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About Munchie

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  1. Another option is to put your spare monthly cash in a regular saver. First Direct pay 8% for a one year account. At the end of the year, when you get your interest added, you could then pay a chunk off your mortgage. If you have a spouse who is not a tax-payer, put the account in their name and you won't pay any tax on it either. Munchie
  2. I do appreciate that sometimes it is necessary to go straight back to work, especially in this day and age, but I feel so sad for the child. I just wish people would think a little more about their financial future.
  3. They should sleep through by one year........doesn't always work that way though. They seem to take it in turns, the pair of them. I think they've worked out a schedule.
  4. Just to add my own tuppence worth..... I am a stay-at-home mum. Daughter is four and is at school full-time, son will be two next week. Hubby works full-time and earns just a little over the average salary. I would like to get a job, as extra money coming in would be great, but anything I could earn would be wiped out by childcare costs. Bear in mind that there are 11 weeks school holiday per year. I can't imagine any job allowing that amount of time off. People have commented on this thread that looking after kids and doing the housework, 'is not rocket-science'. That's true. It isn't difficult, but it is tiring. A two-year old needs constant attention. You can't just stick him in front of the telly all day. You are on call 24/7 too. I can't remember the last time I had a proper night's sleep. Anyway, the point I really want to make is that we waited until we knew we could afford kids before we had them. We accepted that we would be on one salary and we knew that it would be hard, but that's life. I can't imagine turfing my kids off to some stranger, or getting family to look after them. It was our choice to have kids, we can't expect other people to take responsibility. I hate it when women give birth, then go back to full-time work just six weeks later. Poor kid doesn't know who 'Mummy' is. Okay, sometimes this is unavoidable. Some people have to work, but sometimes these people put themselves in that situation, through overspending and loading themselves up with debt. I'm angry that we cannot buy a house and are having to rent, but it does mean that we have no debts, have a good deposit (we hope to buy a house next year), and I get to stay at home and bring my kids up myself. Hubby comes home from work and his freshly cooked dinner is ready for him. Yes, I know it's all very old-fashioned and I'm not going to get any brownie points from any feminists out there, but it works. There's nothing wrong with it being the other way around either, with dad at home and mum out at work. I just wonder, out of all those 50,000 stay-at-home mums that have been forced back into work, how many could have avoided it if they'd just been a little more cautious financially. You don't have to have a brand-new car, designer clothes and lie on your mortgage application. Kids don't care if their clothes are second-hand, or from Primark. They would far rather have mum or dad at hand. I'll shut up now. Munchie
  5. Looks like you've nailed it.......and it isn't afternoon yet.
  6. You sound just like me. I haven't got a clue either, other than the general downward slide of the UK economy, but it does look like the FTSE is dropping again. Munchie
  7. I had considered this, but what happens if the interest rate goes up? Bottom line is, we are intending to borrow around the £100k mark. We have a deposit of £40k. The intention is to take out a mortgage over 20 years, get a fixed rate for 2-3 years and overpay by as much as possible in the hope that we can pay the house off within 12 years. After that, we can put money away for retirement.......a substantial amount. By the way, although my husband is 29, I am 40 and we already have two kids. Please, no jokes about the age difference. I think that, between you, you have answered my question. It makes sense to contribute to the company pension, but we will put any other spare cash into mortgage overpayments. My husband is already putting the maximum amount into his company pension......he is on £30k and the maximum he can put in is 6%. Thanks again for all your replies. Munchie
  8. Yep.....these are the types of scenarios that we need to consider. Perhaps we really should speak to a financial advisor, although I'm grateful to anyone offering suggestions and advice. Thanks.
  9. Thanks for your replies. The £150 is not the only spare cash we will have. Even if we continue to pay into his company pension, we should still be able to overpay the mortgage by around £200 per month. He also has a private pension, although there is only £50 going into that a month. I do believe that prices will probably drop another 10% next year, but we really want our own place. Although I said we'd start looking for a place after Easter, we will be putting in silly offers on places we like the look of. I guess my goal would be to be in our own house by next Christmas, but I think my husband would want to make it as soon as possible. Our opinions will probably change as we watch what happens going into next year. Thanks. Munchie
  10. Hi Everyone, Hope you all had a fab Christmas. I've only posted a couple of times on here, but have been reading this forum for years. At the moment we are renting, but are intending to buy a house in the new year.....probably start looking after Easter. At the moment, my husband is paying £150 into his company pension every month. The company adds £150 themselves. My question is, do we keep doing this, or should we use the £150 to overpay the mortgage when we get one? On the face of it, the answer looks obvious. In the long term, £300 into a pension every month adds up to a fair sum, (he's only 29 years old), and the fact that our £150 per month is doubled sounds great. However, I can't shake the feeling that we would be better off getting that mortgage paid off as soon as possible. The figure you end up with when you retire isn't guaranteed and I'd be much happier knowing that every month we're one step closer to being mortgage-free. What do you guys think? I'd love to hear all sides. Thanks, Munchie
  11. What gets me is that, along with the headline, 'Interest in property up again', you also have the topics, 'Lloyds closing all C&G branches' and 'Setanta is on brink of Collapse', all on the same page. How can people honestly believe that the housing market is 'recovering' when so many companies in the financial sector are having big problems. Munchie
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