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Mortgage reserve account dilemma
We purchased a bit of extra garden behind our house about 4 years ago and added to our mortgage, which is due to be paid off by Sept 07. However at the same time, the guy at the bank suggested that we also took out a Mortgage Reserve Account, so that if we wanted to buy a caravan, boat or whatever, we could do that as…
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How to be mortgage-free, prosper and increase
Hope this helps some people, it's just my story!! One: we bought a house we could afford on ONE salary. I know it's not as easy as that these days, but the lesson to be learned, I believe is, don't go in at the top. Lower your sights a bit - have a house in a slightly less desirable area, or consider a flat instead of a…
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What's the best option when you pay off your mortgage?
Hi I've read lots about reducing your mortgage but what happens when you actually pay it off, I've heard its better to stay £100 in debt and pay the interest on that so your mortgage dealer still looks after your title deeds, rather than pay a solicitor to look after your title deeds, I live in Scotland so I don't know if…
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Offset or not to offset?
Offset or not to offset that is the question? Is it be better to offset all our mortgage or pay it off and have done. I understand that we are in a very fortunate position but we have worked very hard in the way of moneysaving and along with a timely redundancy we are looking for the best option. Any suggestions will be…
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To Pay Off, or Not To Pay Off?
Hi My wife owns a house which we have been renting out. An opportunity has arisen to sell her house. If we sell it, then after tax, we'll have £90,000 in hand. That will actually pay off all but £20,000 of our existing main-house mortgage. I've done a few calculations and reckon that rental income would produce about…
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Selling House To Buy A Cheaper One
Firstly: I want to reduce my mortgage considerably. I have 29 years left of a 30 year mortgage with First Active (bank of england tracker, currently 4.something%). To save money, I will overpay by £50 per month, and ask if I can do something bi-weekly/monthly (not sure if they allow this?). I would like to sell my £135,000…
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Overpayers beware. Continued
I see this thread appears to have been closed (not sure why), but as Bil2 seems to have some important points incorrectly stated, I think it would be a good idea for the benefit of others reading it if we got those cleared up. You are, yet again, assuming that the property will be split 50:50. I say, yet again, that this…
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Best way to make Overpayments
I have a flexible offset mortgage which allows me to make overpayments of (£1000 a day) on a 48k mortgage (currently 17yrs left to run). I am paying the required amount of £345.00 month @ 5.35%. As i am self - employed i have an extra £200 month i can overpay. Should i pay the £200.00 monthly or should i pay £50.00 a week.…
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Interest-only mortage. Unemployed
Hi I was wondering if anyone could give me advise relating to my mortgage and outstanding loan and how this or my credit rating might be affected if I wish to claim unemploymant allowance. I took a £30000+ loan while employed to invest in business/property. I was made redundant very shortly thereafter and have decided to…
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Overpay, offset or regular savings?
Hi all, My mortgage is 5% I can offset savings or overpay this (totally flexible) OR A building society with 8% gross for a year (6.4% ish). Interest paid at end of year then close account Would I be better using my 3k (£250 mth) for the year in the building society or paying into the mortgage account reducing interest I…
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Overpayers beware!!!
I was happily making regular lump sum overpayments to my mortgage with the intention on paying off the mortgage in about 5 years time. However, just this week, I found out that even though I'm the sole owner of my property, if my husband and I were to divorce, he would be able to make a claim on 50% of the property,…
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20 months to go what can i do?
Got 20 months left to pay at £153 to go untill mortgage paid off this is down to paying redundcy money and money from my late sister. Been reading and trying to use the calculators on this site, wondering if anyones got any ideas say paying another 1000 off or even try the idea of putting it on a 0% credit card. Thanks
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Can a mortgage term be extended?
I am paying off my mortgage early with overpayments, but I would like to know CAN A MORTGAGE BE EXTENDED? If someone lost their job and had no insurance and could not keep up their mortgage repayments, couldn't they just extend the term of the mortgage in order to bring the monthly payments down to an affordable amount?
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Paying Off the Mortgage - Is there a downside?
I Posted this in the Mortgage/endowment forum by mistake earlier, this is the beter forum.... I'm in the fortunate position that we (my Wife and I) may be able to pay off all, or very nearly all, of our outstanding morgage debt (circa £48k) when the current fixed rate deal comes to an end at the end of July this year. If…
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when is realistic?
Hi All I've been posting in the debt free board for a few months and can't believe I am even thinking about paying my mortgage off. I'm sure I'm not ready yet, but I am paying £250 a month off a debt (and any extra I can pull together) and hope to be - no I will be clear - in a year. I may need a new car soon after then,…
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Need some advice
Hi, Me and my girlfriend would like to move in together in about a years time and have a couple of questions. Is a mortgage as big of a commitment as it appears? If we were to split up would we have lost any money by going the mortgage route? Is getting a mortgage even possible at our age and income? (23/19, 20k,12-15k) We…
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Will sell flat after 3 years - will i get interest back for payments already made?
hi people need your help... I brought a flat with 154k mortgage in sept 2004. I will be returning back to study in october 2007 so will be selling the flat. Now assuming the flat hasnt gone up in value (it hasnt as far as i can tell!), i was wondering if i will get any money back from my mortgage that i have already paid.…
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selling endowment policy?
This is only a rough idea of things as i have to check out the details on the policy. ok...... we have an endowment which has been running for approx 12 yrs now at £140 pm. So we have paid in approx £20k so far. if we were to surrender the policy either to the ins comp or sell it, what would we get back do you think. Would…
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Interest only overpayment calculator for maths idiot?
Hello everyone, I am an utter utter maths idiot, numbers make me go 'huh?' and I can't work out the calculators at all. My situation is I have an interest only mortgage of £111,899.00 at 4.490%. The term is 25 years. My current payment is £417 per month. I've done an awful lot of budgeting (still working on the giving up…
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Lump sum, Offset or carry on saving
I've read several threads on offsets and lump sum payments but still can't decide what to do for the best. We took out a mortgage of £120K 5 years ago and have been offered a 1% discount by my BS as an incentive to stay, bringing the interest rate down to 4.9% (not fantastic but pretty good for the long term). We now owe…