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    Originally posted by SueEllen View Post
    Unless you are near retirement then you need to extend your mortgage term to reduce payments.

    Since March lot of people including those on very high incomes have found themselves with absolutely no income coming in. Some have managed on their savings and by selling items. You need to work out how you would manage if you had no income for a year due to unexpected life events.
    I know I was joking earlier. Sue is very correct.

    I'd definitely extend your mortgage from 6 years to 12 years if you have the time. I believe the high street the banks will allow you a maximum age of 70 years old (a.ka. the maximum lending age limit). So if you are even in your early 50's, then you should be quids in. I'd get Power Mortgages or Contractor Mortgages , these decent brokers, on the case right a way. Also, if you believe your income calculations will hold, and we are talking tulip, then think of Overpayments as an option to pay down a mortgage earlier, assuming you get a 12 year mortgage. Everybody's circumstance is different, but of course.
    Last edited by rocktronAMP; 18 December 2020, 12:47. Reason: maximum lending age

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      Originally posted by rocktronAMP View Post
      I know I was joking earlier. Sue is very correct.

      I'd definitely extend your mortgage from 6 years to 12 years if you have the time. I believe the high street the banks will allow you a maximum age of 70 years old (a.ka. the maximum lending age limit). So if you are even in your early 50's, then you should be quids in. I'd get Power Mortgages or Contractor Mortgages , these decent brokers, on the case right a way. Also, if you believe your income calculations will hold, and we are talking tulip, then think of Overpayments as an option to pay down a mortgage earlier, assuming you get a 12 year mortgage. Everybody's circumstance is different, but of course.
      +1 - I'm currently having an entertaining argument over our offset mortgage with first direct.

      It's currently set to be paid off in 3 years but they are trying to move it to a repayment mortgage as supposedly we haven't got a means of paying it off. I would have thought the fact they send me a monthly letter saying there is more in the offset savings account than remains on the mortgage would be a clue as to the actual plan especially as the balance is going down £1000 a month at the same time.

      But always go for the longest repayment period possible that doesn't impact rates and over pay. That's by far the easiest approach.
      Last edited by eek; 18 December 2020, 13:32.
      merely at clientco for the entertainment

      Comment


        Originally posted by GhostofTarbera View Post
        From the 1st Jan this will be the new normal rate for this type of work, under new visa rules


        Sent from my iPhone using Contractor UK Forum
        I just had this thought.
        Maybe the Indian company is advertising the role just to tick some boxes. They know no one will apply for it. They can then turn to Home office and say look, we posted an ad but can't get people. We would like a work permit to recruit someone from India.

        Comment


          Fraidycat, I still can't figure out how you spend over 5k a month.

          Here's my spending :
          Mortgage £600
          Council Tax £130
          Water £42
          Gas £50
          Electricity £50
          Broadband £26
          Mobile £16
          Car breakdown £2
          Car insurance £45
          Travelcard £180

          Total expenditure ( excl. petrol,supermarket shopping )
          £1141 ~ 1140

          I live on the outskirts of London.

          Comment


            Originally posted by Destiny2 View Post
            Fraidycat, I still can't figure out how you spend over 5k a month.

            Here's my spending :
            Mortgage £600
            .... that's all you need to say right there.

            And if you live in london it's because you bought decades ago.

            Comment


              Originally posted by Destiny2 View Post
              I just had this thought.
              Maybe the Indian company is advertising the role just to tick some boxes. They know no one will apply for it. They can then turn to Home office and say look, we posted an ad but can't get people. We would like a work permit to recruit someone from India.
              As per my previous post, companies won't even have to pretend to try and recruit someone locally before bringing them in under the new points system, in about 13 days and counting.

              Comment


                Originally posted by Destiny2 View Post
                Fraidycat, I still can't figure out how you spend over 5k a month.

                Here's my spending :
                Mortgage £600
                Council Tax£130
                Water£42
                Gas £50
                Electricity £50
                Broadband £26
                Mobile £16
                Car breakdown£2
                Car insurance£45
                Travelcard £180

                Total expenditure ( excl. petrol,supermarket shopping )
                £1141 ~ 1140

                I live on the outskirts of London.
                Wow, I spend more in entertainment each month than your entire budget


                Sent from my iPhone using Contractor UK Forum

                Comment


                  Originally posted by GhostofTarbera View Post
                  Wow, I spend more in entertainment each month than your entire budget


                  Sent from my iPhone using Contractor UK Forum
                  Not surprising given your rather "specialised" interests
                  merely at clientco for the entertainment

                  Comment


                    Originally posted by jayn200 View Post
                    .... that's all you need to say right there.

                    And if you live in london it's because you bought decades ago.
                    2005 actually and yes, I pay principal+interest

                    Originally posted by GhostofTarbera View Post
                    Wow, I spend more in entertainment each month than your entire budget

                    Sent from my iPhone using Contractor UK Forum
                    I cannot fathom what entertainment you indulge in....

                    Comment


                      Originally posted by Destiny2 View Post
                      I just had this thought.
                      Maybe the Indian company is advertising the role just to tick some boxes. They know no one will apply for it. They can then turn to Home office and say look, we posted an ad but can't get people. We would like a work permit to recruit someone from India.
                      Then they get people like me applying for such roles then getting turned down and kicking up a fuss so the role disappears. It then reappears months later with a different job description.
                      "You’re just a bad memory who doesn’t know when to go away" JR

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