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simonp

Whoop de doo

With the recent interest rate drop my mortgage has gone down.

It's now 3.14 a month cheaper! I've no idea what I'll spend it all on...
Humphrey The Pug

You are most of the way towards a pint.
Frank Bullitt

Sounds like your mortgage is the square root of fuck-all!

My neighbour mentioned his went down 25 per month which I thought was better than a kick in the bollocks
Martin

Mine went down by 155 when I moved to a new deal a couple of months ago.  I'm continuing the pay the same, to reduce the term.
Roadsterstu

Mine is going to drop to zero in the next few weeks when I pay it off.
Tim

I hope mine's going to drop a lot in November as the LTV has passed a significant marker.
Big Blue

Roadsterstu wrote:
Mine is going to drop to zero in the next few weeks when I pay it off.




Top man. Many, including a younger version of myself, forget that this is the goal of having a mortgage. After you've paid it off contributions to any savings or pensions, or towards a rental asset, don't seem like such a chore.
Nice Guy Eddie

Only another 25 years to go before mines done
PhilD

Re: Whoop de doo

simonp wrote:
With the recent interest rate drop my mortgage has gone down.

It's now 3.14 a month cheaper! I've no idea what I'll spend it all on...


save up for 5 years and buy a pair of jeans?
Roadsterstu

Big Blue wrote:
Roadsterstu wrote:
Mine is going to drop to zero in the next few weeks when I pay it off.




Top man. Many, including a younger version of myself, forget that this is the goal of having a mortgage. After you've paid it off contributions to any savings or pensions, or towards a rental asset, don't seem like such a chore.


Ahem. I have a confession....

I've just sold my house and will be living with the missus. So for a brief period of time I will be mortgage free but it will soon enough be replaced with another mortgage! I'm a lowly crown servant, after all. That said, whilst it won't be an amazing sum of money I have got a nice bit of equity and that will be invested with the help of our financial advisor and I shall be jointly on the mortgage with the missus, which in itself is quite a bit smaller than my current mortgage and on a bigger house. My aim from there is to whittle that away over as short a time period as possible but at the moment I don't know exactly how long that will be. We will be in quite a nice position though, which is a really comforting thought.

I can't stay off the AT app at the moment but I must have some self discipline!
Roadsterstu

Re: Whoop de doo

PhilD wrote:
simonp wrote:
With the recent interest rate drop my mortgage has gone down.

It's now 3.14 a month cheaper! I've no idea what I'll spend it all on...


save up for 5 years and buy a pair of jeans?


That would be 10 months for the jeans I buy...
Scouse

Mine has gone down 53 with the .25% reduction. Which wouldn't be too bad, aside from the fuckers had raised it by .25% in 2012 despite BBR not moving.
The fuckers are also advertising an 85% ltv 5 yr fixed remortgages including free val & legals from 2.99% with no arrangement fee, yet only offer existing customers a fixed rate of 4.49% for the same period. Cunts.
Twelfth Monkey

Roadsterstu wrote:
Big Blue wrote:
Roadsterstu wrote:
Mine is going to drop to zero in the next few weeks when I pay it off.




Top man. Many, including a younger version of myself, forget that this is the goal of having a mortgage. After you've paid it off contributions to any savings or pensions, or towards a rental asset, don't seem like such a chore.


Ahem. I have a confession....

I've just sold my house and will be living with the missus. So for a brief period of time I will be mortgage free but it will soon enough be replaced with another mortgage! I'm a lowly crown servant, after all. That said, whilst it won't be an amazing sum of money I have got a nice bit of equity and that will be invested with the help of our financial advisor and I shall be jointly on the mortgage with the missus, which in itself is quite a bit smaller than my current mortgage and on a bigger house. My aim from there is to whittle that away over as short a time period as possible but at the moment I don't know exactly how long that will be. We will be in quite a nice position though, which is a really comforting thought.

I can't stay off the AT app at the moment but I must have some self discipline!


Living with as in the biblical sense?
Boxer6

Twelfth Monkey wrote:
Roadsterstu wrote:
Big Blue wrote:
Roadsterstu wrote:
Mine is going to drop to zero in the next few weeks when I pay it off.




Top man. Many, including a younger version of myself, forget that this is the goal of having a mortgage. After you've paid it off contributions to any savings or pensions, or towards a rental asset, don't seem like such a chore.


Ahem. I have a confession....

I've just sold my house and will be living with the missus. So for a brief period of time I will be mortgage free but it will soon enough be replaced with another mortgage! I'm a lowly crown servant, after all. That said, whilst it won't be an amazing sum of money I have got a nice bit of equity and that will be invested with the help of our financial advisor and I shall be jointly on the mortgage with the missus, which in itself is quite a bit smaller than my current mortgage and on a bigger house. My aim from there is to whittle that away over as short a time period as possible but at the moment I don't know exactly how long that will be. We will be in quite a nice position though, which is a really comforting thought.

I can't stay off the AT app at the moment but I must have some self discipline!


Living with as in the biblical sense?


I was wondering that myself, nosy git that I am!

Mind you, a big part of my job is asking questions, some of which concern living arrangements. Bit like the police in that respect . . .
JohnC

I am currently looking at a 5 yr fix with Nationwide at 1.99% which will just about see the mortgage paid off.

Currently on variable with Halifax who sent us a letter telling us our payments were going down by about 7. I have just been on to increase the overpayment s/o by 10/mth!
simonp

Re: Whoop de doo

PhilD wrote:
simonp wrote:
With the recent interest rate drop my mortgage has gone down.

It's now 3.14 a month cheaper! I've no idea what I'll spend it all on...


save up for 5 years and buy a pair of jeans?


I don't need to save up because of my tiny mortgage.  
Bryan M

2yrs into a10yr fix at 3.99%....... Would save a fortune by refixing by early term fees not cheap, hope it comes good in a few years time!
simonp

As my meagre savings are making about 0.001% interest at the moment, I'm toying with chucking them at my mortgage instead.

Also looking at binning Nat West and opening one of them there Santander 123 accounts.
Frank Bullitt

simonp wrote:
As my meagre savings are making about 0.001% interest at the moment, I'm toying with chucking them at my mortgage instead.

Also looking at binning Nat West and opening one of them there Santander 123 accounts.


My mate has just had the last of his endowments pay out - he has put them in a selection of fixed rate bonds and fixed his interest only element at a lower level - by not paying off his mortgage and doing nothing else he will be about 5k up in 3 years.

My fixed rates are up next year (I think they are in the mid-late 2's) so should be a little cheaper, keep the repayments about the same and it'll take five minutes off the end of the term.
Giant

simonp wrote:
As my meagre savings are making about 0.001% interest at the moment, I'm toying with chucking them at my mortgage instead.

Also looking at binning Nat West and opening one of them there Santander 123 accounts.


Santander's 123 account isn't what it used to be, it's been cut from 5% to 2% I believe, moneysavingexpert have a calculator to tell you whether it's worth switching to.
Boxer6

Giant wrote:
simonp wrote:
As my meagre savings are making about 0.001% interest at the moment, I'm toying with chucking them at my mortgage instead.

Also looking at binning Nat West and opening one of them there Santander 123 accounts.


Santander's 123 account isn't what it used to be, it's been cut from 5% to 2% I believe, moneysavingexpert have a calculator to tell you whether it's worth switching to.


Still better than the 0.25% Scottish Widders have just reduced to.
gooner

Nice Guy Eddie wrote:
Only another 25 years to go before mines done


Well mine's got 30 years after which I'll finally own 40% of a house! Joys of shared ownership (though it's better than nothing so I'm not really complaining)
Frank Bullitt

14 years on mine technically but it should be gone in about 8, unless we move.
Martin

21 years on mine but that drops to 18.5 with the overpayment.  The joys of starting again
.
Michael

Five years left on ours but should be gone in four - possibly two.
Roadsterstu

Michael wrote:
Five years left on ours but should be gone in four - possibly two.


Git

Andy C

23 years left on ours

But our aim is to pay it off by the time
We're 40 , so roughly  13 years to keep overpaying if we can !
Roadsterstu

Twelfth Monkey wrote:
Roadsterstu wrote:
Big Blue wrote:
Roadsterstu wrote:
Mine is going to drop to zero in the next few weeks when I pay it off.




Top man. Many, including a younger version of myself, forget that this is the goal of having a mortgage. After you've paid it off contributions to any savings or pensions, or towards a rental asset, don't seem like such a chore.


Ahem. I have a confession....

I've just sold my house and will be living with the missus. So for a brief period of time I will be mortgage free but it will soon enough be replaced with another mortgage! I'm a lowly crown servant, after all. That said, whilst it won't be an amazing sum of money I have got a nice bit of equity and that will be invested with the help of our financial advisor and I shall be jointly on the mortgage with the missus, which in itself is quite a bit smaller than my current mortgage and on a bigger house. My aim from there is to whittle that away over as short a time period as possible but at the moment I don't know exactly how long that will be. We will be in quite a nice position though, which is a really comforting thought.

I can't stay off the AT app at the moment but I must have some self discipline!


Living with as in the biblical sense?


Well, yes. And in the longer term "forever" sense.*


*As long term as that is or may be.
Andy C

Roadsterstu wrote:
Twelfth Monkey wrote:
Roadsterstu wrote:
Big Blue wrote:
Roadsterstu wrote:
Mine is going to drop to zero in the next few weeks when I pay it off.




Top man. Many, including a younger version of myself, forget that this is the goal of having a mortgage. After you've paid it off contributions to any savings or pensions, or towards a rental asset, don't seem like such a chore.


Ahem. I have a confession....

I've just sold my house and will be living with the missus. So for a brief period of time I will be mortgage free but it will soon enough be replaced with another mortgage! I'm a lowly crown servant, after all. That said, whilst it won't be an amazing sum of money I have got a nice bit of equity and that will be invested with the help of our financial advisor and I shall be jointly on the mortgage with the missus, which in itself is quite a bit smaller than my current mortgage and on a bigger house. My aim from there is to whittle that away over as short a time period as possible but at the moment I don't know exactly how long that will be. We will be in quite a nice position though, which is a really comforting thought.

I can't stay off the AT app at the moment but I must have some self discipline!


Living with as in the biblical sense?


Well, yes. And in the longer term "forever" sense.*


*As long term as that is or may be.


Congrats !
JohnC

Bryan M wrote:
2yrs into a10yr fix at 3.99%....... Would save a fortune by refixing by early term fees not cheap, hope it comes good in a few years time!


I wouldn't be too upset at that because nobody knows what is going to happen. The banks have always had a margin of between 2.5% and 3.5% over base rate on their mortgages so some of the sub 3% deals may disappear except for maybe the relatively short one or two year ones.

I read all sorts of stuff every day with some saying we are going the way of Japan with negative interest rates and others who say that the money supply is going to dry up and the western economies are basically f*cked, banks will run out of cash and only those with a stack under their beds will survive.

Who knows?
Frank Bullitt

Top work Stu, but don't start with that 'it might not be forever' stuff!

JohnC wrote:
I am currently looking at a 5 yr fix with Nationwide at 1.99% which will just about see the mortgage paid off.

Currently on variable with Halifax who sent us a letter telling us our payments were going down by about 7. I have just been on to increase the overpayment s/o by 10/mth!


The Nationwide deal has a 999 fee, but for existing customers they do 2.19% with no fee (and free legals), for me it will increase my payments by 10pcm for 60 months - no brainer.
Twelfth Monkey

Good stuff, Stu!
Roadsterstu

Thanks!

No idea what to do on our mortgage (as it will become) just yet but I find this place is really useful for little tips and picking up on what others, more money wise than me, are doing.
PG

Twelfth Monkey wrote:
Good stuff, Stu!


Indeed congratulations.  
Big Blue

Roadsterstu wrote:
Thanks!

No idea what to do on our mortgage (as it will become) just yet but I find this place is really useful for little tips and picking up on what others, more money wise than me, are doing.


If you're paying any of it make sure the property is registered in both names, joint or separately. Marlene is the only name on her property bought with the proceeds of our old house sale.
gonnabuildabuggy

JohnC wrote:
Bryan M wrote:
2yrs into a10yr fix at 3.99%....... Would save a fortune by refixing by early term fees not cheap, hope it comes good in a few years time!


I wouldn't be too upset at that because nobody knows what is going to happen. The banks have always had a margin of between 2.5% and 3.5% over base rate on their mortgages so some of the sub 3% deals may disappear except for maybe the relatively short one or two year ones.

I read all sorts of stuff every day with some saying we are going the way of Japan with negative interest rates and others who say that the money supply is going to dry up and the western economies are basically f*cked, banks will run out of cash and only those with a stack under their beds will survive.

Who knows?


Interesting piece in this week's economist talking about long term low interest rates being the result of a "glut" of savers (ageing population all saving for retirement and the large number of chinese savers who "entered" the global financial pool).

It also talks of low interest rates/bond yields being a self fulfilling prophesy as with low interest rates you need to save harder for retirement and spend less.

We've got a fix at 2.99% for 10 yrs on most of ours with a very small amount left on variable as it has a drawback facility.  With such low rates I'm not sure if I will put my endowments into the mortgage when they expire or spend them elsewhere.
Bob Sacamano

Roadsterstu wrote:
Twelfth Monkey wrote:


Living with as in the biblical sense?


Well, yes. And in the longer term "forever" sense.*


*As long term as that is or may be.


That explains some of your more recent posts, congrats!
Roadsterstu

Big Blue wrote:
Roadsterstu wrote:
Thanks!

No idea what to do on our mortgage (as it will become) just yet but I find this place is really useful for little tips and picking up on what others, more money wise than me, are doing.


If you're paying any of it make sure the property is registered in both names, joint or separately. Marlene is the only name on her property bought with the proceeds of our old house sale.


Absolutely.
Roadsterstu

Thanks all.
Martin

Congratulations Stu!
Grampa

Martin wrote:
Mine went down by 155 when I moved to a new deal a couple of months ago. I'm continuing the pay the same, to reduce the term.


We always did this when rates went down - ended up reducing it by enough that we saw the end in sight with 7 or 8 years to go (I think about 8000 left) so just paid it off.

I know when you're 15 years or so into it, it doesn't feel like the millstone it does when you first take it out, but still a nice feeling to be mortgage free as it's something that just seems so far off when you first take it out.

Roadsterstu wrote:
Mine is going to drop to zero in the next few weeks when I pay it off.



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