The Case of the Overwhelming Mortgage

AgathaSquirrel

More data…looking at mortgage rate calculators. Our next mortgage will be just under 12% loan to value so we therefore own 88% of our house.

SandyShores

https://forums.moneysavingexpert.com/discussion/comment/82032817#Comment_82032817

That's amazing, can't wait to be there.

AgathaSquirrel

Have decided to bite the bullet and buy a new car (new to me car). Current one is 11 years old and due MOT. Have one teen learning to drive and the other will be in a year. They will both be insured on this car. The new car will see us through this and early years of driving. We will then aim to buy something pre-retirement by which time they will hopefully be working and have their own cars. It means a loan but payments will be the same as the money currently being saved for a new car. It will be paid off in the same timescale as mortgage and university savings.

AgathaSquirrel

Another £200 overpayment. Will do another £100 when I’m paid next week. When the mortgage payment comes out on the 1st it’ll take us to early £35000s.

All being well, we’ll pick up the new car tomorrow. Loan will be around £5000 (boo, hiss) but will be paid off in 26 months, although probably earlier as I hate loans and will chip away at it. It’s all within the 3 year plan to have mortgage paid off, university saved for and debt free.

beanielou

Happy new car.

AgathaSquirrel

New car is home and I concede is a much better driving experience. I probably should have done this a while ago. Who knew you didn’t have to wrench the gear box into 1st?

HMRC sent a lovely letter. They haven’t demanded money yet but they will. Looks like I went over the personal savings tax threshold. It will have been the inheritance money. Annoyingly could have been prevented if I’d put more in an ISA. Not a problem i’m used to having. I’m expecting a pension tax refund so will probably balance out.

Cancelled mortgage rate and reserved a new one - 4.89 for 3 years. Also knocked off a month…for no good reason, spur of the moment decision. Term is down to 6 years. We will pay an additional £30 a month on top of our usual overpayments but all being well we will pay the mortgage off by August 1st 2029. Mortgage from our last house was November 2029. If we did nothing we would have been in the same position but in a smaller house.

South_coast

I (also accidentally) exceeded the PSA last year, they adjusted my tax code to claw it back. Somehow this was far more annoying than receiving a bill - I could have paid a bill from the interest, instead they reduced my ability to save in the future 🤦‍♀️!

AgathaSquirrel

Oh no! That hadn’t even occurred to me. I think they owe me more than I owe them but we’ll see…

AgathaSquirrel

Making use of the M&S 20% off on school shirts. Tights also bought. ££ spent and this is just the beginning…

edinburgher

We also got our order in, thankfully Blue Light Card knocks 6% off vouchers.