Clearing my debt after 25 years

outoftheviciouscircle

Are you not able to port your mortgage so you can still use your current deal or don't you have much time left on it.
I am praying the rates come down before my deal ends, if I haven't paid off a massive chunk of this debt I don't know how I will manage

Jrcoal5

@outoftheviciouscircle morning, our current deal ends in October so I was already thinking it would be going up, I also hope to complete my sale at the end of this month but likely won’t complete on the new house until around September, rates look like 4.85 today but by Thursday they could have gone up again, it’s looking like a mortgage of £157000 will be £952 a month where when I first started to consider this move back in March it would have been £840 so it’s already gone up a lot!!!! So I’d like to secure a deal now which should have a 6 month mortgage offer, and if rates come down then I can switch to that but at least if they go up I have secured a deal if that makes sense, I really can’t have it going over £1000, my current mortgage is £347 so it’s a huge amount more, safe to say holidays abroad won’t be happening for a long time! 

outoftheviciouscircle

Oh wow!!! I currently have £169,000 left on my mortgage and pay £538 a month. I'm dreading the day it gets anywhere near £1000

Baileys_Babe

Ouch to the huge predicted monthly cost of the new mortgage, at least your promotion has lead to an increase in pay. Securing a 6 month mortgage offer seems very sensible as you say you can choose a different deal if the rates come down.

Jrcoal5

It’s unreal isn’t it the amount just a small increase in interest rates can affect the deals available, I can put in more deposit but I wanted to keep some money back as the house needs work doing and it means we can have some of it done straight away plus it would only bring down the mortgage payment by £30 a month so hardly seems
worth it, I think had we have done this last year we probably would be be only paying £600 but to us this house is worth doing without other things for xx

Jrcoal5

Morning, off to work today and hoping 🤞 to hear from my buyer! I won’t rest until I know she’s sent the contracts back and then hopefully get exchange have a great day everyone xx

Jrcoal5

This week is going terrible money wise! So first of all DH has bought a second hand electric bike 🚴 due to his heel spurs he needs to be able to increase his excercise but not with walking or running, this was £600, he’s due some back pay from work which should cover this although I’ve no idea when he will get this at the moment as they are just voting on the pay rise so am now owing that back to savings account.

next received the paperwork from solicitors for our purchase and needed to pay £416.50 to get that started so that’s another chunk of savings gone.

took the dog to vets for a pre spay appointment she can’t be done yet have to take her back in 2 weeks as she’s at the end of a phantom pregnancy and has some milk that’s going to cost £513 I have this saved in my account for miscellaneous expenses 

DD2 leavers hoody £20

Haven’t managed anything off debts so feeling all a bit overwhelming this week, hoping next week will be better.

still no news from my buyer so todays been 2 weeks since we started to try and get in touch I’m hoping tomorrow maybe she will be back from holiday 

have a good day everyone I’ll try not to spend any money 🤣

Jrcoal5

Well todays my day off and I’m off food shopping (the joy) and then we have the mortgage advisor coming to do our application so I’ll let you know later what deal we get and how much it’s going to cost 😳
£8.50 is my PAD I was going to pay DH overtime off the CC but his car air con has sprung a leak and needs to be sorted (he’s hot, all the time 🥵) so I’ve decided to keep that to pay towards that rather then using savings
think I need to increase the amount that goes into the pots each month so we have more money to cover these without dipping into savings, however we also have the holiday coming up and having to save most of my wages this month and next to pay for the spending money as we are bed and breakfast 🥞 for a change 
hope you all have a lovely day 

outoftheviciouscircle

Oh wow. What a week..... you really are having an expensive one. A good way to look at it is that you have the money there, okay its not ideal to have it coming out of savings but at least its not adding to debt. That in itself is an achievement.

Fingers crossed for you getting a good rate!!!

Jrcoal5

so mortgage application completed he will package up and send off tomorrow, rate is 4.94 with Nationwide no fees, £956 per month so that’s £9 over what I  budgeted but it will have to do, at least it’s done now,

our buyers back and her solicitor has confirmed completion for 30th June, im so relieved, however I am now a bit stressed that’s 2 weeks and there is a lot to do

DD2 came home from school in a right mood so she’s spoilt my afternoon no doubt later when she wants something off me she will be back to all sweetness again 

think a nap is in order feel absolutely shattered all of a sudden