One step closer

[Cav]

I'm quite open to the prospect of trying some of your roads to be fair - I've fallen out of love with road riding so maybe fresh scenery will help renew that !!

[Rossgo]

Kwacky finds some absolutely cracking roads Cav. I'm sure he will relight your fire for road riding again!

[Cav]

Good news everyone!

...we have a mortgage in principle Another step closer

[Blade]

Have you looked at one with the flexibility to over pay Cav?

It makes huge saving's on interest and you can pay as little or much as you can afford each month.

We overpaid on our current property to get mortgage free and even now although we need a small mortgage to move house we have a plan to be mortgage free again in 2 years ideally and 3 years max depending on motorcycle purchases

[Kwacky]

Nice one Cav

[D41]

Good news!! That's a weight off my mind.

[Deegee]

We'll done Cav!
Very good point Blade brought up, we were mortgage free 7yrs ahead of time due to overpaying. Well worth thinking of.

[Cav]

This is a 2 year fixed deal. We're not fussed about over payment mainly because we just want to survive. When we remortgage we will specify a mortgage with the potential to overpay - we should hopefully be able to chop 5+ years off the mortgage if we have over estimated costs

[Blade]

Depending on your interest rate Cav just put whatever extra you can each month into an ISA or other investment. That way you have the cash for emergencies but at the end of the 2 years can overpay any savings you have managed to put together and it makes a huge difference to the term of your mortgage.

We have a 2 year fixed which we can over pay by 10% but as the interest is only 1.09% we save the money and get a better return on it and then over pay a big lump at the end of 2 years.

You will be surprised at how much you can put away if you put your mind to it. Look after the penny's and the pounds will look after themselves is a good saying.

If your not paying someone interest for lending money you have more actual wealth. Not wrong science, it's just about being disciplined and following a plan. We started with nothing and had some debt but work hard and you can make big in roads in to your mortgage and property investment that will reward with huge dividends.

[kiwikrasher]

but as the interest is only 1.09% .

Are you for real???????? mine's 3.99% and thats a super deal because I've borrowed so much (don't get divorced ) and I'm fixed for 3 years!

[Blade]

Yeah I m sure mate you know I like my deals

It's actually a ripe off tbh and a huge 58% hike in rate over my previous mortgage which was 0.69% for years and years.

I had a life time tracker which was 0.19% above the Bank of England Base rate and only had a £99 application fee. Granted I fell on my feet with that one but we make our own luck

[kiwikrasher]

Yeah I m sure mate you know I like my deals

It's actually a ripe off tbh and a huge 58% hike in rate over my previous mortgage which was 0.69% for years and years.

I had a life time tracker which was 0.19% above the Bank of England Base rate and only had a £99 application fee. Granted I fell on my feet with that one but we make our own luck

I'm on pretty much the lowest rate you can get in Australia, others are paying closer to 5-6% depending on type of mortgage.

[D41]

I had my place on 0% interest-only for three years....it gets you into a home and gives you time to 'establish' yourself a bit. Then you re-fi and get a more "normal" rate....think it was around 3.75%???

The 0% thing basically means you're renting with an option to buy. Bit of a scam in some regards, but it worked for us on other levels.....tax breaks, etc.

[Blade]

Yeah I m sure mate you know I like my deals

It's actually a ripe off tbh and a huge 58% hike in rate over my previous mortgage which was 0.69% for years and years.

I had a life time tracker which was 0.19% above the Bank of England Base rate and only had a £99 application fee. Granted I fell on my feet with that one but we make our own luck

I'm on pretty much the lowest rate you can get in Australia, others are paying closer to 5-6% depending on type of mortgage.

I hope you have good rates for savers then.

What's your inflation rate ?

[Blade]

Yeah I m sure mate you know I like my deals

It's actually a ripe off tbh and a huge 58% hike in rate over my previous mortgage which was 0.69% for years and years.

I had a life time tracker which was 0.19% above the Bank of England Base rate and only had a £99 application fee. Granted I fell on my feet with that one but we make our own luck

I'm on pretty much the lowest rate you can get in Australia, others are paying closer to 5-6% depending on type of mortgage.

Hope you get a good rate of savings then.

What's your inflation at ?

[kiwikrasher]

Nup. I hunted around for the kids as we had been putting a monthly amount aside each month for them, so when we split I opened them accounts and put it all in there and we both still contribute to them. Even regular deposits no withdrawls the best rate I could get was 2.3%

My mortgage on the residential house has an offset, so any cash lives in there and that amount is taken off the principle before interest is calculated. So I'm affectively getting 4% on my savings.

And to capitalise on that I live off my credit card so my wages stay in the offset for as long as possible then pay the full balance of the card so I don't accuse any interest. Never paid a cent of interest on an credit card in my life. It's an effective strategy and knocks extra of the principle without you even trying as your payment is calculated on you full debt + interest but any interest you offset ends up coming of the principle.

[kiwikrasher]

Inflation is 1.5% and we have been getting rate cuts for last 3 yrs. I was paying 8% at one stage.

[Blade]

2.3 % savings with 1.5% inflation is good.

We are negative saving values at the moment.

2.5% inflation and cash isa pay less than 1% on savings. Your better spending than saving in the UK

[Cav]

It's taken over 5 months but Friday saw our exchange of contracts go through successfully... completion in 11 days (Y)

It's a long time coming now but we are so happy. Unfortunately, seeing the best part of £30k leave our account was not so happy! haha

[Blade]

Housing buying is never cheap or easy Cav but a good investment all the same.

Hope things go well for you both and you settle into your new home quickly.