Hopefully debt free before Mortgage renewal in June 2026

Tezzadp

As you might have guessed the war has had a negative impact on the stock market this week. It is now down -£17.81 on my deposited amount. The figures that Trading212 display have been messed up a little as when i changed my pie it sold my old holdings and bought new ones. Giving me a profit from some and a loss on others. It gave me an overall profit of £7.01 which was left in my account after the change occurred but i reinvested it back into my pie. This has created false percentage loss/gain showing on the pie. But the net deposits are shown correctly and i have worked out the correct percentage for my spreadsheet so it is correct. The dip in the market is nothing to panic about if investing for the long term like me. You just have to remain calm and keep drip feeding my daily investments to take advantage of the lower prices to average down the cost (pound cost averaging). The market will recover in time and your lower average costs of your investments will bare fruit in the future.

If you are interested in investing, you can get free shares up to £100 if you open a Trading212 account with this link > https://www.trading212.com/invite/FMcH7elU

You can take a look at my Trading212 investment pie in more detail here > https://www.trading212.com/pies/ltzw4Wew651jgq4oGrepyrZJB4TgC

Tezzadp

Thank you @daisy_1571 very helpful advice. I am definitely looking at fixing my mortgage and not tracker or variable as you say i need stability and to know what payments i will be paying from one month to the next.

I also won't be taking one with a fee attached as they cost more in the long term when adding the fee to the outstanding mortgage amount as i mentioned before. As you point out with the lower interest rate you do pay more over the life of the fix but the overall balance of the mortgage would be less than with the higher interest rate options. I think i will be looking to lock in one of the 2 or 5 year no fee fixes soon as i am able to change from one offer to another should rates come down before the renewal date, but with the knowledge that i am secured so a figure should rates increase.

@in_need_of_direction Thank you. I will be checking what jobs are available in the area, both full and part time, and weighing up my options to see what i can do to make up the loss in wages. In the meantime i will try and make extra cutbacks to save as much as i can going forward.

Tezzadp

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Tezzadp

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daisy_1571

Sorry, I meant to re read my post. I was doing it at stupid o clock as I couldn't sleep last night, eyes tired but brain and body didn't want to sleep 🙃 😴

This morning I wondered if in the cold light if day id realise I'd written a load of gobbledegook instead of something helpful 😆 but glad you got something out if it 😆

Dxx

Tezzadp

https://forums.moneysavingexpert.com/discussion/comment/81913884#Comment_81913884

🤣 i did have to re-read your post several times, but i got what you meant and your calculations came in handy and were food for thought, so thank you for taking the time to reply, much appreciated 😊

daisy_1571

Cheers, I was trying to show each of the 6 mortgages as a total figure as that's easier to compare but of course the 5 year total figures are naturally much higher than a 2 year hence the comparable 2 year figure in brackets. Glad you got the benefit though of what I meant 😀

DDxx

Tezzadp

I have just made my NEW daily £10.00 deposit into my investment pie. Total Invested so far this month = £50.00

Total invested Overall = £920.00

You can take a look at my Trading212 investment pie in more detail here > https://www.trading212.com/pies/ltzw4Wew651jgq4oGrepyrZJB4TgC

Tezzadp

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Tezzadp

I have just locked in my mortgage renewal offer. I have gone for the 5 year no fee fix at 4.02% i have chosen this mainly for security. As with the current situation with the war in the Middle East interest rates could easily rise in the next couple of months and i would be left with a higher rate to have to switch to. Also if rates did rise in the next few months they could easily stay above or around the 4% i have fixed at for more than a 2 year period fix option. I can't see them coming down very much further this year or next in light of the global situation at the moment. But if things do improve in the next few months i can always change to a cheaper deal.

The reason i have chosen the no fee higher percentage 5 year option is i wouldnt be able to pay any of the fee options upfront, so this would have to be added to the outstanding balance of the mortgage and as previously discussed it takes up to 18 years just to get this fee, including interest, paid off, but the fix is only for 5 years anyway so the fee would no where near be paid off in that time, thus leaving me with a bigger balance than taking the 4.02% no fee option.

I am really pleased to see that although i have locked in my renewal offer. Natwest still let's me view the offers available to me and so if the rates change and go down between now my renewal date i am still able to choose a different better offer. but if they go up then i am protected and safe in the knowledge that i have a 5 year fix at 4.02%.

The Bank of England are due to give their next interest rate decision on 19th March, which was before the war started expected to cut rates at least by 0.25%, but are now expected to hold rates which could see mortgage rates rise with some lenders. The next Monetary policy meeting is on the 7th May after that which would be very interesting to see how the war affects the outcome of the interest decision in that meeting which would be the last one before my renewal date.

Do you think i have done the right thing? would that have been your choice in my situation? would you have done anything differently? 🤷🏼‍♂️