One major thing I’ve done in the last year to simplify my finances is to get a flexible mortgage. This type of mortgage allows you to overpay and take payment breaks. All excess funds go into a savings pot which is offset against the mortgage lowering the interest to be paid, and, in turn reducing the monthly payments. I like the fact that we can build a cushion in the savings which we can use to take a break if something happens and we could do with a month off, the savings can also be used for home improvements.
Last Monday we put an offer in on a house, on Thursday we upped that offer and am pleased to say that it was accepted! In this situation I am now finding further benefits to the flexible mortgage as you can just transfer the mortgage to a different address, no need to reapply, as long as the amount you need to borrow is within your upper limit it’s simply a case of changing the addresses.
What have you done recently that has simplified your finances?
Next Week’s Habit: Simplify my Life
Photo by flickr user cristina101
One Response to “Parent Testing a Habit: Simplify Finances”
We have a flexable mortgage over paid for few years so when i was on maternity we could have some time off and now we are payin min while i am only part time great coz the period of the mortgage hasnt been extended