Am I setting myself up for a fall?

Discussion in 'Finance, Property, Law' started by Bolo-Driller, Oct 20, 2009.

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  1. Today I had some rather good news, Ive come to the end of my fixed rate deal and my mortgage payments have gone from £749 to £275 per month.

    Now obviously I got a bonk on and thought of all the extra shiny pennies ill have to spare now but then it dawned on me....NOTHING good happens to me when it comes to money!

    So with me being not all that fammed up on financial stuff am I gonna get bent over at some stage in the future due to this?

    Also, my car has failed its MOT spectacularly and they said I may as well bin the car as it will cost me £1000 - £1500 to fix (its only worth about a grand). I want a Honda Civic but not sure what the best option to take, anyone know the best gen route to take when it comes to buying motors?

    Cheers all
  2. You need to get down to your doctor and get signed off as disabled. Hangnail should do it.

    Then get your blue badge, These are quite difficult to get and can take as long as a whole afternoon to get one.

    Now you are disabled with a blue badge you can get disability living allowance and mobility allowance.

    The mobility allowance is the one that you want. This means that you can get a new car FREE every three years. And the mobility people will pay for all maintenance, tax, insurance, breakdown recovery etc for you.

    There job jobbed. Simples
  3. The Oracle speaks!!! :D
  4. no mate......quite simply, you paid so much before the variable rate kicked in because you were on the fixed rate. Enjoy your new found freedom........but if you could afford the higher rate why not continue paying it in order to end your mortgage a whole lot quicker?
  5. I would suggest that you get another fixed rate mortgage asap. Remember and shop around for it. There are some fantastic deals to be had.
    Check out

    Fixed rate will allow you to budget your finances for the next 4-5 years and when the interest rates rockets you will not be fvcked - think of the early 1990's.

    The sooner you pay off your mortgage the more money you save. We could be talking tens of thousands.

    As for the car- if it is over 10 years old the government will give you around £2k to scrap it.
  6. Continue paying at the same rate and you could knock years off your mortgage
  7. I agree. My fixed rate finished earlier in the year but I've kept the payments at the same amount-the overpayments will knock a hefty amount off the final balance. Obviously, I would strongly urge you to contact an IFA and not seek advice on an anonymous internet forum however I know in my circumstances, I am massively better off paying the standard variable rate and I will only consider switching my mortgage if the base rate jumps more than 2.9% above the current rate.
  8. I have a friend in Africa who will invest your spare cash in his very honest invesstingment bizinessess.
    I have yey to see a return on my £30k,but just as soon as the treacle mines strikes a rich vein,I'll be quids in.
  9. What on earth do you want a honda civic for? Get something better like a lada or a skoda. Honday civic! Honestly, people will buy anything.
    I agree with whoever said continue paying the mortgage at the higher rate, or even half of the higher rate, you will pay it off a lot quicker.
  10. Ahh, but....

    Bit of a fly in the ointment.


    Taking in to account your car woes, you would probably do well to get another fixed rate mortage and try to pay of maybe £400. You are speeding up the end of your mortage and giving yourself a little extra to buy cars with.

    And extra money can always be saved, so that at teh end of the fixed rate, you can bang in a lump sum, and look for another cheap mortgage.