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High fixed rate,not all bad?
Hi Hope you can all help me out? I recently took out an offsett fixed rate for 5 years at 6.69% then there was the interest rate cut! Only have £15k left o/s and this will be cleared in 5 years. This seems like a high rate now, but is it all bad? Any saving I have in offsett savings account will be `earning` 6.69% interest…
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Sell your handmade creations for free on the web
Hi, Was not sure where to post this but have posted in this forum, mortgage free wanabee & freebies but please feel free move to more appropriate location if required. I have just come across the website www.artymiss.co.uk/barter where you can sell any of your handmade creations for free. They do not charge a listing fee,…
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Pay Off Mortgage Early
Ok this may seem like it has an easy one,but here goes. I have £3740 remaining on my mortgage which finishes in June 2010 (thanks to overpayments).I also have about 20k in savings,so far so good now the worrying bit well for me at least,I am a 53yr old IT Contractor and my current contract is about to end,and considering…
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Overpayments have caused Halifax to reduce monthly payments?!?!?
I have a Halifax fixed rate mortgage. I pay a monthly of £715. Recently decided to overpay and sent them two checks for £200 over last 2 months with instructions that they should be taken as part repayment of capital. Today I have received a letter from them saying thanks for the money and that they will now be reducing my…
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Is now a good time to pay some of my MG off?
Hi MS heads, This is my first post here so be gentle. I have been saving like a demon for the past year or so and have a relatively small mortgage. I am able to afford my monthly payments fine but am eager to pay a lump sum off. I was all ready to send my cheque in today but something that I watched on Location Location…
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Pay off Mortgage v Invest in Buy to rent
Hi, I am due to get around 50k inheritance, should I pay off part of my mortgage which is 150k on a house worth around 400k. Or should I buy a house to let out:confused:
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Overpay mortgage or Loan?
We currently owe around £22k in a personal loan at 5.9% and then have a mortgage of around £113k at a lower rate (mixed at around 75% at 3% and 25% at 5%) With the fall in the mortgage rate we can afford to pay off an additional £100 per month, but wasn't sure if we should be putting it towards the mortgage or the loan.…
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Overpay mortgage or put XS cash into savings, or even an offset account???
Ok, I really really can't work this out - I just get myself all confused everytime I try to work the figures out! We have a tracker mortgage which tracks at .075 above the base rate for the life of the mortgage. We can afford to overpay (at the moment) £200 but are expecting the payments to drop further by dec/jan when…
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Northern Rock mortgage online balance
Hi, I have just started making overpayments to my NR mortgage account and I would like to see the balance coming down each month but alas NR are saying that they don't have an online facility for this:mad: I have only spoken to one customer service rep so he could (hopefully) be wrong, if it is true they don't have an…
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Newbie Here - any advice
Hi Im new to the MFW and am desperate to pay off the mortgage asap. My mortgage is currently at 125k and am on a 10 year term as weve reduced the term by 3 years every time our fixed rate has ended but ive never overpaid on my mortgage as ive not even thought about it before?!?! Rate is 6.19 Im with the Abbey which reading…
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A quick warning: rate cuts will not be automatically applied
Up to now, The Woolwich [Barclays] let us know in advance if the repayments on our tracker mortgage was to be reduced. This time (according the person on the Barclays helpline) mortgage owners will have to apply to the Woolwich to claim the lower rate. When I explicitly asked for confirmation of the change, the assistant…
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Finally taking the plunge...
About a year ago, I got a tracker mortgage at 0.16% below base. Seemed like a good deal at the time, and now it's fantastic. With the rate at 2.84%, I've finally decided it's high time to start overpaying. £75 a month! According to the overpayment calculators I've found, it'll cut off 8 years if I keep at it. Of course,…
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Pay off Mortgage with a Loan?
My mortgage is less than £2,000.00 and the interest is 5.25% (including deductions aftr recent rate cut etc.) It is a repayment mortgage. I am wondering if I'd be better off taking out a loan to clear the outstanding mortgage in full. Any suggestions/ideas would be much apreciated. Thanks
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Overpayment date?
Hi Guys, I'm about to start overpaying my mortgage, but would like some advise on when during the month i should make the payment. My current mortgage payment goes out on the 5th of every month. Not sure if you need anymore detail than this? Thanks in advance
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Shall I move Mortgage or not?
I have just over 3 years left on my mortgage and about 27,000. However I am in a fixed rate tied in until 2011.The rate is high compare to what is on offer in some banks now. Should I risk the £750+ fine and move it to a better deal? I also want to pay it off as quickly as possible and have been paying more than what I…
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Interest only with over payments or going on to repayment?
Hello would like some advice on my mortage. I have only looked at this thread as we were unable to make over payement before but now the rate has dropped its an option. I have a three year interest only tracker mortage deal with HSBC. Our interest only "home start "ends next Oct 2009 and our paymeny become repayment not…
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Release equity to pay off mortgage quicker (what do you think)
Simply: Has anyone released equity (for that 'home improvement') and put it into savings. I could release 10k equity from my HSBC tracker mortgage (currently sitting BOE +0.24%) and simply put it into an existing esaver with A&L that has a net 4.65%. While keeping my mortgage term the same, and allowing my monthly payment…
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Cash isa or offset savings pot?
Sorry to sound a bit thick! It`s been along day! I have a 5 year fixed rate offsett,which is new,not sure of the rate (will have to go and have a look later) but say 5%. Found out i maybe coming into some money about £10k, am i best putting it into offset linked savings account or putting it into a cash isa? split between…
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In trouble, please help!
Hi there, First post! I'm in trouble... Have stopped using my cards, cut them up, and just faced reality and counted up my debts so here they are... £53,000 credit cards £15,000 unsecured personal loan £1,500 overdraught £1,000 studio catalogue I've read a few things on here, and wondered how I go about asking for CCA's, I…
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letting out my flat and living as a lodger
i can see this being the only way i will be able to overpay on my mortgage. currently i'm in the red every month, and my only option would be a lodger to live with me, which would bring in an extra 300 a month approx. for the next 9 months or so i have the option of renting a room with a friend, with bills all included.…