-
Mortgage overpayments
Just wanted a bit of advice on making overpayments. We try to overpay each month and our lender allows us to decide whether we want the payment to either reduce the term of our mortgage or come off the capital (which means our monthly payments reduce). Is one of these options better than the other in terms of reducing the…
-
Your thoughts/advice would be appreciated
Hi Guys & Gals I will start with a summary of what i owe and then what i have and my plan. Loan 1 = £69,200 fixed @ 5.3% until Dec 06 Loan 2 = £30,300 fixed @ 4.95 until Aug 08 Both the above have 21 years to run with the Abbey and early repayment charges apply on term. Currently (just started) making an overpayment of…
-
Paying off mortgage early
Have been reading these pages for a few months and have picked up loads of tips. But this is the first time I've ever written so be nice PLEASE. We currently have a mortgage of 80839.90 with A&L which we took out in Oct 03 this is on a fixed rate of 4.89% this is fixed until October 09. Have been looking at the amorisation…
-
save for kids or pay it off the mortgage?
Hi I recently started saving £50 a month for my 3 kids (14yrs, 11yrs and 8yrs) with the Halifax 10% kids account for a year...hopefully to save some cash if they go off to university to help pay for fees or rent. But after reading some of the threads to pay of your mortgage I am now wondering should I pay this extra off…
-
Pay off your mortgage in 2 years - final episode
Hi, I don't know if there is a thread already about this one but felt that I had to put something on here. I am talking about the final episode last night with the 'surfer' family. I was really inspired by this programme and these people. They were not materialistic at all and seemed to have their values all sorted. Even…
-
sharesave / payoff mortgage
I have been reading the mortgage free threads with interest and I was looking for some help / opinions on the following. At present I have 20 years left on my £80,000 C and I mortgage paying roughly £500 pm on a 5% fixed rate. I usually shop around every 2 years for the best product on offer and swap. Myself and my partner…
-
Halifax mortgage overpayment
Hi, reading this site has inspired me to start overpaying my mortgage in order to get rid of it as soon as possible. Currently i owe £65536.65 and the term remaining is 23years. I have just added the mortgage to my online halifax portfolio which is great as it shows how much you currently owe. I then phoned up the halifax…
-
Shifting mortgage to rental property?
I got married last year and my husband has moved in with me, and is planning to rent out his house. Both of us are quite sensible financially and have 3-bed semis, each with only around £20-25K outstanding on the mortgage. He is planning to change his mortgage to a buy-to-let one, since the house is no longer his main…
-
Do you go for a reduced mortgage term OR pay more off the mortgage we have????
Hello, wonder if anyone has any suggestions on what is best. We're in a position where we can pay quite a good amount back on our mortgage per month, but when we come to renew the mortgage next Jan do we just opt to reduce the number of years or do we carry on paying overpayments as we are now? HELP!!!! :confused:
-
Mortage V Pension
Should people only consider overpaying a mortgage if they can pay a decent amount in to a pension. Where should the priority lie? I know this will depend on individual circumstances. I am approaching 42. Should I pay more into a pension now to take best advantage of possible growth or go more towards the mortgage where…
-
help need some advice on whether to start paying my mortgage off early
I currently have a a mortgage with Birmingham Midshires bank of £69999.00 it was a 25 year mortgage and we have 21 yrs left at that figure above. I also have £25,000 loan taken out with my parents which I pay back 150.00 a month for again this went towards buying our house. The mortgage was fixed for 5 years at 5.5% and…
-
I Wanna be Mortgage Free
I just wanted to register that I love this board. Me and my hubby want to be mortgage free in 10 years. We're gonna do it with the help of this board. :T Hopefully I can post in with our progress. Current mortgage £200k. Net debts £140k. TTFN
-
Future relocation and reducing mortgage - anything we should be looking at now?
We're dreaming of moving to Lincolnshire where we can get (what is to us) our dream home (2-3 bed cottage with lots of land, near the sea). We'd love to do this now, but realistically are looking at a couple of years time. We can only do this by reducing our mortgage as there is very little work up there, and even less in…
-
Paying mortgage off - what to look for when moving mortgages - help required
I cut a long story short, I like most on here want to pay my mortgage off earlier than the original 25 years. I'm 7 years into a 25 year term and currently in a second introduction rate that finishes in Oct 2006. I'm sure (but will check) that I can not overpay during this period so am currently paying what ever extra cash…
