Yep I keep 3-6 months in the old current account so it's liquid, just in case
I dislike owing money so I'd only take out long term finance on really expensive stuff, and hopefully keep as much of that on 0% as possible.
For things like mobile phones I'll just buy them SIMO, same for contracts for various things, if they want a monthly bill it's usually more expensive than just buying outright. All Insurance + Tax options paid upfront for the full duration also saves a bit as most things like car tax and car insurance charge more for monthly options.
I see interest on debt as a negative modifier that should be avoided, have never paid interest on CC balance for example, I always put it off in full each month automatically via DD.
About £100
Assume that's £100 extra each? Else if that's to then split £50 each, not bad at all. Still the one thing to remember is that it's not x more per month, as you've spent the last load of years paying off, you should now be say £200 lower on payments per month, but not £100, so it's a £300 swing.
This is a great tool to have a play to show how much different interests rates, term times and capital make a difference to your monthly payments.
www.moneysavingexpert.com
You want to check out your LTV to see if an overpayment will make a ding. Use this tool:
It may be worth phoning your existing provider to ask then what they value your house at as well. I hadn't realised but they run an algorithm in the background to price houses. To my surprise they had already increase the value of my place by like 50k - so my LTV was already better without me topping it up a penny.
I'd move it over sooner rather than later. The difference in rate between 6.79% and what you would fix at will almost certainly be bigger than the potential difference in rate between current rates and fixed rates in the near term. So e.g. waiting 6 months and paying an extra 2% to save perhaps 0.5% doesn't seem worth it to me. I'm less certain that rates will be dropping significantly in the near term compared to other people anyway.
I think you'll get nailed on that regardless unfortunatelyGot to be confident that it's worth more, could end up being valued down.
I agree. Double-digit inflation rates and people are talking about falling interest rates like it's a done deal looming on the horizon. Now to be fair I do expect inflation to fall simply because of the annualised nature of it, we had very big rises in 2022 so even 'highish' price rises in 2023 will see the rate fall, but equally the annualised nature of it means it will be slow to fall as the 2022 rises take a year to drop out of contention, so a fair way to go to get back to the 2% target.
