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Mortgage-free wannabe

Archives for May 2007

Wanting to be a MFW
Didn't think I'd ever be posting on this board! However, I've now paid off the debt and I've just been sent an offer to change my mortgage and have had it fixed for three years. My credit rating wasn't great, but I've got 5.44% for 3 years. The only downside is that there are no overpayments accepted as part of the…
£105k in 3 years can it be done?
Some Inspirational stuff on here! I'm 36 and would like my DFD to be 15th Feb 2011 - the day before I am 40. Currently owe around £105k on a £280k property, term to run = 17 years. Some of my strategies already considered: - Using £250 per month sharesave to divert to mortgage - Opting out of company car scheme and…
Bonus into pension or reduce mortgage ?
Good afternoon everyone I am in the fortunate position of receiving a bonus soon (about 7-8 k pre tax) and have been told by my employer that they can pay it straight into my pension, pre - tax. I do not need the money at the moment - thanks to ideas on this site ! Therefore if I took the bonus as money, paid the higher…
Interest question?
Hello, Since ive moved from being a DFW (woohoo) to a MFW. Ive made my first over payment on my mortgage. Im with Nationwide and do my finances online. I check my mortgage balance daily and am paying £15.25 a day in interest (this is worked out daily). However after my first over payment of £50ish pounds my daily interest…
Can I join you???
Hi there, We have just moved house (in Dec 2006) and received our first quarterly mortgage statement. After paying roughly £4000 in the last 4 months we have managed to cut £200 off our mortgage:mad: Don't want to be doing this for the next 25 years so I have made a decision to make overpayments (however I can get my hands…
canna be mortgage free
OK, I have a 90k+ mortgage at a fixed rate 0f 4.99% for the next 16 months. I have been lucky enought to have a windfall of £45000, what is the best option, pay off but incur a penalty, pay £500 a month in allowed overpayments, or put as much as I can into an ISA or the like until the end of the fixed rate term?
Overpay Mortgage or Pay off Credit Cards??
I'm new so sorry if this is in the wrong place... but i'm looking for a little advice on the best way to tackle mine and my partners huge debts: £205K mortgage £28K student loans £3K credit cards (0% tarts) £2.5K overdraft (paying interest only on about £500 of it) Our house is due to be revalued and I think it should be…
Would really appreciate advice of the Pros!!
Hi I have lurked on here long enough... I think sometimes your debts and mortgage seem so insurmountable that you just keep putting off doing anything constructive - but not anymore! So, here is my SOA - I would love to pay off my mortgage, but I have debts I need to get rid of too. My mortgage is up for renewal in Aug so…
How long to show add. paymt with Nationwide?
I have recently made an additional payment to my Nationwide Mortgage via internet banking (lloyds TSB). How long should it take for it to show on the online NW statement? Can't find anything on their site and don't really want to have to ring so it would be great if anyone knows.
Use Pension to pay off Mortgage - Advice pls.
When I worked in the City before having kids I paid into a pension for 13 years. A couple of weeks ago I got in touch with them just to see if you could take it early and, if so, what was it worth? I am nearly 56, have a mortgage (around £25,000) til I am 70. As I was divorced a number of years ago and had to re-mortgage.…
How much can I borrow
Anyone know who might lend me five or six times a joint income?
Should I pay mortgage off ?
Hi I am in a nice position in that I have built up 20k in an allshare tracker over the the last 7 years. I only have amortgage of 15k on property worth 375k which I am paying 1k pcm so it will be finished in 15 months anyway. I have debts of 6k on credit card which I have been tarting for years. My question is:- I am a…
Downsize to be mortgage free ?
I have a major decision to make. I have a big mortgage £225k costing me £1500 per month , with £185k on a repayment basis. Its on a fix rate of 4.5% until Jan 08. The mortgage is soaking up around 40 % of our take home income and we have little cash to spare after living expenses. The house is worth around £525k. But I am…
Can you overpay Nationwide Mortgage with cashin a Branch?
Hi, Like many on this board I make overpayments to my Nationwide mortgage via Internet Banking. Can you make overpayments with cash and walking into the branch? I assume they just need the account number? Anybody else doing this?
Mortgage pay off advice please
Hi all, I would like to pay off my mortgage within next 6-8 months, and I am looking for useful friendly advice please. Halifax repayment mortgage: £70,000 (inc. £2300 in early exit fees & charges!) APR: 4.99% Term: 29 Years & 4 months Repayment: £375PCM Special rate expiry: 18th April 08 Halifax have said that I can pay…
Payment Holiday?
I received my mortgage statement today and there was a leaflet that was talking about payment holidays. It says that I can take up to 3 holidays. I was just wondering what peoples view was on this? I was thinking about taking the holidays and using the money to pay off some of the credit cards?
Happy Dilemma
I have an offset mortgage with Woolwich Openplan with approx. £75k outstanding. I have approx £45k offset. In addition, i have approx £140k in various PEPS & ISAS. Children are starting Uni in September, and so extra income would be nice. Question is, which is the best way to generate that income. Pay off mortgage and…
Overpaying Mortgage
Hi all, i was wondering how do i go about overpaying my mortgage is it easiest to go into NWBS and hand over the money? I would prefer to do it online as i will be more inclined to do it more often as they wont be any queues. My salary is paid into the Halifax so i am wondering is it possible to set up a standing order to…
advice on morgage please
Hi wonder if you can help in anyway, have had yet another letter to say that the morgage has gone up again have £64,000 left over 17 years, have £1,000 rainy day money combined income of £28,000 and 2 small children and eager to get rid of the morgage but how? do i swap to 10 year or 5 year fixed rate and over pay? or plod…
Use cash for home improvements or pay chunk off mortgate ?
I'm about to cash in my endowment policy (I've already switched mortgage to repayment 2 years ago). However, my house needs quite a bit of work doing still and I'm tempted to use the cash to improve the house (£7,500). Does this seem madness given how much interest one pays in total on a mortgage ? I think if I pay the…

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