Prosperous soul in the making

mark55man

good luck with the mortgage offer.  if you are in a higher LTV costing extra, then maybe go for a shorter lower rate offer, then by the time it renews you will be on good terms with your new lender and have paid off a few % of the total.

be slightly careful though, as inflation is looking like its rising and interest rates often follow.  however in my view the economy is so damaged at the moment by things that it will be hard for rates to go up too quickly.  so maybe 1 year fix might be too short but don't want to lock in your higher LTV for too long maybe 2 years might be the sweet spot, especially if you can avoid early redemption fees (remember too you can often apply for a new mortgage 6 months or so before you other one runs out to avoid getting stung by the higher standard rate.  so maybe 18 months then get a fix to come in from 6 months after or maybe go for a discounted but variable rate (tend to have lower redemption penalties) then strike when you are under the LTV you seeking for

finally don't forget the charges if you are paying £50pm extra that's only(!!) £600 a year, and fees can easily be double that.  anyway I know you're good with a spreadsheet so go and get creative on that and you might see something that works for you following your disappointing valuation 

MovingForwards

We all should grow as life moves on, it goes hand in hand with learning. Nowadays, statistically speaking, the younger you are when you get together, the less likely the marriage will last the distance.

Your savings will build up, the great thing is a little bit seems to multiply over time.

Everything is crossed the offer comes through soon.

savingholmes

Waves at @leftatthetrafficlights and welcome

Hi Grogged - thank you for sharing more of your story. Hearing about others second happy marriages is comforting.

Weirdly I found looking at photos of a very happy looking younger self from my uni days - not sad - but hope and life affirming. I can find a way to be that happy again...

savingholmes

Hi Mark and MF

Yes I am planning to get a five year fixed rate for cost certainty. As you say fees can eat up any so called wins otherwise... Also if the interest rate went up too high I couldn't stay here - but 5 years gives me longer to build up my EF etc and decide what I want next. Other types of mortgage may then open back up - particularly if my LTV had improved - which it should if I pay £40K off the mortgage in the next 5 years which is what would be required as part of the deal.

Currently looking to borrow £202K including fees. Pay off old Mortgage and Ex. Leaving myself with £51K equity if you believe the remortgage valuation or £68K+ equity if you believe the EA. 

At some point I'm due to get a payrise back dated to April which should be worth about £40 a month net - so that will help - but I had hoped to use that towards on-going gym membership or to pay the mortgage off quicker. I've decided to hold off on getting more life insurance for now - as I am due to keep our existing policy and transfer it to me only - and plus I have cover through work. Together they more than cover the proposed mortgage. 

My budget will still have some fun money in it... I just need to get the mortgage offer now... 

mark55man

SH have you seen this thread https://forums.moneysavingexpert.com/discussion/6190962/mortgage-broker-ask-me-anything/p1 

Right on page 1 (Sep 2020) of 450 they are talking about surveyors and timescales.  something to keep you busy anyway

hugglemonster

Fingers crossed you get the mortgage offer through soon and it's what you want/need. You must be itching to get this all sorted and get on with things a bit more.

Hope you're having a good week so far.

H x

savingholmes

mark55man said:

SH have you seen this thread https://forums.moneysavingexpert.com/discussion/6190962/mortgage-broker-ask-me-anything/p1 

Right on page 1 (Sep 2020) of 450 they are talking about surveyors and timescales.  something to keep you busy anyway

Boy was that addictive Mark - I got to about page 16 before I gave up and went to sleep and had weird dreams about it too LOL. Interesting though. Hopefully given I have a valuation and Decision / Agreement in Principle should mean it's okay.

hugglemonster said:

Fingers crossed you get the mortgage offer through soon and it's what you want/need. You must be itching to get this all sorted and get on with things a bit more.

Hope you're having a good week so far.

H x

Thanks HM that describes it beautifully. Definitely itching for things to be resolved. 

Solicitor still messing around and hasn't sent stuff to Ex's solicitor I expected her to send 10 days ago... Don't get it. Ex's solicitor also trying to charge him a lot more for next steps when I think he only needs to sign a photocopy of a form and then should be done... He's reluctant... Not sure what that means for the process... Divorce is definitely expensive and messy. I wish I could have spoken to her face-to-face and resolved some of these things easier than just by phone and email... It feels like the whole system is rigged to make you pay more.

savingholmes

In MSE news - I did a £co compare quote and potentially have car insurance for £31 cheaper than renewal quote for better cover. I may do a couple more comparison checks if I can be bothered but that feels a win in itself as the renewal was already £14 cheaper than last year. I should also get £35 for switching if I go through with the quote. That money will give me a little more to play with in London if I need it.

Trying to limit our heating costs - so had a quilt over my knee all day while working and only put the heating on around 8pm. Will turn it off soon. I am hoping once everyone moves out - that the bills will come down but not even sure who our supplier is currently never mind switching anywhere. Might be Shell but only if the switch I was doing to Pe0pl3 got cancelled properly.

I filled another couple of big bags so decluttering continues. In the weekend loft haul I found one of the pairs of curtains I was looking for. They still had the hooks in - so just need to check whether I have enough rings to hang them. May get DS to help me before he leaves since he's practically a giant... They are full length and lined which I think could really help over winter. Longer term I want a Roman blind...

I had a free flu jab today so hopefully that will help keep me safe. I have way too much work to do ATM - but my week is further compressed by planned time off. I started very late today but worked late - so still ended up nearly 2 hours in credit just from today. I have a 9am video meeting tomorrow and then need to crack on and finish a report by the end of Thursday... Next week is similar... It pays the bills - I am grateful really and they are flexible when needed.

I spoke to my sister re weekend arrangements. I am planning to go to the Tate Modern on Saturday and then potentially Hampstead Heath and a pub lunch on Sunday before trotting off to see my other sister and her family. DS in theory has agreed to pack the car night before so we can set off super early and not waste the whole day. 

lucielle

Super busy as usual.  Great find on the curtains, hope they look ok once up.  I had my flu jab the other week and was ok, still waiting to hear if I need the covid booster.  Weekend sounds busy but fun.
L

MovingForwards

Personally I would say take the £31 + switch fee bonus and conserve your energy for something else. You may get it cheaper still if you plod away at it, but you've too much going on and need to draw a line under it. Next year when things are calmer at renewal, then do a little more fishing.

Have a quick look online, it should say who your supplier is.

Your curtains sound lovely and will help keep the warmth in. Blinds look nice, but don't work as well.

You've so got to tell us all about the TM on your return!