Smart bunch you are....some fiscal advice..pretty please.?

[Roadkilled]

OK so I've 'cloaked' meself!

I'm full of indecision as to how to deal with everything that's going on. If Youze don't mind I'm going to disclose my current situation and the relevant exposure I have.....

1/Mortgage no.1 with The Clydesdale Bank for £176K......very recent property valuation of £250K (what we paid for it 4 years ago). This is our Home and we're not looking to move.

2/Mortgage no.2 with The Clydesdale Bank for £33K....recent property valuation of £90K (down from £115K last September. We rent and the mortgage is covered.

3/Mortgage no.3 with a European Bank for a holiday property for £165K....recent property valuation of £230K. Annual rental income is £6K

4/Monthly Salary of appx £3.5K net .....however I also leave a further £3-5K per month in the Company Bank Account (Clydesdale)

5/£150K post-tax in my Company Bank Account Deposit account.(Clydesdale, AGAIN!)

So... Along with the £40K (gross) that my Mrs earns we're covering our Monthly overhead pretty comfortably. For the moment.


No more debts.(Whaddya want?!!!....)

Am I fooked? I'm bricking a steamy one.

Should I?......what???

[sleep envy]

Roadkilled said:

Clydesdale Bank

Roadkilled said:

Clydesdale Bank

Roadkilled said:

Clydesdale Bank

Roadkilled said:

Clydesdale Bank

Roadkilled said:

Clydesdale Bank

have you not heard of spreading your risk?

[Roadkilled]

sleep envy said:

Roadkilled said:

Clydesdale Bank

Roadkilled said:

Clydesdale Bank

Roadkilled said:

Clydesdale Bank

Roadkilled said:

Clydesdale Bank

Roadkilled said:

Clydesdale Bank

have you not heard of spreading your risk?

I'm hearing you Fella. I'm also hearing that CB's owner ...ANB...are in a 'good' position relatively. I've been wrong/ill-informed before so do I just split up my savings to other accounts? Do I also look at diversifying the debt also?. I'd appreciate all opinions!

[eldar]

Fixed term mortgages? When do they expire?

The next week will tell, so its probably too late to do anything short term....

[outlaw biker]

Mattresses. They are the only safe place to keep your cash in this climate. Steer clear of banks. Especially piggy banks. They can easily be broken into. You may have yours in a horse bank, but still....its risky.

[davido140]

Depends how much you need that 150k in your company to maintain cashflow, do you just charge for services or do you actually have to shell out for a "product" that you resell?

I'd get some of it out of there and into something "secure" like a building society, northern rock or NS&I.

[Simpo Two]

outlaw biker said:

Mattresses. They are the only safe place to keep your cash in this climate. Steer clear of banks. Especially piggy banks. They can easily be broken into. You may have yours in a horse bank, but still....its risky.

All this makes you wonder how Germany survived after WW1, when you needed a wheelbarrow of notes to buy a loaf of bread. Somehow they got through it. Could it happen again or is the 'West' too sensible now?

[Roadkilled]

eldar said:

Fixed term mortgages? When do they expire?

The next week will tell, so its probably too late to do anything short term....

Fixed Term...

1/£176K mortgage due up for renegotion in 2010 (£1.5K per month at 5.99%). 15 year term remaining.

2/£33K on Annual Variable Rate of 7.6% so appx £440 per month. I didn't renegotiate as we've been considering selling it. Stupid I know but the fact the mortgage is currently covered by the tennant minimizes our tax exposure and the difference between the AVR and the best rate we can find is not a lot per month. I deemed it possibly better to have a 'no-penalty' deal. 12 year term remaining.

3/£165K variable Euribor rate over 20 years.

Edited by Roadkilled on Tuesday 7th October 22:44

[Roadkilled]

sleep envy said:

Roadkilled said:

I'm hearing you Fella. I'm also hearing that CB's owner ...ANB...are in a 'good' position relatively. I've been wrong/ill-informed before so do I just split up my savings to other accounts? Do I also look at diversifying the debt also?. I'd appreciate all opinions!

IMO the mortgages are fine where they are, just move the savings into various banks to spread your risk

do not take money out of the bank, it will make matters worse if everone does this

Thanks.

Like you Mate I'm completely averse to the knee-jerk self-protectionism we're being goaded into....however the savings have been hard-won through a modestly successful Business (Not property 'developing') and I'm understandably concerned.

Cheers.

[Roadkilled]

davido140 said:

Depends how much you need that 150k in your company to maintain cashflow, do you just charge for services or do you actually have to shell out for a "product" that you resell?

I'd get some of it out of there and into something "secure" like a building society, northern rock or NS&I.

I charge for Services. Cash flow requirement is a steady £50K which I have covered in ANOTHER FOOKIN' CLYDESDALE BANK ACCOUNT!!

[mouk786]

worst i have laods of dosh thread ever (Well, not the worst, but oen of the worst)

[sleep envy]

Roadkilled said:

I charge for Services. Cash flow requirement is a steady £50K which I have covered in ANOTHER FOOKIN' CLYDESDALE BANK ACCOUNT!!

sorry

[Roadkilled]

mouk786 said:

worst i have laods of dosh thread ever (Well, not the worst, but oen of the worst)

Knew that was coming. Thanks for you input.

[Roadkilled]

sleep envy said:

Roadkilled said:

I charge for Services. Cash flow requirement is a steady £50K which I have covered in ANOTHER FOOKIN' CLYDESDALE BANK ACCOUNT!!

sorry

Me too.


Any other suggestions Slenvers?

[jimmyd123]

sleep envy said:

Roadkilled said:

Clydesdale Bank

Roadkilled said:

Clydesdale Bank

Roadkilled said:

Clydesdale Bank

Roadkilled said:

Clydesdale Bank

Roadkilled said:

Clydesdale Bank

have you not heard of spreading your risk?

Surely having savings and debt with the same bank is pretty safe. As I understand it, if the bank did hit trouble your savings and debts would be netted off. Not ideal, but better than just the bank with your savings going noorks up.

[Tunku]

I use the Clydesdale Bank, now owned by NAB (National Australia Bank). I've used them for years without a problem.
So far they seem to be immune from the international hysteria that is going on.
Having recently impulse bought a caravan, I am in a strong position to bail out if required.

[sleep envy]

jimmyd123 said:

Surely having savings and debt with the same bank is pretty safe. As I understand it, if the bank did hit trouble your savings and debts would be netted off. Not ideal, but better than just the bank with your savings going noorks up.

are you 100% sure about that?

what happens when the bank stops processing your deposits and withdrawls if it goes norks up?

no cash for you for a few months

Edited by sleep envy on Tuesday 7th October 23:09

[sleep envy]

Roadkilled said:

Any other suggestions Slenvers?

YHM

[Roadkilled]

anonymous said:

[redacted]

Hi Tonks, I've got bags of salt spread all over the property valuations.......glass half empty me!

I've worked out we can cover the current monthly fiscal demand for 4 years should I stop earning. Currently earning OK in the interim but....glass half empty me!

MMMMMMMMMMM.......19 year-olds.......MMMMMMMMMMMM

[johnfm]

is this post a wind up?

you have virtually no debt, at healthy ltv and strong cash flow.

what the fk are you bricking about??