Clearing my debt after 25 years

Baileys_Babe

Good to hear you have dealt with the mortgage application and that your buyer is back and you now have a completion date.

Jrcoal5

Thanks @Baileys_Babe feel relieved, but will still feel better when exchange has taken place x

Baileys_Babe

That's understandable.

outoftheviciouscircle

30th June is so close. I think it's better to have one big rush though. When we moved our completion date just kept getting pushed back all the time so we ended up needing to unpack boxes again

Jrcoal5

So today the mortgage advisor sent off the application rates pulled from nationwide this morning means we now have a 5.18 rate and £977 a month, for goodness sake we have no luck! The valuation has now been instructed so we have at least secured this deal to go forward with.
We will be packing and move some stuff this weekend so busy few days ahead x

outoftheviciouscircle

Oh no thats sickening. How long are you fixing for? Something tells me this can't continue for too much longer but who knows in this crazy world we are living in!!

Jrcoal5

Going for 5 year fix as the 2 and 3 year deals are an awful lot more a month, we may end up paying more in the long run but I need the security of knowing it’s a set amount and budgeted for, when we bought this house 17 years ago the rate was 5.89 so things still are not as high as back then xx

outoftheviciouscircle

Like you say if it's affordable, just don't look back. At least you know it can't go up.

Jrcoal5

We will have my wage left plus any bonus and overtime once bills are paid but I’m not sure what is a normal amount of money to have spare after bills food fuel kids pocket money, we would have at least £1400 for spends and saving, holidays energy fund etc what’s peoples thoughts on this ? 

Baileys_Babe

That feels like a generous amount to me.