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What age were you when you BEGAN your mortgage...
After the excellent post about age when you paid off the mortgage, thought it would be good to see when people started their mortgage... We hear lots about this rising to people in their thirties now.. we were both 22 and 20 and £36k seemed like a massive debt!! - now realise how lucky we are, although at the time all we…
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£500 lumps sums or more regularly?
Reading some of these threads on this board, I realise that we are in a relatively lucky position of having a mortgage of £32,000. Its all relative though and after Ive paid some debts off I'd like to be mortgage free as soon as possible to free up some cash. We are with the Nationwide and have approx. 10 years left to go.…
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My dad wants to pay off his mortgage......
So I thought I'd ask in here for some advice :) Slight backstory.... My dad will be 66 in August. He is currently in full time employment and receiving his statutory pension. The only reason he is still working is because when he took out the mortgage he was self employed (he's not anymore) and they made him take the…
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A few dim questions about overpayments!
I've been lurking here all morning and am inspired to start making overpayments to reduce my morgage. Unfortunatley I have no idea how to do this! Can you do a direct debit? Can you only do it on certain morgages? I'm due a morgage review in about 2 months, would it be better to wait until then and put in everything I can…
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no mortgage, my house, can someone get morg on it
I own a house house outright. My friend wants to have a half share in it, get a mortgage on her onw on the house and give me the half share in cash. Can this happen? Would she have to go on the deeds for it to happen or for it to be legally binding? She actually owns another house which she lives in. This one will…
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5 years left on endowment mortgage
I have 5 years left on my endowment mortgage and am considering surrendering the policies and paying of the capital early. My original loan was for £41,500, I have reduced that by overpayments to £26,000. I've had surrender quotes for the two under performing policies for £15,000 and £5,000 respectively. This would leave a…
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Overpayment Calculator
I'm looking for an overpayment calculator which allows for overpayments monthly as well as the odd lump sum but doesn't reduce the min mothly payment just the term I've looked through the overpayment Calculator sticky but can't find one that does this. Can anyone help please? Thanks
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Started Today
Well here we are. Been lurking for a while now and decided today to begin overpaying my mortgage. My circumstances are as follows.... £89000 to go over a term of 19 years, this is now reduced to a term of 15 years (and a few months) as I whacked in the full 10 percent (£8900).... My fixed deal runs out 2015..... what do…
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Mortgage Holiday - What is the cost?
If my brother takes a Mortgage holiday and doesn't pay it for three payments it should clear his overdraft - that alone is costing about £25 pm However I noticed a lot of Mortgage calculators working out how much you save by overpaying but no calculators seem to work out mortgage holidays. Cheers
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MFW Challenge - Completed
Well I've done it - from today I'm MF. Or, to be precise, the balance of the accounts linked to my offset mortgage equals the mortgage amount. I missed my initial target (MF by 40) by a year and a bit, but I've got rid of my mortgage in ten years so I won't give myself too much of a hard time. I thought I'd jot down a few…
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I'm new at this, can someone help?
I need to show this led finger light with a white background. But the light needs to be on and show a little color on that white background. If I just use a brush and white out some area around the light hitting the table then it does not look very good. I want to make a great looking photo to put on the front of this…
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Pay off mortagage or invest?
Ok this might be a very silly post but please bear with me, i have looked for similar threads but been unfruitfull so if there is one already please direct me to it. I have a relative that has to pay 260k on a morgage, he also has Isa's and Bonds and stocks Totalling 50k. He is a highrate taxpayer. I have 210k which i can…
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Mortgage life policy
Hi, I have a life policy with Scottish Widows for my mortgage and I'd like to get an understanding of where I stand before contacting them. The monthly premium is about £10. It is a decreasing cover policy with no payout at the end. It has a 25 year term. Under normal repayments my mortgage would have about 12 years left…
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Overpaying Conumdrum
Hi Just have a bit of a conundrum that I am mulling over and am looking for a but of advice from other overpayers about what they did/or would do in this siutation. It may go on a bit so bear with me. Background Me and my girlfriend have a mortgage outstanding of 103500 which will reduce to around 99000 after overpayments…
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Should I repay my mortgage from redundancy money? Help please.
I have just taken redundancy and have enough money to repay our mortgage. The outstanding debt is £46.5k made up of £21k on fixed rate of 5.74% due to expire in Nov 2009 and the remainder at base rate tracker. Are we best to pay off the mortgage in full? Friends and family have advised us to keep a small amount say £10k as…
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letter of 'no longer have an interest'
I have obtained a letter from my BS regarding I have paid off my mortgage and asked them to send me a letter for my Endownment company to say they (the BS) no longer have an interest in the property. Do I hang on to this until nearer the time that the endownment is finished? or send it off now?
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Overpaying - Have i done the right thing?
Hi all, I have recently taken out a 35 year mortgage for £238,500 5yr Fixed Rate at 5.63%. I was advised to overpay as much as possible so decided to do so. I phoned up my lender and requested my monthly payments go up to £1550 (from around £1300). The woman i spoke to told me she would send me something to sign and return…
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standing order
hi,i was wondering if anyone knows of any pitfalls if i put my mortgage on standing order instead of direct debit.my thinking is>>>i get paid 4 weekly so if i put it on standing order to go out each pay day i,ll be paying an extra payment a year.i have checked my mortgage to make sure it is ok to overpay without incurring…
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Overpayed and the monthly payment didn't go down as much as I thought it would?
I have 23 years left on a mortgage. Payments 889.90. Made an overpayment of £2,500 off the capital. Payments went down to £885. Should it not have gone down a little more? I thought if I do 23 x 12 x £4.90 that should equal more than what I've overpaid?
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Pay off mortgage but maintain a nominal balance?
Next month I will be paying off my mortgage but I fully expect that at some point in the future I will move to another more expensive house and therefore require a mortgage again. This raises the problem that if I use up the vast majority of savings now to pay off the mortgage my mortgage company (Nationwide) have said…