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Mortgage-free wannabe

Archives for September 2006

mortgage overpay or save in ISA
Hi I have a 140K Mortgage with 50K equity. The two scenarios or variation: 1. Ovepay mortgage on monthly interest calculated, or save in ISA. 2. It is highly possible i may sell up in 2-3 years. Is it better to overpay and sell in 2-3 years or put money into ISA. ?
Loan to pay off mortgage - is it a good idea?
I've been looking at the option of paying off our mortgage. It's 16,500 at the moment and the 25 year term is up in 2013. It's an endowment mortgage. I am thinking of (a) keeping the endowment going purely as an investment (b) getting a loan for approx £10,000 to be paid back over 2 - 3 years. Is this a wise move? Thanks
Paid to repayment not interest only -problem?
In August we paid £15000 off mortgage from maturing endowment. At the time we had £20000 on interest only and £59000 on repayment; the money was to come off the former leaving only £5000 as interest only. When I checked the money had been paid from the repayment part. I was reassured it didn't make much difference overall…
10% overpayment for 2006 completed
Hi Finally completed end of August the 10% overpayment limit for the mortgage this year :beer: (8.2K) We are now at 12 years 10 month (originally took a 25 year mortgage; this was 3 years and 6 months ago - Total years gained by overpaying: 9 years ). Overpayment this year resulted in a gain of 3 years!!! Still a long way…
Mortgage repayment calculation formula
As a numerate science graduate, I am looking for the means (i.e. maths formula) by which mortgage repayments are worked out by lenders. Would anyone be able to point me in the right direction ?
Hypothetical remortgage investment question
Hi, I've been searching around for the answer to this question but got nowhere so I'd like opinions or redirections to answers. In our house we would remortgage quite regularly with an independant mortgage advisor. It occured to me, is there any reason why it would not make sense to add x thousand to the mortage at 4.5 to…
Confused First timer
hello all, this is my first entry to the chat forum. I am seriously into buying a house for the last 2 months and finally put in an offer on a house for 215000. in the meantime i have been do a lot of unsupervised, directionless search for the perfect mortgage. will it be fixed/discounted/variable........? i do not…
Expecting payrise - should I overpay mortgage or buy extra pension?
The mortgage is huge (130k) and on a 9 year fix at 5.01%. I'm already overpaying by £50 per month, but the pay rise, plus the money released by no longer being in debt (:j ) means I could start overpaying by a further £250 per month. This would mean no more mortgage in 12 1/2 years. Or, should I put the extra into my…
Soon to be Mortgage Free - What to do with Deeds?
Yippee :j Soon to be mortgage free (next month in fact, although we will probably wait until November before Closing the account, as its also our current account). When we close it I am assuming that the lender (The One account) will give back our deeds. What do we do with them then? Do we need to store them at a…
Overpay my mortgage or do up my house?
We're looking at taking out a £10,000 loan to do up our house. This will cover a new bathroom (suite, shower, and tiling etc), a new kitchen (all units, new cooker, some building work, decorationg, levelling floors and re-laying floor), carpets for the stairs/hallway, decorating daughters room and our room, sanding and…
End of a Mortgage Deal...
Hi, I mum has given me a task! As of 31st October 2006 her mortgage deal with Halifax comes to an end. This means she'll start paying the standard variable rate of 6.75% (7% APR). Can anyone offer anyone with better rates?? I'm pretty clueless as all this kinda thing, but she knows I live and die MSE!!! :money: Thx K9
A&L Mortgage - overpayment help
Since I have started Matched Betting, my intention was to use this in some way as an Overpayment on my Mortgage. At present, my aim is to make £9 a day from this, which throughout the Month, would equal my Mortgage Payment £270ish, meaning Im living Rent Free. Details on my Mortgage. I borrowed £52,500 over 30 years. I…
Relevance of mortgage term?
This may well be a really stupid question - but I guess this is the right place to ask it!! I have a fixed rate (4.99%) mortgage with Nationwide fixed for 10 years over a period of 15 years. Whilst I appreciate that there are early redemption penalties if I pay off my mortgage before the end of the fixed rate period, am I…
what's your mortgage rate?
I recently posted on the thread re the One account, and someone pointed out to me that these mortgages often have a higher interest rate...something I confess I hadn't considered. Had to get the mortgage statement out to check our rate - 5.25 percent. So now I'm being nosey and wondering what rate other people are on! Who…
Advice please
I have a £61000 mortgage over 13yrs @ £525 p.m and would like to pay off sooner I have the ability to pay more with overtime maybe £400 or less,The one account appeals to me except the interest is 5.85% compared to the Intelligent Finance re-mortgage offer of 5.25% both are charging £400 admin set up fees (bit surprised…
Free £125 when changing to D/L mortgage
Not sure if I'm allowed to offer this, my apologies if I am not..... Okay here's the deal I have a Direct Line mortgage. If I recommend a friend to take out a Direct Line mortgage both myself and my friend get £125! So if you're thinking of taking out a new mortgage and are considering Direct Line let me know and we could…
can some one give me the maths? please
I'm all for paying off our mortgage early, but oh needs some encouragement, so please could some one help me show him some figures. our mortgage is £91250.00 at 5.5% I have managed to offset £1004 to date my oh has £38000 squirreled away in an internet account which pays 5.3% gross. my oh is a higher rate tax payer, just.…
Pay off mortgage or...?
Apologies if this has been answered elsewhere but I am new to the site! Feel free to politely point me in the right direction if that is the case... I am shortly to receive a lump sum which will allow me to pay off my mortgage:T I would appreciate advice as to whether this is the best thing to do. Basically, what's your…
The One Mortgage
Now, I've been doing lots of calculations, and my head is now hurting. Although I do have a mathematically inclined job (structural engineer), this mortgage thing is a bit beyond me at the moment! Me and OH are about to take on a £207500 mortgage, and are considering the One Account. We want to hammer the mortgage as much…
keep isa or pay chunk of mortgage
Hi all Looking for some advice regarding mortgage.At the mo i owe £28000 mort which has 13 years to run on northern rock flexible mort at 5.19% fixed for 2 years.Now due to some serious mse saving ive got £16000 in isa and £5000 building soc account.Do you think its better to leave isa alone or hammer the mortgage with it.…

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MSE News

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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
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