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

in_need_of_direction

Can't believe your interest calculations were so far out!

Skinnylatte

in_need_of_direction wrote: »

Can't believe your interest calculations were so far out!

:rotfl::rotfl::rotfl:quite

shangaijimmy

1p out! What's going wrong, does your spreadsheet need recalibrating?

Ali-OK

:rotfl::rotfl:

SJ is spot on workman always blames his tools

debtfreeoneday

Poor shoddy accounting going on in here.. :-)

gallygirl

shangaijimmy wrote: »

1p out! What's going wrong, does your spreadsheet need recalibrating?

Nah, just needs a balancing item .

Ali-OK

Birthdays and lots of them next month, so shopping has begun with £9.38 spent on cards :eek: Mostly family which means double the amount with one from DS and one from me.

Highlight was a bargain K@liko dress reduced from £99 to £26.10, used a £20 gift card and paid £6.10. A treat for me Still have Next vouchers but didn't see anything that really grabbed me in there.

Few toiletry/food bits got - good examples of branded stuff being cheaper than supermarkets:

Listerine 500ml £2 in Wilko (£2.50 next cheapest)
Cadburys Brunch bars £1 in Poundland (£1.75)

Free parking and no stopping for coffee

Change thrown into bucket and looks like another £10 bag to be banked

YS pork joint for dinner tonight - continuing the using up of the garage freezer items.

Lots of little jobs to do at home next - where do they all come from?!

chinagirl

Likely to be offered approx £20,000 voluntary exit scheme payment to leave my Civil Service DWP job . If I go, I shall need to find another job paying at least £16,000 - my current salary.
Do I take the money and run? Or stay for the security of regular wage in a job I know, which may not be as secure as it was, but it's it better the devil you know scenario.
If I take the money,I want to pay off some of my mortgage, currently stands at £60,000. What would this mean for the remaining balance. Still have approx 14 years left to pay on the mortgage term.
Any advice gratefully received!!!

hiddenshadow

What's the job scenario for you, chinagirl? Could you find another job easily/quickly?

I would lean towards take the money and run - if you're on £16k now and you get £20k to leave, you should be fine without a job for at least a year. If you get a job sooner than that, you can always keep the remainder in savings, or OP it to the mortgage to reduce its term.

Or stay for the security of regular wage in a job I know, which may not be as secure as it was, but it's it better the devil you know scenario.

This stands out to me, as the worst of both worlds (in a sense). You maintain your current salary, sure, but you don't know if you'll still have a job in 1/5/10 years' time. By doing so, you've given up 16 months of guaranteed pay.

Bear in mind that as long as you don't do anything with the £20k until you've secured a new position (e.g. keep it available to pay expenses but don't commit any large chunks to OPs/etc), you can always use it to "top up" whatever new salary you get. Say it takes you 3 months to find a new position, so you use £4k for living expenses in that time. New job only pays £15k - with the remaining £16k you could maintain your £16k salary for 16 years before the money ran out - more than enough time to pay off the mortgage completely (and ideally you'd get raises/different jobs in that time as well, meaning you might not need to use it all).

Do you know what sort of timeframe you'll have to decide on the offer? It might be worth putting your CV up and seeing what sort of responses you get in the meantime to be able to gauge how easy it'll be to find a new position.

Ultimately it's up to you to determine what level of risk you're willing to take (regarding the unknown of a new job search or the unknown of your current job security), but if it were me, I'd take the money and run and count on the year (and a bit) of money in the bank to give me enough time to find a new position.

shangaijimmy

Great points and well discussed hidden.