Any Advice re MFW
deaks_2
Forumite 68 Posts
Hi for the first time, I have no debts well a big one (mortgage), but no loans, credit cards etc, just one monthly payment urghh!
about £10K in savings - ISAs and emergency fund
horrific mortgage of £180k
great credit ratings for me and OH
income of about £90k a year
any advice re snoozing, tarting, overpaying etc greatly appreciated
have just started overpaying, but it seems a very long haul with such a big mortgage
thinking of offsett - any thoughts?
thinking of snoozing, but the % paid to get cash back makes me wonder if it is worth it?
should I just knuckle down and overpay each month or any other suggestions?
Any thoughts advice welcome, wish I had been money savvy years ago! - sigh - still never mind here now
about £10K in savings - ISAs and emergency fund
horrific mortgage of £180k
great credit ratings for me and OH
income of about £90k a year
any advice re snoozing, tarting, overpaying etc greatly appreciated
have just started overpaying, but it seems a very long haul with such a big mortgage
thinking of offsett - any thoughts?
thinking of snoozing, but the % paid to get cash back makes me wonder if it is worth it?
should I just knuckle down and overpay each month or any other suggestions?
Any thoughts advice welcome, wish I had been money savvy years ago! - sigh - still never mind here now
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Im not sure falling asleep will help you :rotfl:
Share Investments: £51,390.74 / Money Owed From GS: £5,812.61
Your income to mortgage ratio on the front of it seems healthier than most .... could i suggest you post a S.O.A (if you havnt already) - if possible, post additional information about your mortgage (term / apr / fixed rate period etc) for us to get a better idea; and for greater assistance
Share Investments: £51,390.74 / Money Owed From GS: £5,812.61
yeh I think income to loan ratio is good and it has been a long haul to get here and pay stuff off, this is the first time I have ever had a bit of money in the bank and not getting charged mad interest on stuff - now converted to money saving and would like to get Mortgage Free asap so we have some choices at last ...
Mortage
£185K
at tracker 0.49% above base rate with C and G
20 years and a bit to go
tried to get lower rate but Loan to Value is about 65%
thought of remortgaging but the fees seem high nowadays?
cheers any advice welcome!
Offsetting is a good option if you have the ability to save a good deal, but if not, you will pay a higher interest rate short term. Some people prefer to fix their mortgage rate and save in an ISA and then, when they have built up a decent % of their mortgage - move to an offset mortgage. Its completely a personal decision.
I have recently switched to an offset as my fixed rate period ends, it was a good option because I had managed to increase my income and trim my outgoings to the very minimum, so will be overpaying as of this month by approx £3k per month:eek: . I can't afford to "lose" this straight into the mortgage by simply overpaying, as I work freelance so need a financial cushion to fall back on if possible.
stick with c & g for the time being apr 6.24% ?
find out how much each month / year you can overpay 10% ??
make sure you also fill the cash isa,s each year best payers are 6.50%
build up your savings and overpay what you can.
it will make a big difference in how many years before you are MF
good luck
best payers 6.5% - can you let me know who pays that?
is our C and G mortgage rate not too bad then? - there seem to be better deals but think our loan to value rate is not brill and the costs seem mad nowadays to change and I get a bit confused with all the small print!
Anyway the gist was, 65% is an ok LTV.
Intelligent Finance have a good mortgage for you- the offset has a rate 0.34% above base rate and your ISA can be offset and still built up year by year so you wouldn't ever have to lose your ISA allowance.
The fees are £799 + £25 CHAPS.
Flat details: £180000/20 years @ 6.09%= £1335.02 per month.
If you offset your £10k then you would be at 0 by November 2024. It would then take you just over 7 months to pay the last £10k at 0%.
If you were to pay £1500 per month with a 10K offset then you would be at 0 by November 2021. So option 1 gives a saving of 2.5 years and option 2 saves you 5.5 years.
Hope this helps. TTFN, Kaz.
I have an offset with ybs ( mine is fixed for five years)
I personally think offset is great
If you go with IF taking a tracker offset the fees dont seem to bad!
also you can fill you isa,s and offset them as well
6.5 % isa on martins email this week ?
good luck and keep overpaying
The best ISA that's available at the moment is the NSandI direct ISA- 6.30% but more will come out around April time.
They will usually pay more for new ones where they don't allow transfers in so it can be worthwhile having a new one and then finding the next best place to stash your cash for last years.
Then start again each year.
Actually, I stand corrected, there is a 6 month one at 6.55%- can't remeber who with though.