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Overpay or Save?
Hi, Sorry - I know this question has been asked before....but anyway.... I have saved up ~7,000 pounds with the intention of overpaying my mortgage. I am only allowed to overpay once per year, it must be in Jan, must be at least 500 pounds and must be less than 10% of the balance of the mortgage (98k), so less than 9,800.…
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To Pay or Not To Pay Advice
If you have a lump sum that equates to the balance of your mortgage ie £70000 lump sum mortgage £70000 at 4.35% interest, can you invest it so the lump sum is working to pay off the mortgage?
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Help me work this out please...(long!)
Hi folks, this is a bit complicated but here's a puzzle for anybody with a mathematical brain who fancies having a crack at my finances :D I have a Nationwide mortgage which began in late November 2006 and is fixed at 4.89% until 30 November 2008. I have made no overpayments thus far, though I am allowed to overpay up to…
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Pay Off ALL of mortgage or leave a little?
I have luckily got the cash to pay off my mortgage (once the early repayment fees on the fixed rate run it in one month) but am wondering if I should keep a small amount so that the bank keep the deeds etc? Any views?
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How do i calculate overpayments?
Howdy! First time posting over on this side, im a usual Old style gal! Bit of back ground... bought a house in the summer but its a new build so we are waiting for it be built so we can get in (looking like this summer - GROAN) but hubby and I have both read around loosely on this overpayment thing. We bought our house and…
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mortgage free 7years early should we save or spend?
T'was the friday before Christmas and whilst everyone shopped.... we paid off our mortgage a full 7 years early and treated ourselves to a coffee and mince pie in the italian coffee shop next door to the Cheltenham and Gloucester building society... this is not a Christmas story but exactly what we did after a year of very…
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capital or interest ? mortgage
i am thinking of paying extra every month what will the extra cash be deducted from capital ,interest or both thanks for any help
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Watch out if you are a Co-operative Bank Customer
Moving our mortgage from the Co-op Bank because our rate term has ended and there are much better rates available. Got a copy of our redemption statement and we had a charge for insurance. Phoned to query this and was told it was for Mortgage Protection Insurance, something I wouldnt pay for or sign for. Also never a…
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How to become mortgage free with Northern Rock mortgage!
Any tips would be gratefully received. I understand that there is a lot of bad press about Northern Rock together mortgages. A bit of background is that I live in Glasgow and due to the offers over system was really the only mortgage provider available to me unless we waited and saved a very large deposit. We didn't want…
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Hello all...
I bcame debt free late last year, so I now want to get my mortgage down. I don't think it will be any time soon, but just thought I would post here for a bit of encouragement. Currently have a £49000 repayment mortgage with Bristol and West, 23 years left to run. I have just sorted out a new deal through London and Country…
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Mortgage Settlement?
Can someone help me with this settlement i have recieved from Abbey. I have asked for settlement from Feb so this leaves me with 13 months. Feb mortg: 153.59 per month Loan at 6% Capital Balance 2,071.89 Amount Uncleared 153.36 which matches Decembers payment Interest 11.97 Early Repayment Charges £0 Repayment Fee 225.00 I…
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How much difference will a small overpay make?
Hubby and I have a mortgage of £118k and pay £720 a month...I know we can easily put this up to £750 or £800 a month...will this make any difference? 20 years to go BTW
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Higher intertest + longer term Vs lower interest + shorter term
Hi I was wondering which is better: 1. When interest rates are high, extend the term of the mortgage to pay less each month or 2. When interest rates are low, reduce the term and pay more each month (or just overpay) Given that you have a lump sum that you can drip feed into the mortgage. Common sense would seem to dictate…
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Calculation advice
Using Ali's calculator I have come up with the following rough figures (using 6% IR for years 1 to 3 and 6.5% for years after that). Option 1 Mortgage (13 year term, 3 yr flex started Aug 06) - £57,000 Monthly overpayments - £100 Lump sum paid in 1st year (Feb 07) - £15,000 Mortgage will be paid off in year 7 Option 2…
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REMINDER Pay off your mortgage in 2 years
Anyone remember a year ago (although it doesn't feel like that) watching a programme called Pay Off Your Mortgage in Two Years? Well its back on this Thursday for 8 weeks and we finally get to see if anyone managed to pay it off. Cannot wait to see this. M
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Wanna earn extra cash - surveys and opinions
I'm on a drive to make a serious dent in my mortgage over the next couple of years; had to take out some equity to pay for IVF. So, I have cut some costs, am overpaying and have my savings in an offset account. Next is to increase my income a bit. First I am going to qualify as a footy referee to earn some extra cash. I…
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My mortgage free wannabeness starts here!! :-)
Hi all I'm fairly new to this site. Been trying to keep up with all the (incredibly useful) threads for the last few months and now I'm ready to put a plan into place and try and crack the mortgage. :-) I thought I'd post here, to give me a kick up the backside and maybe get some advice along the way. Right here's the…
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Mortgage spreadsheet wanted
Does anyone know of any mortgage calculator spreadsheets that will let me enter variable interest rates and variable overpaymwents through the life of the mortgage and it will show me what effect that will have on how many months I don't have to pay at the back end of the mortgage?
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got motivated, now what do I do with cash
Hi All, Quick question, Currently have circa £100K m.gage fixed for next 2/3 yrs.total term 15yrs I have approx £8000 cash, Do I use it to pay off capital either a)reduce monthly costs (was estimated about £65 per month reduction) b)reduce term of m.gage (not sure how much this will reduce term) or spend spend…
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mortgage question
i have my mortgage with the bradford and bingley. my interest payments are apparently recalculated each january. i was wondering if anyone knew how they calculate the % i ask because i only owe £15 k and it is due to be repaid by 2012 if i paid an amount off in december 2007 would they then just increase the percentage…
