My MF Mission 2015

hiddenshadow

We planned for rain and got wind instead, which slightly scuppered our layout/style, but what we ended up with (family organised while we were at the registry office doing the legal bit) was fantastic, so it all worked out.

Yes, a well-funded EF is definitely worth it for the peace of mind.

If it makes you feel better, look at the rates for US mortgages (think bankrate.com has comparisons) - I did it a few weeks ago for kicks and the cheapest I could get was something like 3.89%. Granted, that's a 15-year fix, but even the 5/1 ARM (similar to our setup with a fix and then variable) weren't that much lower.

hiddenshadow

Found the calculator for you (well, for me it's amusing anyway). The opinionated mortgage calculator

Who's going to give you a mortgage at 2.39? Unless it's your parents, that rate is definitely too good to be true.

Looking at current rates in the area I used to live for a mortgage our size (and the best credit rating available), a 5-year fix is 3.125%, a 30-year fix is 3.75%. Quite happy with my 2.39%, thanks! And definitely no on the 30 years to pay it off.

lippy1923

Thanks for the calculator Hidden

Ok, so it looks like redundancy is 90% likely for me next year. I'm a bit unsure how I feel about it to be honest. Not great at the thought of losing my job, but on a brighter note, it could be a golden opportunity to find myself a promotion elsewhere and hopefully a pay rise with it.

Looking at stat redundancy calculators, I am not a happy bunny. 1 weeks pay for each year (will be 5 by then) and I think I was under 22 for the first year so only half a weeks pay.

1x half week pay
4x 1 week pay

= sod all! 1 months wage roughly *long exaggerated sigh*

hiddenshadow

That seems pretty small for 5 years' service!

Would it make sense to job hunt now and see if you can get a better paying job before being made redundant?

lippy1923

My company have very kindly paid for my training/studying.

I had to sign an agreement to say I wouldn't leave the firm within 2 years after I complete my qualification or else I would be liable to pay the fees back. And it would cost me quite a few ££££

Better to stick it out until they actually let me go

hiddenshadow

Ah, fair enough. At least you have a good amount of notice to be able to hunt for something new so that you don't have a break without pay (unless you want one).

lippy1923

Would love a break but that wouldn't help me with my MF Mission
When the mortgage is gone I can have a break.

On a good note - Just got an email from Nationwide. My annual cashback is being rewarded this month... a whopping £13.98 taken off my bill. Not too shabby.

Ali-OK

Sorry to hear about looming redundancy. Is it a given that it's only statutory redundancy pay? Alot of companies pay more (often 1 month per year of service). There could well be room to negotiate your way out and pay nothing with regard to your training and study fees and leaving sooner, especially if it saves them paying anything out.

As you say an opportunity for onwards and upwards in career progression, but rubbish timing with the news just before Christmas. Feel for you.

Good stuff on the cashback though

lippy1923

The new company offers good redundancy pay but I somehow doubt they will be willing to transfer us over to their benefits package before they make the redundancies lol. It wouldn't make much business sense as would just cost them more.

lippy1923

Just done some motivating calculations.

1yr 5months knocked off the mortgage term so far