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Overpayment spreadsheet ps??
Hi, I want to overpay my mortgage but overpayments will be different amounts each month. Does anyone have a link to a spreadsheet that allows me to input info monthly, giving me details of how many years/money saved so far? I am not clever enough to work out my own formulas !!!! Many thanks
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Shorter Mortgage Term?
Hello there, I was hoping to get your thoughts/general advice on something, please! I'm a FTB, hoping to buy somewhere in mid-2009 once my partner and I have a healthy deposit saved (approx £25k=10%). I was having a look at the Nationwide mortgage calculator and it seems that £250k: Over 25 years, payments on a 3 yr fixed…
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Reduce payment or term?
Hi I don't understand whether it would be better to reduce our monthly payment or to reduce the term of our mortgage if we overpay? We have a repayment mortgage with 21 years left. Any advice on the things I should consider would be great? And do I get a choice? Thanks Alison [threadbanner]box[/threadbanner]
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I want to reduce my mortgage - help !
I don't think I could become mortgage free for some time but I want to be mortgage less !!! How does this work ? Do I post details and a committment or just post my declaration? Due to a recent inheritance, I will be able to pay off numerous credit cards (£88k) ( costing £1176 per month to pay ) and a little towards my…
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Remortgage conundrum....
I've done a spreadsheet to compare the two main mortgage options available to me. 1- low fees, switch to a 6.55% fix with existing lender 2- gather up a load of savings, reduce the mortgage down from £73K to £66K to qualify for a 5.99% rate, fixed for 5 years. My analysis shows that option 2 will save me £2.5K over the 5…
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Lump sum or regular payments?
I'm hoping someone has a calculator that can help me with the maths on this. We have a mortgage of approx £50,000 with 14 years left to run at 5.49% (BR tracker). Our standard mortgage DD is set to £1,000 so there's quite a bit of OP there. The OH will get a bonus in November of £12,000 (take home) and another in April 09…
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Overpayments on a Shared Ownership Mortgage
At present I have a £55,000 mortgage at 6.17% on a 40% share of a Shared Ownership property. My monthly payments are approx. £360 on the mortgage, and the term is 25 years. My rent, service charge etc. comes to around the same. I can make overpayments of up to £500 per month without penalty. I'm keen to buy more of the…
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extending mortgage term
I am about to pay a substantial lump sum off my mortgage as I have retired from work and I will be receiving a lump sum and a work's pension. My state pension does not kick in for another 5 years. I want to be have a reasonable standard of living until then and to do this I would be better to extend the term of my mortgage…
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Overpayment query - reduce term or monthly payment?
Hi, I am due to start overpaying and was wondering whether to reduce the term or reduce the monthly payment. Could somebody explain which is better and also if there is any difference in the amount of interest that I would pay over the term of the mortgage. I was leaning more to reduce the monthly payment as then I would…
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Starting on the mortgage...
Hi all, I hope it's ok to join in here. Having recently cleared my debts I have decided to start on my mortgage in a bid to clear it in 5 years. It's tiny compared to most peoples and I feel a bit of a fraud really but our income is unstable (due to hubby's self-employed business in building) so we can't commit to much.…
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fixed rate - Where do my overpayments go???
Thanks in advance to anyone who can help me out! This is probably a really stupid question, but I'm making overpayments to try to pay off the mortgage a bit early but am not really financially minded so find it hard to get my head round it all! :o When reading other people's threads on overpayments they've referred to…
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Just a few months to go
Hello everyone I've been lurking here for a long time and it never occurred to me to share my mortgage free story. It's pretty dull compared with many I've seen on this board, but I'm now just a few months away (some time in October is MFD) so I thought this would be as good a time as any. Ancient history first - I'd…
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Mortgage deal ends soon - advice appreciated
Hi This is the first time I've posted on the MFW board, so bear with me :o Our mortgage fixed rate deal ends in October. When should I apply for my remortgage? I am with Natwest at the mo, but have seen better deals elsewhere, I have only ever been with Natwest since I took out the mortgage in 2003 so am not sure how…
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what do you do when you have cleared all debts?
i'm sure there are people here who have paid off their mortgages and other loans, but i was wondering what's next? i'm desperately trying to pay my mortgage off as quick as i can. i'm not sure what i will do when i finally get there, all i know is i want the freedom to not have to work. it's not that i want to laze about…
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Endowment and Mortgage Endowment Promise?
Hi All - We are thinking of cashing in our SL endowment policy and I have been in contact with company who have given me the figures I need. However, in their letter it states that we are eligible for their Mortgage Endowment Promise - anyone knows what this is/means?:confused: I also got the same figures off SL about 2/3…
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Coud I ask for some advice please?
I have a repayment mortgage with First Direct for £40,000 and my fixed deal has just ended. My new repayments are £285 which is more than manageable, however, I have savings of £12,500 (roughly) and I was just wondering whether I should do something with them (e.g. pay £10,000 off my mortgage) or whether I am better off…
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Convince me to pay lump off mortgage please
Hi all, When I come to remortgage at the end of september I have the money to pay £10k off the £98k outstanding. That's about half my savings. At the moment this is sitting in an easy access account earning 5.25%. Probably going for HSBC BOE+0.99%. The problem I have is that I've never had savings before and it does give…
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Some simple questions...sorry
I bought a flat last year as a first time buyer and I am desperate to pay as much as I can off my mortgage whilst the mortgage is my only commitment-no husband, kids etc. I would like to know how I can find out the end date for my mortgage, I have all the paper work Halifax sent to me at the start but I can't find it…
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Overpayments or ISA
Hi all, I'm getting married in October and OH and I hope to be debt free after our honeymoon, though we won't have any savings! I'm keen on the idea of overpaying the mortgage, as we're each saving between 300-500 a month for the wedding so it may be best to continue saving, rather than slipping into an expensive…
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Mortgage payment by cashback credit card
I know paying the mortgage with a credit card has been brought up before, but I don't mean paying overpayments. I'm simply talking about paying the regular monthly payment with a cashback credit card. I've done this for the last two or three months now with my egg money card, regularly getting 1% of my payment back as…