2008 MFW newbies

Di-Dough

Martinslovechild - you have definately got my vote to become a honorary member

Di

Martinslovechild

Di-Dough wrote: »

Martinslovechild - you have definately got my vote to become a honorary member

Di

And for that, I love you

teasel26

Hi everyone, I am a newbie. I am just in the middle of remortgaging and setting a budget for the coming fiscal year. The house needs a complete refurb and need to do that as economically as possible. I will be able to make overpayments on my new mortgage and have a to do list of ways to generate some more cash thanks to MSE tips. Going to try 'Stoozing' for a start. It would be fantastic to be mortgage free, but any reduction on the 15 yrs would be excellent. Publishing my progress on here will be a great incentive, and any hints or tips from those more experienced invaluable. Am looking forward to the challenge!!
:beer:

wheelies_3

I'm sat here feeling rather fed up

Our fixed rate finishes at the end of the month (I know we've left it a bit late to sort it out but we recently went away and all of a sudden it is about here!), anyway we have 2 parts to our mortgage and it is the main part that is on the fixed rate, I have been overpaying the second part which is on a variable. The letter we have received from Lender stating we will be going onto the variable reads as though our two parts of the mortgage will now be one and the minimum repayment will be much more than what I can afford overpay now. I will ring C&G on Monday to find out if they have any better fixed rates than what is showing on website. In the meantime does anyone know if we will be able to put the whole lot of the mortgage onto a fixed rate or if it will have to be split again? If it has to be split again we will be struggling as the difference in rates compared to what we've been on is quite a lot. I daren't overpay this month as I might need it as of next month but will let bellsbells know either way by the end of the month.

I hope I haven't confused anyone with my waffling on

esthomizzy

Hi Wheelies

I don't see any reason why you can't consolidate both parts into one mortgage when you remortgage that's the perfect time to do it. Don't panic about the high cost of what you've been quoted on the variable rate. The SVR is how mortgage companies make money off people who are too lazy or unknowledgeable to do anything about their finances (despite my best efforts I couldn't get my parents to remortgage off an SVR for years). Have a look on a comparison site or probably there is a section on this site for the best current deals. Unless you are tied into C&G don't just consider what they offer you consider what all the companies are offering.

I'm pretty sure once you get it sorted out you'll be back to more or less your normal planned levels of overpayments and you may even find you are better off than before depending on what the rates were when you took out your fix as there have been a couple of drops recently.

Good luck with it

bellsbells

Di-Dough wrote: »

Martinslovechild - you have definately got my vote to become a honorary member

Di

I could not agree more - you are top of the list Martin and many thanks for that fantastic post:T

bellsbells

teasel26 wrote: »

Hi everyone, I am a newbie. I am just in the middle of remortgaging and setting a budget for the coming fiscal year. The house needs a complete refurb and need to do that as economically as possible. I will be able to make overpayments on my new mortgage and have a to do list of ways to generate some more cash thanks to MSE tips. Going to try 'Stoozing' for a start. It would be fantastic to be mortgage free, but any reduction on the 15 yrs would be excellent. Publishing my progress on here will be a great incentive, and any hints or tips from those more experienced invaluable. Am looking forward to the challenge!!
:beer:

Hi teasel26 and welcome - you have been added to the list. Let me know when you have worked out your target for the year.

bellsbells

I cannot really advise you Wheelies as it all is a bit of a mystery to me but I hope you get sorted out - it might be work posting a seperate thread asking the same question (sorry if you have already done this) so more people can see it and hopefully advise.

teasel26

Thanks bellsbells, I have decided to set my target for this year as £1000 total overpayment. Just raked out a couple of items to list on e-bay as its free listing weekend!!

2008 Aims - Debtfree. £1000 total mortgage overpayment.

Di-Dough

Hi Wheelies - I totally agree with what esthomizzy had to say - there should be no reason why you cannot add together both parts of your mortgage when you re-mortgage

:wave: Hi Teasel26 - good to see another MFW - We also want to do do some to our house this year (new kitchen and bathroom:eek: ) but are still trying to overpay as well

Di