Teetering on the brink.

GeorgeUK

Have you thought of trying stoozing with your mortgage to possibly reduce the interest and get it paid off quicker? Not sure of the name of what it was as i only read it in passing. Basically your mortgage and current account are linked, so any money your have in your current account is offset (hmmm maybe that was it) against the amount owed to your mortgage. The stoozing comes in by having CC's at 0% interest - take the credit they make available and hold it in your current account so that the interest on your mortgage will be calculated on a lower value, then just keep making the monthly repayments to the CC and pay it all back when the 0% runs out, then move to the next card. Not sure if this is possible for your situation, but thought it may be worth mentioning as you seem to be looking for an alternative mortgage right now. One of the other boards will probably have more detail.

ceegee

itsnever2lateisit? wrote: »

Hey your a long way from that yet. Dont let the BS think that, play hardball and try and get a better rate from them, they need to be under the impression that you will take your business elsewhere:p

I've got a new deal already. It's 1.2% less than my old deal though. So put that with the 1.25% total increases from the last 18 months and it's a whopping 2.5 (nearly)% more than I was paying 18 months ago.

The trouble is that my income has not kept up with with all of the rises. The gap just grows wider and wider all the time and it's now getting dangerous. I will talk to them though and see what they can do. I don't imagine anyone else will want my business though as the mortgage is now only (:rolleyes: ) £24,000. Also, if I could find someone else to take it on there would be some ghastly arrangement fee.

I will talk to them though.

ceegee

tyllwyd wrote: »

If you are fifty-one, I guess you have another nine years to go before you retire? Assuming that you don't anticipate any problems working for those years, I would have thought that rearranging your mortgage to extend it for a few more years would be an option. (Is it repayment or endowment?)

Have you checked your pension situation? I would say that you should go to www.thepensionservice.gov.uk to get a forecast for your State Pension, but I just looked at their website and it says that they can't do it at the moment. It would be worth going back to it next year when it is available again though and having a look.

How old are your children? Are they coming up to an age when they might be leaving home, or looking for a job?

I have another 14 years to go. The law changed some time ago and I just missed out on being able to retire at 60. I have a pension forecast and will be better off then than I am now(!), as long as I can get shot of this b****y mortgage!

I have one daughter in school still and the other has just started work. Obviously she does not earn a massive amount and although she gives me £30 per week for her keep, it doesn't quite cover what I lost in Child Benefit and Child Tax Credits and also I don't get the 25% council tax reduction any more.

It sounds like I am reeling out a load of excuses for something, but I'm not. It's just how things are. But please keep the ideas coming as there may be something that I haven't thought of!

Also, re pensions......as I am over 50, I was able to take a lump sum from an old works pension 18 months ago. It was about £600 and went into my emergency fund. See....I was so sensible with it and what happened? That got taken off my tax credits as well!

I sometimes wonder if being decent and honest and hard working pays off, I really do.:o

ceegee

GreyPilgrim wrote: »

Maybe downsizing the house isn't such a bad idea? I'm sure after 21 years there are so many memories tied up in it, but is it worth giving it a bit of thought...maybe if you try and think of all the positive things it could achieve you would see it from a different perspective?

A smaller, more cosy house, maybe in an even nicer area, bit of cash left over, more disposable income to save for rainy days / emergencies?

Certainly if I downsized (and I do like cosy!) I am fairly sure that I could just about end up mortgage free. It sounds like a no-brainer, I know, but 21 years is a lot of history. As you so rightly say though, maybe I should try a different perspective.

ceegee

GeorgeUK wrote: »

Have you thought of .......

......One of the other boards will probably have more detail.

Thanks, George. Offsetting is something to give some thought to.

belfastgirl23

Hi CeeGee

You are right that you are starting from a much stronger point than a lot of other people since you are worrying about getting into debt rather than worrying about being in debt. But I know as well the panic of feeling that you're eating through your security cushion without being able to replace it.

The thing that strikes me is that maybe your oldest daughter could be contributing a bit more? £30 a week is very low. Even if she's on minimum wage it's not a lot. Have you told her how tough things are? I know it's often a mother's way to hide these things rather than worry the children with them but in her shoes I'd be really upset to think you were struggling and I didn't know.

Maybe no help at all but just thought I'd throw in my idea.

Well done on having the pension sorted BTW. Try also to look at your long term achievements as well as the short term problems - overall you are at grade A, it's just the short term is a problem at the minute.

lovely-cup-of-tea

Ceegee, you've been so brave to post here. There are two things I've learned from you today. Number one is that if a financial situation feels uncomfortable it's worth posting about as we are all here to support each other. The feeling of community is amazing. The second thing for me is that repairs need urgent attention as soon as they appear as the consequences can be rather expensive. I have just bought a flat and it's a valuable lesson to learn. I hope you feel better soon I hope you take some comfort from knowing that you've helped me today.

ceegee

belfastgirl23 wrote: »

Hi CeeGee....

quote]

Thank you Belfastgirl. I hear what you are saying re the £30 per week. It is the amount that I came up with as I thought that was about the norm! It is so very difficult.......I don't want to seem like an old money nag....

I think she is due a payrise in January, so I will broach the subject with her then.

ceegee

lovely-cup-of-tea wrote: »

Ceegee, you've been ...........

comfort from knowing that you've helped me today.

Gosh, lovely-cup-of-tea (just what I like!) I've come on here with my moanings and groanings and whingeings and not only have I had lots of help and support and ideas from lovely people, but it's helped you too! That is just so good! It's the silver lining to my financial cloud!

Love rules!!:T

PasturesNew

It sounds to me like you're coping well, but I noticed that you've not posted an SOA, showing your income/expenditures so you can be helped more directly on specifics.

Can you post one, so people can help more succinctly.

Thanks and good luck!