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  • FIRST POST
    • losemymortgage
    • By losemymortgage 28th Sep 17, 2:28 PM
    • 2Posts
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    losemymortgage
    Advice on getting mortgage free
    • #1
    • 28th Sep 17, 2:28 PM
    Advice on getting mortgage free 28th Sep 17 at 2:28 PM
    Can anyone advise me.

    I have a £31000 mortgage left on my £350000 house. I am looking to pay it off as soon as I can.
    I have £5000 in premium bonds, and I always overpay the mortgage by £200 a month - total of £580 each month.

    What should I do now my rate is coming to an end? I want a low % mortgage with no fee, and where I can over pay more than 10% a year. Also, should I pay £5000 off the total and get a mortgage for the remaining £26000?? Or keep that in savings and just over pay by £200 a month?

    Any tips would be gratefully received!
    Last edited by losemymortgage; 28-09-2017 at 2:35 PM. Reason: add some more info
Page 1
    • Tropically
    • By Tropically 28th Sep 17, 3:21 PM
    • 129 Posts
    • 371 Thanks
    Tropically
    • #2
    • 28th Sep 17, 3:21 PM
    • #2
    • 28th Sep 17, 3:21 PM
    I would speak to a broker. Martin Lewis has some great recommendations for that. I used London and Country and liked them.
    Mortgage started at £318,000 in June 2016. Original MF - 2041
    Emergency Savings - £12,737.83/£10,000
    OPs: £3229/£7000
    Side goal: Save £4000 and get that mortgage below £300,000!!
    • losemymortgage
    • By losemymortgage 2nd Oct 17, 3:34 PM
    • 2 Posts
    • 0 Thanks
    losemymortgage
    • #3
    • 2nd Oct 17, 3:34 PM
    • #3
    • 2nd Oct 17, 3:34 PM
    Ah no, the point was, what would others do?

    Pay £5000 off the mortgage or just overpay every month? I know how to get a 0.99% deal bit I wanted another point of view

    Ta!
    • sleepygirl126
    • By sleepygirl126 2nd Oct 17, 3:57 PM
    • 250 Posts
    • 555 Thanks
    sleepygirl126
    • #4
    • 2nd Oct 17, 3:57 PM
    • #4
    • 2nd Oct 17, 3:57 PM
    Personally if the £5k is all you have in savings...I'd hang on to at least £3k of it..if you have other savings...pay it off
    Original mortgage £154,850 (2013)
    Mortgage now £147,608.09

    Original savings £0 (2013)
    Savings now £3000 in ISA and premium bonds
    £60 in mini savings pot, £600 in Xmas vouchers
    • Tropically
    • By Tropically 2nd Oct 17, 4:36 PM
    • 129 Posts
    • 371 Thanks
    Tropically
    • #5
    • 2nd Oct 17, 4:36 PM
    • #5
    • 2nd Oct 17, 4:36 PM
    Ah sorry, I thought you were asking for recommendations of banks which would give you a low fee and the ability to overpay!

    I would keep £5000 in an emergency fund if it is your only savings.

    If it is not your only savings and you can get a 0.99% deal, I would keep the funds in a savings account because I could get more than that in a savings account.
    Mortgage started at £318,000 in June 2016. Original MF - 2041
    Emergency Savings - £12,737.83/£10,000
    OPs: £3229/£7000
    Side goal: Save £4000 and get that mortgage below £300,000!!
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