Time to Face The Music

RelievedSheff

There is still some adverse on my credit file, although that drops off in July. 2.7% is as good as we can get at the moment, although things can change in a couple of months, for better or for worse of course.

RelievedSheff

We never did get the milk. We went for a misty cold walk around a nature reserve we have not visited before instead and then grabbed a KFC on the way home. So a low spends day. Will have to grab the milk tomorrow instead.

Sun_Addict

The walk sounds nice despite it being cold and misty. I was working in an estate agents when the interest rates very briefly went up to 15% back in the 90s. Our mortgage advisor was having kittens 🤣

RelievedSheff

Sun_Addict said:

The walk sounds nice despite it being cold and misty. I was working in an estate agents when the interest rates very briefly went up to 15% back in the 90s. Our mortgage advisor was having kittens 🤣

We have never been that lucky with mortgage interest rates. The mortgage on our last house was 4.8%. We got stuck with that for a long time due to negative equity and poor credit history. 

An interest rate starting with a number 2 would be great for us!

enthusiasticsaver

We were paying 15% in the 90s too for a while. Horrendous time. The rates were increasing every month and that was what forced me back to work when my youngest child was 18 months old. It was either that or move and our budget was so tight that we could hardly afford shoes/clothes  for the girls. 2.7% is definitely better than 4.8% so there should be some savings. I know both my girls are paying less than 2% on their mortgages now but if you still have adverse credit that will affect the rate. Is it worth remortgaging for a shorter term, say 2 or 3 years and then refixing again when the adverse credit drops off your record? 

alt80

I would have been happy with your current rate when I started out ha just shows have times have changed. Feel old now. 😆

Agree re shorter fix if waiting for adverse coming off - think I said that too. Not adverse but I went for shorter fix on my portfolio for this reason. Different as it’s lending to a ltd rates never as low as res lending I wish lol but I’m on a similarly !!!!!! rate due to refinancing to 80ltv yeah I know. 😆 Can’t !!!!!! wait for refinance this coming year, PGs won’t come off but should get a percentage point off the rate at 75ltv now so can empathise tbh.

RelievedSheff

To be perfectly honest we would be quite happy with a 5 year fix at 2.7% but our broker does reckon that rates will drop further before February,  so we shall see. 

We have woken up to snow this morning which has completely messed up our plans for the day. So time to put Plan B into action. 

Likely to be a no spends day now. Breakfast, lunch and dinner from stores. Breakfast is crumpets, cheese and crackers for lunch and dinner tonight is pork chops topped with Stilton, sweet potato wedges and vegetables. 

Looks like being very local walks today we will leave the cars where they are on the drive but the dog will love the snow.  He is in for a surprise when we get up 😀

I think we will get the board games out later as well. 

RelievedSheff

Almost forgot. £150 paid off card 4 today.

alt80

Think we all come on here for the menu envy lol. Well done on card payment.

Don’t just be happy with a higher rate than you should be paying - that’s just money in the banks’ pocket. Madness. I’ve just got a new deal on my res home 1.4% (no product fee) did fix that for 5 but much more and no way would I have done that. Low rates are here for the long haul def won’t see big rises next two years with the adverse off you’ll get better rates 100%. Ltv is a bit stretched too but not as crucial for res so you’re much better off paying extra off the debts than the mortgage. 

Sun_Addict

We’ve just had a light dusting of snow but it’s still falling so might get deeper. It’s so hilly round here everything comes to a standstill at the slightest bit of snow so I hope my grocery delivery won’t be affected. Looking forward to taking the dog out in it though.