My MF Mission 2015

lippy1923

Boo to Santander for the 123 account interest drop to 1.5% in November. I will not be keeping my £20k in there for long, that's for sure.

I never thought I would say this, but there doesn't seem much point in saving money anymore. Might as well pay off all liabilities and enjoy some spending.

shangaijimmy

Totally with you on that one lippy. May as well lump it all against debt or up pension contributions. I've had a bash with funding circle with a few hundred. Only a few weeks but seems ok so far! Time will tell if people pay on time I suppose. It's suggesting a 6% return.

lippy1923

I haven't a clue how funding circle works if I'm honest. Never looked into it. I would have to watch someone using it and have someone holding my hand to attempt I think lol.

hiddenshadow

Can't say I'm too surprised about the 123 account - they didn't seem overly keen on actually keeping business/paying out (we had a credit with them for 2 months that they never told us about until I asked..only £3.something but still!).

We're planning to milk the 5% accounts as long as they last but then we'll probably dump the money to the mortgage so that we can be cash flow positive when we switch to renting out the house.

lippy1923

Yes 5% accounts for as long as possible. (waiting for the inevitable update that these will also follow suit and drop rates)


It's now been confirmed my mortgage overpayment reserve cannot be borrowed back. Only mortgages taken out before march 2010 still have this facility with my provider. So if I make my OP of £20k as planned next year that's it. It cannot be borrowed back


Lets hope I never need a large amount like it in an emergency.

hiddenshadow

I'm surprised they offered that in the first place - suppose it's more of a repayment/offset hybrid?

That's the main reason we (I) switched strategies to a more offset one rather than all-out-on-the-mortgage one. Given all the uncertainty/upheaval going on in our lives right now (job move, upcoming country move, etc) I'd rather have the cash on hand. I can always throw it to the mortgage if life seems stable/boring and I don't foresee needing it, but I like knowing that it's there if something comes up.

lippy1923

Besides the good interest rates at the time, the OP feature was a main reason for choosing that provider. I think I will definitely look into offset mortgages in future.


Got a lot of uncertainly in our lives as well at the moment. Keep changing my mind about everything!

shangaijimmy

The beauty of funding circle is try auto bid tool. You literally do nothing!

lippy1923

Why is it when something good happens, life seems to manage to counter balance it with something not so good!

My mobile phone contact (handset payment) will end in September so I only have to pay for my usage. This means £25 a month less going out each month. Happy days.

Get a letter from my child's nursery saying prices are increasing - You guessed it - by 25 quid !!!!!


My energy provider is going crazy as well. They sent an email saying they are going to increase my DD by about £7-8 a month, but first they need to send us a credit of about £80 lol
That makes "perfect" sense. Customer is obviously overpaying so we should give their money back but then increase their DD!

hiddenshadow

Of course!

We're having our own troubles with energy - have initiated a switch as our fix is ending, but apparently we can't request a specific (later) switch date?? Only advice is to cancel our switch request, wait a while, and then re-request the switch and hope the computer picks the right date. Seems completely mental to me. Only about £5 saved if we do that, but still...