's Day, ever since quieter NY Eves. Hungover state pre DS, it probably was 12th night!

Small jobs accomplished:

- recycling sorted/binned
- other bins emptied
- dishwasher filled and on again!
- quick garden clear up

Popped out and filled up with fuel - £31.75 and nectar points.

2 more small jobs to do (iron one top and hand washing up) and then onto the bigger ones of work stuff, dusting/hoovering and a bit of self preening later with grey roots to hide, nails to trim (if I haven't broken them cleaning) and fancy a lazy bath for a change

I need to work out some money making ideas for this year too. Dislike bay of e, don't use bookface and early starts for car booting are leaving me cold :rotfl: But nothing comes without effort so perhaps it's my motivation that needs a swift slap :rotfl:

Still doing Inbox P0unds - that's at £15.29, Qmee pot currently at 32p and still checking FPL daily. Still throwing change in the bucket too. New terramundi still empty - can't decide which coins to put in there, maybe the new £1 ones that are coming out

And I'm back on the exercise bike. After it's holiday in the garage to accommodate the houseful for lunch, it's back in residence

johnmondin81

Awesome thanks for the advice! Tax free is always good

shangaijimmy

Bit late but here goes... The 5yr fix seems the most logical to me especially given the significantly different place your finances will be in then. 7yrs just seems a tad too long. I'm in a similar quandary for the back end of this year in weighing up 3 or 5yrs. A 5 yr fix I could be very close to the end, but i could also go a 3yr followed by a final 3 yr.

Decisions, decisions... Turmoil, and mental torture!

Luckyinlife

Ohh yay :] I think youll be fine there will always be good deals out there for people with the best LTV for mortgages

i need to take tree down today and sort under the car port out grrr

youv done well this morning ali :]

Ali-OK

shangaijimmy wrote: »

Bit late but here goes... The 5yr fix seems the most logical to me especially given the significantly different place your finances will be in then. 7yrs just seems a tad too long. I'm in a similar quandary for the back end of this year in weighing up 3 or 5yrs. A 5 yr fix I could be very close to the end, but i could also go a 3yr followed by a final 3 yr.

Decisions, decisions... Turmoil, and mental torture!

:rotfl: It certainly is torture (especially for over-anxious worriers like me!)

You've articulated well how I am thinking too, but, but...

Only other thing in favour for the 7 yr is where DS will be in his life and the impact on my finances...either drowning in student debt in last year of Uni, or (hopefully) a paid apprenticeship where they pay for his degree and he gets a £21k salary. We're already working on that one with his work placement being there next Spring, so he's got his foot in the door in readiness So back to the 5 yr fix it is :rotfl:

I can see OP limits playing quite a factor in your decision Might be a 4 yr deal around as well then :rotfl:

I really know how to help :rotfl:

Luckyinlife wrote: »

Ohh yay :] I think youll be fine there will always be good deals out there for people with the best LTV for mortgages

i need to take tree down today and sort under the car port out grrr

youv done well this morning ali :]

Thanks Lucky, ironing and hand washing up/drying up done and a nice clear kitchen once again

Good luck getting your jobs done today and your list for 2016 is looking good too