Mortgage Rate Rises

[slinxy]

TBH I've never really worried about the mortgage, I just saw it as a life tax...

In theory, if I got made redundant job tomorrow. I could sell all my shares and pay off the house.
Due to the redundancy packages from historic past. I would get a month per year (5 months) pay, 6 months gardening leave and all my work shares unlocked and income tax paid for by the company, unlocking another 30k, which is means that I wouldn't have to sell off all my shares in my ISAs but I would get hit by capital gains tax if I took it all at once.

God willing, I may just be able to walk into another be it less appealing job, heck they may even hire me back as a contractor at the current place as funding for that is from a different budget.

 

[Priapus]

I remember when I bought my house. it was so exciting. congrats!

ps. maybe because I am risk adverse however imo if something as big as a home is even a slight stretch on the finances you make the right call getting fixed.

yes over the 5 years maybe it will cost you a few quid more but for me at least the peace of mind knowing you don't have to worry about interest rises would make it worth it.

Thanks!

Yeah, agreed. I decided to fix it for 5 years. I have no intention of keeping it that long but also wanted fixed mortgage payments.

We are collecting keys on Monday!

 

[Priapus]

I mean it's the gamble you take. Personally we took out a mortgage that even on one of our incomes and a doubling of the rate we could still afford.
We could have spent 4x as much but then we'd be struggling now.

I’ve always said to the missus; we spend under what we can afford. Sure I can afford to have a mortgage at £2k a month; but I much rather have a £1500 mortgage and £500 spare disposable than a bigger house that might become too expensive later on.

 

[robj20]

I’ve always said to the missus; we spend under what we can afford. Sure I can afford to have a mortgage at £2k a month; but I much rather have a £1500 mortgage and £500 spare disposable than a bigger house that might become too expensive later on.

We went for the smallest house we could in the nicest area. Something that required work as well, kept costs low. Still not decorated everything but kids got in the way. Still have a house in a lovely area and pretty low mortgage.