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Offsetting and Overpayments
Hello there, this is my first post so treat me gentle! I have been reading everyone's inspiring stories for months now and your enthusiasm for the mission never ceases to amaze me. I just wish I had all this information years ago instead of wasting about 14 years on an interest only mortgage. Anyway, it's all change now,…
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Mortgage Calculator
Hi - I am trying to find a good mortgage calculator so I can see how much interest my brother would save on his mortgage. At present he has a £50k interest only mortgage and I was wondering how much he would save by converting to a repayment and increasing his monthly payments. Many thanks for any help/advise you can give…
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Nationwide question
Hi everybody, Just a quick one. I've now made three overpayments on my Nationwide mortgage, of £500 in each of the last 3 months. My understanding was that (unless I made a specific request for the term to be reduced instead) the basic monthly payment would be recalculated every time a £500 O/P was made. In actual fact, my…
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Getting plan together...
I started with a £77500 5yr fixed-rate loan in April 2006, my basic repayments are £460ish. Then back in Feb I decided to start monthly o/pmts of £50 after getting a pay rise (int is recalcd mthly). I have now just started making the full 20% o/pmt of £94pcm since starting a great new job. I will shovel the rest of my rise…
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Mortgage free 1st,Pension later?
Hi all,ok since becoming focused on sorting my finance my head eventually turned to retirement. I read a fair bit on pensions n mortgages on this site and a question arose in my head which i haven't seen asked yet. Maybe its a stupid question but im still a beginner at this and all avenues have to be explored. What im…
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Tips on getting through every day without spending a penny !
Hi all,:D Wanted to start a new thread, I am really serious about paying every spare penny into my savings pot to get mortgage down. Would anyone like to share any tips to get through every day without spending a penny? Please feel free to share! Here are mine that Ive come up with so far.... 1. Leave my purse and bank…
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Do I leave a couple of grand as mortgage balance? Help!
Am frantically trying to pay off mortgage, having been inspired by mortgage free in 3 etc. I now have £20K left and reckon will take a couple of years to pay off, the question is do I leave a grand or two in mortgage and then pay that as interest free so I can borrow again at a good rate or do I pay it off completly?…
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What would you do?
I have just posted this in the savings and investments board as well, so apologies to those of you who frequent both. We (well DH really as he invested before he met me) have three investments. I have just gathered together all the data I can find on them and entered it into a spreadsheet and compared them to paying the…
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Small mortgage
I have been overpaying my current mortgage over the last few months, :j but have started to wonder about the next re-mortgage. Is there a minimum debt lenders like to work with? I don't want to overpay and then get a limited selection of deals. Anybody encountered this problem? Cheers AD
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Date Of Mortgage Payments
At the moment I pay my mortgage on the 29th of each month.I was told that mortgages should be paid on the 1st of the month as it saves interest. On contacting my lender they said i must pay back to back payments on the 29th of August and then 1st of September then it will revert to the frst of each month. Cant really…
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One account & interest free c/c
Hi guys, I would appreciate your help/advice as I know there is a wealth of experience on this forum. I currently have a £72k mortgage and would really like to make my money work a bit harder to try and reduce it. Have to admit I was always much better at English than Maths, so am just kind of going round in circles at the…
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Advice anyone please
I have a mortgage of £66000 outstanding on a variable rate of 7.0% and pay £775.61 per month to Halifax Bank of Scotland. There is 9yrs 9months remaining and I want to be mortgage free in 5yrs. I have no early redemtion penalties with this mortgage and my credit score is good. HBoS have only suggested products that allow…
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Mortgage Overpayment Question
Hi guys, I phoned up my mortgage lender to ask for details on how to make overpayments. I was told that the type of mortgage I have would incur a penalty for any type of overpayment I make. The key facts of my mortgage are below: 10. What happens if you do not want this mortgage any more? Early Repayment Charges. An early…
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overpayment advice please
Hi everyone we will be moving into our first home on friday so my mortgage will be starting soon and i was wondering about overpayments Our mortgage is with bristol and west and we are borrowing 99000 it is interest only with a rate of 6.4% (could be wrong im not sure because im at work and cant remember but it's…
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My Diary
I wanted to post my own story (which is only just beginning) of seeking freedom from the mortgage. My wife and I sold our flat and moved to a great house in August last year. It was so nice, exactly what we wanted, that we stretched ourselves and spent more than we thought we would - ending up with a mortage of 175k. This…
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FTB Help needed
Hi there everyone, Me and my hubby are wanting to buy our own home but are really struggling and could do with some sound advice from you great folk!!! The problem is that my hubby is a non eu national and there fore does not yet have indefinate leave to remain in the uk (he will have in approx 6 weeks). He is here on a 2…
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How do I get started
Hi There, I have been reading alot of the posts on here about being mortgage free. My DH and I have quite a large mortgage (£188,000). We moved to our new house in May 07, and currently have just under 24 years to run. Dh doesnt think it is worth while paying of mortgage, but, should be putting money by in a savings…
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Inspiration perhaps...
Hi all, I've been lurking a long time, even posted my intention/timescale to be mortgage free many moons ago. I thought my story of how I got to my current situation, mortgage 'free', might provide some encouragement, or just amusement. I was on board with the idea of overpaying a mortgage before I took one out, so I chose…
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My SOA...
Statement of Affairs and Personal Balance Sheet ............. Posted to wrong forum...
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Can you help me with a list of essentials?
I am trying to work out my budget for when I start my mortgage. I have chosen a mortgage where you can over pay. Here is what I have got upto now: Council Tax £ 62.22 Mortgage £ 479.73 Insurance £ 42.79 Life Insurance £ 5.00 Utilities £ 120.00 Food / Groceries £ 150.00 TV Licence / Phone £ 46.00 Car Running Costs £ 140.00…