400K mortgage to shift

setmefree2

Hi Kassy,

No advice about the mortgage but sure someone else will be along soon. Is your daughter homesick? My niece & some of my friends' kids have gone to uni and they are all crying & really homesick....just wondered if it was this...don't mean to be nosy:rolleyes:

jamesd

Each 0.1% interest rate reduction will save you 206 a year in interest. So for a two year deal you'd save 412 per 0.1% and would need 995/412 = 2.415 times that drop, a rate decrease of 0.2415% to be better off. The drop is 0.45 - 0.14 = 0.31% so it is a small gain, of about 280 over the two years.

Why two year deals? What can you get for a lifetime (life of mortgage) tracker that might eliminate the fees every few years?

Syncing the two deals up so they end at the same time looks likely to be useful to make it easier for you to remortgage away to a different lender's deal if that looks useful. So waiting until sub account 02's deal ends and doing both parts at this 0.14% rate as just one mortgage with one fee would be good.

kassytbag

:T Wow thanks Jamesed - that is really useful - ive printed it off so i can look at it and take it in tonight when my head is a bit better!
thanks so much for taking the time:beer:

jamesd

One more thing, you can probably arrange to do that syncing up now, to start in Jan for both parts. But do have a chat with a mortgage broker who might be able to find you a better deal.

kassytbag

hi smf2 - no she is supposed to be off to uni next sept - she is in an awful state at the mo she has burnt herself out - without getting too long winded she got 10 A's at gcse and i think surprised herself - since going to sixth form at her school she seems to have worked so hard to the exclusion of a social life and even though she has put in a superhuman effort got 2 B and 2 D at as level - because of this all the unis she wanted to apply for she cant get in to as they all want 2 a's and a B - so at the moment she is disillusioned and totally burnt out - she is a worrier and stresses over every little thing but im at a lose as to what to do to help - i have spoken to the school - useless!!! i also think that us not going on holidays for the last 18 months hasnt helped - her friends are mostly well off and off on holiday every half term etc whereas we have just been at home - it is a culture shock to us all - i think she really could have used some time away just to chill - she works so hard bless her - in fact too hard - she doesnt have many friends and a lot of them are indian girls - they are great friends but every holdiays they are off visiting relatives etc so no one for her to hang around - anyway she is crying all the time - feeling useless - i keep telling her she isnt and that as one door shuts another opens etc but nothing is helping - i am desperatly trying to work out a way to take her away next easter but other half says doesnt think we can

at the mo dont know which way to turn and budget is really suffering as a result :eek:

kassytbag

hi jamesed - i have spoken to the C & G who say they cant do anthing until 10 weeks before the end of jan 08 so i am going to ring them again in a couple of weeks to try to sort it all out - i am leaning towards the lifetime tracker partly because C & G told me i can overpay as much as i want every year rather than the 10% max on a tied in mortgage - if i can ever manage to save anything!
thanks again

jamesd

kassytbag, sounds like a good plan to me assuming the lifetime tracker is at about the same interest rate.

kassytbag

what amazes me is that they can only give you a quote valid for one day - you either accept it or try again the next day to see if they have any better interest rates - knowing my luck i will try a couple of times and the second time will be even higher because i have waited - cant beleive they can do this!

setmefree2

Hi Kassy,

That's really tough. Life can be sooooo unfair. With her predicted grades does that mean she a) Can't get into the Uni she wan'ts on the course she wants b) can get onto the course she wants but not at the uni she wants c) Can't get on the course she wants anywhere ?

She can go through clearing with her "actual" grades - so all is not lost...

and as for friends - she'll be making lots of new ones soon anyway, if she isn't close to anyone at the mo - well she wont have anyone much to miss, will she?;). I'm a glass is half-full sort:p.....anyway, who needs mates when you've got a great Mum....

Hope things are getting better:T

kassytbag

:beer: Thanks smf the problem is she had set her heart on edinburgh or bristol - now her predicted grades arent high enough to apply to them - i have told her if she does better than expected to take a gap year and reapply

Im trying to turn into a glass half full person having always been the other way - now at 42 1/2 im realising life is too short
thanks for your support!