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Money / Savings / Mortgage advice and tips thread

edited July 2007 in Not Sports Related
The first in a series where I will seek to share my financial wisdom:

ING's continued failure to pass on the benefit of the rise in base rates is nothing short of a disgrace, given their promises when their account was launched. Anyone who has got savings with them should get them out now and put them somewhere like Icesave (Landisbanki), who are currently offering a whopping 6.20% - guaranteed to exceed then match the base rate for some time too.

Next instalment: The merits of buying gold
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Comments

  • [cite]Posted By: Off_it[/cite]Next instalment: The merits of buying gold

    Don't even go there ;-)
  • Dear Off_It ,

    I have been giving serious consideration to cashing in my housing portfolio & investing all my money in Gold. I am worried about where I would live if I sold all my properties though, Could I use the gold bricks to construct a new house & would it keep me dry when it rains ?

    Yours in all seriousness

    Ketters
  • Carry on, Off_it, I'm interested...........
  • I read the Sunday Times money section yesterday too... call me old fashioned but I am a bit nervous about lumping all my savings into an internet account with a bank I've never heard of!
  • oi afka - do you really want the giving of investment advice to be appearing on this site ?
  • [cite]Posted By: Ketman[/cite]Dear Off_It ,

    I have been giving serious consideration to cashing in my housing portfolio & investing all my money in Gold. I am worried about where I would live if I sold all my properties though, Could I use the gold bricks to construct a new house & would it keep me dry when it rains ?

    Yours in all seriousness

    Ketters


    Hey, Ketters, a house built from gold would be a lot cheaper to buy than one made of ordinary bricks.......
  • [cite]Posted By: Oggy Red[/cite]
    [cite]Posted By: Ketman[/cite]Dear Off_It ,

    I have been giving serious consideration to cashing in my housing portfolio & investing all my money in Gold. I am worried about where I would live if I sold all my properties though, Could I use the gold bricks to construct a new house & would it keep me dry when it rains ?

    Yours in all seriousness

    Ketters


    Hey, Ketters, a house built from gold would be a lot cheaper to buy than one made of ordinary bricks.......

    LOL you are probably right ....
  • [cite]Posted By: Heath Hero[/cite]I read the Sunday Times money section yesterday too... call me old fashioned but I am a bit nervous about lumping all my savings into an internet account with a bank I've never heard of!

    Not at all mate, it was prompted by the email I got from the b*stards over the weekend with this bit of public relations gold :

    "Following the recent Bank of England base rate increase from 5.5% to 5.75%, we are writing to let you know our current rates.
    Our savings rates will remain as follows:
    ING Direct Savings Account at 5.0% AER / Gross 4.89% p.a.

    You are always free to consider other savings options. Of course with the ING Direct Savings Account and the ING Direct Cash ISA, you are free to withdraw your money at any time without penalty or notice. "

    So basically, if you don't like it then f**k off. Doesn't really bother me that much as I shipped out of there a while ago, but thought I should try to pass on my wisdom to fellow Addicks.
  • Savings are a good thing to have, but the problem is as much as I try and save, I owe money on a mortgage and a credit card and the amount of interest I have to pay back on them sort of cancels out the benefit of saving.

    I.e. Interest rates go up 0.25% my mortgage goes up approximately £30, my savings on the other hand don't come anywhere near catching up.

    Hence, I'm better off putting money I should be saving towards paying sitting debts off like a mastercard bill.
  • Savings, investments blah blah

    A wise sage once sang that he believered the children were the future, so on that advice i have gone out and bought 3 mongolian and 7 somalian nippers.
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  • Romanians are the ones you want to invest in, they don't bite.

    I was thinking about getting a midget over the weekend but I'm worried about their temperament. A friend of mine said they need walking regularly and not to feed them after dark or drop them from excessive heights as it can damage brain.

    Stick with orphans is what he said.
  • [cite]Posted By: AFKA Bartram[/cite]Savings, investments blah blah
    quote]

    You're right of course. In my experience anyone who works in the finance or banking sector has had a personality bypass operation!
  • [cite]Posted By: AFKA Bartram[/cite]Savings, investments blah blah

    A wise sage once sang that he believered the children were the future, so on that advice i have gone out and bought 3 mongolian and 7 somalian nippers.

    ....bad advice, AFKA. You should have been told children are your financial millstone of your future.
    Fun for 20 minutes and paying for 20 years.

    Like: " Daddio, I need new trainers....." ;-)
  • The financial adviser in the Co-Op bank in Lewisham is a Charlton fan. FACT.
  • If you can afford to put away £200 a month, then Nationwide's regular saver account gives you 6.50% interest, despite being an instant access card account, and for £100 a month you get 6.00%.

    Carter, you're right to pay off the credit card (and any store cards, other loans etc) as the interest rates on those are so high, but it's worth having a buffer of savings in case you get made redundant or you have some kind of domestic emergency like the boiler blowing up or your car getting written off. The general rule of thumb is having 3 - 6 months salary in savings that you can get to reasonably easily, and it makes sense to get a cash ISA, as the interest rate is better than it looks cos you don't get taxed on it. Once you've got that buffer in place, then you can start overpaying on the mortgage. There's a good article here about the pros and cons of paying off your mortgage.
  • Overpaying is not really an option at the moment Ali as the poxy thing is very expensive and keeps going up. I put money in a savings account every month but pay much more out in standing orders to a 0% credit card which is bloody frustrating.

    A poster on here will be getting a call as soon as this mortgage is up for renewal!!!
  • Second that advice Aliwibble- that's a good article although i'd venture to suggest that 3-6 months salary in an emergency fund might be a little excessive, especially for higher earners, more appropriate to be relate it to 3-6 months committed expenditure.
  • I hear Nationwide has re-released their 25 year fixed mortgage again, at 6. something % I think it was. Exit penalties up until 10 years....

    Anyone brave enough to go for this?
  • [cite]Posted By: AFKA Bartram[/cite]Savings, investments blah blah

    A wise sage once sang that he believered the children were the future, so on that advice i have gone out and bought 3 mongolian and 7 somalian nippers.

    You should be quids in when Madonna comes calling
  • [cite]Posted By: Medders[/cite]I hear Nationwide has re-released their 25 year fixed mortgage again, at 6. something % I think it was. Exit penalties up until 10 years....

    Anyone brave enough to go for this?

    Before anyone does- just remember it's a very long time to be tied in- look back at the last 10 years of your life and imagine you had taken a ten year fix out then, if you are old enough, and ask yourself, would it have worked for me..?
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  • Massive gamble isn't it Lou.

    You can move house with the mortgage, so you're not fully tied down I spose. You also have to imagine that the interest rate will fall, as well as rise, over the next 25 years. Have to admit, I'd love the stability of knowing you have to pay x amount every month. We're currently on a 5 year fixed, and I hate the worry of not knowing what the interest rate will be at the end of that term.... could be 2%.... could be 22%...
  • My two year mortgage ends in October and with one of my mate's moving out to live with his missus it is causing a bit of a headache to be honest.

    He's moving out so he needs to be paid his share of the house then me and my best mate need to renegotiate the mortgage to pay him and set us up for the next deal.

    nightmare
  • You bought a place with your mates?? Fair play to you mate, I couldn't talk anyone into taking that seriously even though it's a bloody good idea for single blokes
  • edited July 2007
    The rate Nationwide are charging is 6.39% which although over 10 years is not bad it is still TOO high, steer clear better to do a two or three year deal & re-examine the market then.
  • [cite]Posted By: Carter[/cite]You bought a place with your mates?? Fair play to you mate, I couldn't talk anyone into taking that seriously even though it's a bloody good idea for single blokes
    Three of us did it two years ago. We bought it off of one of his sisters (who was up the duff with twins so needed to sell), so it was a decent price, no estate agents and that crap and just a really smooth process.

    Right place, right time.
  • My current fixed deal runs out at the end of the year. I like the idea of a fixed but couldn't bear to be fixed up high if the base rate comes down again, so reckon I'll be looking at a decent one or two year tracker next up, unless things change dramatically between now and then, of course.

    I definately don't think rates will be coming down anytime soon so wouldn't really recommend that anyone stays put and goes onto to a Standard Variable Rate.
  • should be a big scramble of mortages coming out soon as the mass of two-year fixed's that got lumped on when the rate cycle was about to change is coming up to renewel.

    Its the fees involved that really wind me up, opening fees, exit fees, overpayment fees. ARRGH
  • Absolutely AFKA- some fees are madness, just there to get a sexy headline rate-

    I have at least half a dozen clients who are coming off 4.19- 4.29 fixed rates early next year. Already warned , but not going to like it.
  • [cite]Posted By: Medders[/cite]Massive gamble isn't it Lou.

    You can move house with the mortgage, so you're not fully tied down I spose. You also have to imagine that the interest rate will fall, as well as rise, over the next 25 years. Have to admit, I'd love the stability of knowing you have to pay x amount every month. We're currently on a 5 year fixed, and I hate the worry of not knowing what the interest rate will be at the end of that term.... could be 2%.... could be 22%...

    $64,000 question isn't it- very difficult
  • Got another letter last night, mines gone up again. That's five times since October.

    I'm now paying £150 a month more than I was then. GRRRRRRR

    Robbing bastards, and they wonder why have the nations under 30's live at home still!!!!
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