Cashless society these days mate. Most i'd find down there is 2-3k.
Mortgage Rate Rises
- Thread starter glenimp617
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Cashless society these days mate. Most i'd find down there is 2-3k.
Soldato
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SVR here too got the letter from the mortgage company, 7%!Must admit I’m feeling pretty good right now. Not quite mortgage free but heading that way, fixed rate ended at the end of June and we’re in a position to make a significant lump sum payment this week that’s going to bring us close to a 4 figure outstanding balance that we’ll clear one way or another within the next year.
Being on SVR with our current balance outstanding is a little scary though even if it is only for a couple of days
I'm basically working overtime to make overpayments only 13k left now paid off another 3k last week. The monthly payment is almost the same as 70k+ six months or so ago. Crazy.Stamp Duty would be ~40k. Estate agent fee ~£10k (if selling a million pound house). Solicitor ~£3k. Moving costs £1-2k
Yeh, you are probably right RE close to £60k at something £1 million and over.
That Stamp duty is pretty significant once you get to those sorts of values.
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I only know spa as state pension age. Please enlighten me to this if there is more.
Soldato
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“Financial Independence, Retire Early“ I assume, i.e. spend low invest high when you are young.
It works at any age but more time in the market will help more. I’m very familiar with FIRE as I’ve used it for the past 8 years although only got really serious about it in the last 3.
State Pension Age. The amount of people who aren't on track for the basics of a comfortable retirement is worrying.
The practices within FIRE will help get people in a good place now ready for spa. I agree many aren’t on track.
Soldato
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Our deals up end of this year as we're on 1.94% and just been quoted 5.09% at 52% LTV by our broker (L&C) from Melton Building Society ... anyone ever used them?
We're a little dubious about going with a small BS over a large bank but seemingly they're the best deal he's got available at the moment given our circumstances.
We're a little dubious about going with a small BS over a large bank but seemingly they're the best deal he's got available at the moment given our circumstances.
What are people fixing for currently?
I have 17 years left and considering increasing the term to 25 and going for a 2 year fix. Take the difference and put in a savings account. See where things are in 2 years and pay off a lump and drop the term down to 15.
I have 17 years left and considering increasing the term to 25 and going for a 2 year fix. Take the difference and put in a savings account. See where things are in 2 years and pay off a lump and drop the term down to 15.
Used l&c on first mortgage. They were good.
On remortgage used price comparison site to get some tasty cashback!
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Soldato
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We used L&C for our first mortgage too and didn't have any issues but yes we're wondering if the building society is to be trusted / relied upon as we know the broker is ok.
Good point about cashback though we could possibly get something elsewhere using the comparison sites - rates in general don't look great though!
Good point about cashback though we could possibly get something elsewhere using the comparison sites - rates in general don't look great though!
I followed it religiously for about 5-6 years but started cutting back about a year ago. The wealth boost it gave me was immense and will pay dividends well into the future, but ultimately not very sustainable to live that way. I couldn't find a good medium. At one point we managed 80% savings rate. It felt ok at the time, but when we had our daughter, it became unsustainable. But, we still invest every week, without fail. Still all equities.
The fact you have continued to have a positive gap and invest that is exactly what this is about. Often it’s difficult and possibly unwise to try and take it to the extreme, or at least to maintain that level.
Have you ever thought about getting junior sipp £3,600. Start it early for your kids, probably the best way to save money for them.
Definitely considered. Currently we use a S&S JISA.
I lam looking at it in a different way, let's say there comes a time where your child becomes unemployed. Having isas etc... means they can't sign on to cover their pension credits,, Or they go crazy and cash it in.
Building sipp now. There might be a good chance you live close or upto their pension age. Therefore you can help them if they hit the unemployment cycle, but pension you might be dead.
This way if they turn out to be a financial idiot at least they will have something, which can't be burnt away on women etc..
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I just completed on a fix for 5 years at 3.95%
I am not going to give this out as advice though, its just something i had major issues deciding on between tracker, or 2, 3 , 5 year fix,
I have no idea if 2 years is going to be enough time for the rates to come down to warrent the risk, but on the other hand 5 years is a while, atleast i know what im paying for the next 5 years i guess. And can overpay a little.
Associate
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My new 2yr fix started yesterday at 4.49%
which was agreed a couple of months ago...with hindsight now I wish I'd gone 5 years
which was agreed a couple of months ago...with hindsight now I wish I'd gone 5 years
Deleted User 298457
Deleted User 298457
5 years at 4 is grand imo. Like you said, 2 is too little - 5 feels a click too long.