SLLM (Single Lady Large Mortgage)

Sistergold

seventh88 said:

Well done on what you've achieved this year and great to hear you had a lovely trip to NY too keep going, you'll get there.

Thank you 

LadyWithAPlan

feeldaburn said:

LadyWithAPlan said:

Glad to see we are all moving forward in 2023. I have signed up for a twice weekly DIY class - 10 weeks of level 1 carpentry and level 1 plumbing starting next week after my Autumn 10 weeks of general DIY which I loved.

I tiled and repainted my bathroom and its a joy to walk into. I now need to do the same for my kitchen and I have lots of other DIY to do in the flat but its tax month, lots of paid work and I am doing my side hustle again in February,   so I need to get back to working for that - and getting in that gym, so a busy January...plus I have bought a new Made.com workstation in the auction so this weekend as it arrives, I am sorting out my study from trashed to clear and peaceful
 I am not drinking though for January which frees up more time

I’m reading through the diary and love the sound of the courses you’ve done LWAP! What provider were they with? Especially the beginner women’s course? I’m London based and soon to be homeowner 

Think I missed this - look up the Conel college (7 sisters) ,  also Westminster kings college (King’s Cross) and Enfield - they all short courses 
 Look on capitalccg - so capital college 

glad sister gold all is going well here 

Sistergold

LadyWithAPlan said:

feeldaburn said:

LadyWithAPlan said:

Glad to see we are all moving forward in 2023. I have signed up for a twice weekly DIY class - 10 weeks of level 1 carpentry and level 1 plumbing starting next week after my Autumn 10 weeks of general DIY which I loved.

I tiled and repainted my bathroom and its a joy to walk into. I now need to do the same for my kitchen and I have lots of other DIY to do in the flat but its tax month, lots of paid work and I am doing my side hustle again in February,   so I need to get back to working for that - and getting in that gym, so a busy January...plus I have bought a new Made.com workstation in the auction so this weekend as it arrives, I am sorting out my study from trashed to clear and peaceful
 I am not drinking though for January which frees up more time

I’m reading through the diary and love the sound of the courses you’ve done LWAP! What provider were they with? Especially the beginner women’s course? I’m London based and soon to be homeowner 

Think I missed this - look up the Conel college (7 sisters) ,  also Westminster kings college (King’s Cross) and Enfield - they all short courses 
 Look on capitalccg - so capital college 

glad sister gold all is going well here 

Great you mentioned the names that f the training centres 🌺

Sistergold

Dear diary, and hello all 🌺
Just wanted to update on the remortgage situation. Well as you can expect I have been receiving texts, emails, phone-calls and letters reminding me that my mortgage deal is coming to an end of this month! 

I have now received a letter saying that “based on your current Loan to Value ( LTV ) of 36% your new variable interest rate will be 5.74%. All along I was expecting to be on their standard variable rate of over 6%, so the lower rate was a “pleasant surprise. 

As you advised ladies I waited for the new Bank of England rate announcement hoping to get better deals. The products they are offering me are now cheaper as before was 4.99% now 4.59%. My problem continues to be the unfavourable early repayment charge. As of today the offer is 4.59% with 3% early repayment charge as the lowest otherwise there is 6% penalty on some of the offers. As mentioned before I am hoping to pay a lump sum of £150k and that will mean £4500 penalty charge. 👇🏽

Their best offer 👇🏽

As I have not done anything this is what I will be moved to 👇🏽

So if I switched I will be paying £1958, if I don’t I will be paying £2110 

 So I will be paying an extra £152 per month if I don’t fix before end of this month.

Over a year this means an extra 👇🏽

Hopefully it will not take another 12 months before I can make the overpayment, 🤷‍♀️. Once I overpay I would have saved on the over £4k penalty. Once paid I will also start saving on the interest so the risk of paying extra £152 per month does not seem too bad? 🤷‍♀️ 

OR AM I FOOLING MYSELF? 🧐

This part of the letter made me so happy though, 36% LTV! 

Sistergold

The actual letter which brought such a smile. When I got my mortgage in 2019 I never imagined the day I will be at 36% LTV! Now I am closer to the end! 

triple_choc_chip

Hey Sistergold

I’ve been following quietly and don’t post much but I would have thought that if you let the current fix run out, you can overpay the sum you have saved at the moment and do a new fix the following month.

I’m with Principality and was going to do just that because I’d already overpaid the 10% maximum in January but they let me pay a lump sum after the renewal telephone call and manually adjusted so no penalty.  Perhaps your bank/b.soc would do the same?

Well done on your journey, you’re smashing it!

Sistergold

Oh hello @triple_choc_chip, yes I can allow my current fix to run out, it will mean my monthly payment going up. In trying to avoid being moved to a standard variable rate I have been keeping an eye on what they are offering me to switch or fix to. I was hoping a product will be available with a low or no early penalty charge in which case I will just switch to that. I am now going to leave it to run out until I can overpay. The issue is that it might take me a few months before I can pay the lump sum. It means £152 extra per month without fixing but I potentially save £4500 penalty when I pay the £150k. 

LadyWithAPlan

Well done on the 36% ltv!
Is the 150k in a lump sum? can you not pay some asap and then fix? Or maybe do an offset mortgage so when the £150k all comes in it will reduce the interest without penalty charges?

Sistergold

Thank you @LadyWithAPlan. Yes so many options. The hope/plan is to pay the £150k then get a new deal. This could be with my current provider or I can also then move with the much smaller mortgage. In my mind paying this lump sum will be like a new start as the balance of £100k will not bother me as much as the mortgage has bothered me to this point. The starting figure was just so high for a single woman. Now just want it very much under control so that my brain can focus on other financial goals. Arranging a mortgage of £100k will be a much better “walk in the park” type situation. Also at £100k I could just opt to clear it depending on how it all looks at that point. 

LadyWithAPlan

You are an inspiring single woman  to us all what with the DIY and welding, large mortgage and somehow looking after 4 kids..
Great to hear you are winning