FTB - How to 'allocate' savings

neverdespairgirl

TT1 wrote: »

8.5k = furnising + doing a few minor jobs that need doing (this includes 2.5k for the sofa that has 4 years intrest free credit)

<choke>

that's one hell of an expensive sofa, to be honest, but hey, it's your cash.

I'd stick some of your savings in a form you can get at in an emergency - a slush fund, as it were, in case one of you is ill, or needs the cash for something ASAP.

I'd then reduce the furnishing bills a lot, and take out a lower mortgage, and save up for the extension.

TTMCMschine

TT1 wrote: »

Both our jobs are secure at very large companys that won't do a Marconi.
The OH has just had a promotion and is in payroll and i got a promotion 18 months ago into a service/repair department so i doubt a recession would affect either of us (thats why i got out of production).

We can afford the bills+interest only mortgage off a single salary and i'm sure one of us could get a job stacking shelves so we could make the full mortage payment.

This is my thinking though about the savings, i'm suprised your the only one to mention it.

Since you mentioned Marconi, & your user name is TT, I'm guessing your in electronics, either in Scarborough, newcastle, surrey, or at one of the other sites?:D

TT1_3

gfplux wrote: »

Does that mean in the UK building costs for a 200 sqm house (typical 4 bed house) is £200000 before profit and land costs?

Don't know and whats more important, DON'T CARE!:cool:

If there is a point to this (and you've taken ALL my posts into consideration i.e. i'm going to be in there for about 35 years!) lets get to it please.

TT1_3

trudiha wrote: »

Is there a link to the sofa?

Yes there is but i'm not going to post it :rotfl:

You should seriously think about getting a life!

TT1_3

TTMCMschine wrote: »

Since you mentioned Marconi, & your user name is TT, I'm guessing your in electronics, either in Scarborough, newcastle, surrey, or at one of the other sites?:D

I'm not a clue what your talking about, is TT something to do with an electronics secret hand shake club :beer: ......

........that someone forgot to invite me to? :mad:

PS i've never worked at Marconi if its something to do with that.

SquatNow

Your planning to spend £8.5k on furnishings.

You do realise that's real money? I mean... I know you're getting a £200k mortgage, and that £8.5k seems like a small amount in comparison, but it's REAL MONEY. You will have to pay it back.... plus interest!

£8.5k whacked on your mortgage will require repayment of closer to £20k including interest. And that is what your doing... don't fool yourself into thinking your spending saved money... your not... you mortgage will be £8.5k higher directly because your spending £8.5k on furniture.

I think there is a pretty clear rule on this on MSE: Pay off as much of your mortgage as you can, as fast as you can, at any cost. Forget £2500 sofas. Forget furniture. Forget Carpets. Reduce the mortgage.