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Mortgage-free wannabe

Archives for July 2007

Finishing mortgage - what must I do?
Apologies if this is a bit of a silly question. Our fixed rate with the Nationwide comes to an end at the end of this month. However, if we scrape together just about every bit of cash we have in various places we will have just about enough to pay off the mortgage in full. We have been called in to the building society…
Sell and Pay off or keep mortgage?
When we moved 5 years ago we re-mortgaged our house to raise the deposit for the new one, and kept the old one as a buy to let. Both mortages have been on interest only, so no capital paid back as yet, and as we have just had a baby, and my partner has given up work, we are unlikely to be paying anything off them on a…
Transfer fee question ?
If anyone has any advice it would be much appreciated. I'm trying to help my mum sort out her mortgage after years of not great advice. First she got stung by the endowment shortfall problem and switched to a repayment mortgage or so she thought. We found out recently that she had been put on a 1/2 repayment 1/2 intrest…
Question about selling up and paying off mortgage, pls help..
Hello all, I have accepted a job abroad and need to sell my house, someone said because I'm paying off the mortgage early I'll need to pay £thousands in costs to the mortgage company as a penalty for finishing early? Is this true? I do have a two year fixed deal at the moment, and I think there is a £200? (approx) fee if I…
Mortgage Free - Help!
I've decided that I'm going to be mortgage free by the time I'm 40 (8 years away). I've just read all the great advice on this topic. I have a mortgage of £60 000 over 25 years, I am credit card free at the moment and fancy having a go at stoozing to bring the mortgage interest payments down. I've read loads of stuff about…
New Mortgage
Are there any mortgage advisors that could possibly pm me as I am after a bit of 'free' impartial advice. I promise it isn't too detailed. Many thanks
My Story - Need Your Help
Hi, I have been reading peoples posts for a few months now and I have decided it is about time I got things sorted instead of going round and round in circles. My partner has an £8,000 debt (loan for a car). I have no debts myself and we are looking to start saving to move out. I dont feel that we can save and move out…
Should I pay off some of my mortgage?
I have a mortgage which is linked to 2 endowment policies, 1 matures next year £25,000, the other in 2014. My outstanding mortgage is about £34,000 and I'm wondering whether paying off a lump sum will save us money over the next few years? :confused: I have ISA's to back up any shortfall and currently have around £28,000+…
Friends and Family
Hi, Was just wondering if any of you have told your friends / family of your quest to become mortgage-free, and if so, what was their reaction? We haven't mentioned it to anyone yet, but may need to find an excuse for not accepting invitiations to expensive events / shopping trips!
Re Mortgage Help
Hi could I ask some advice I currntly have a mortgage of £47,000.00 / property value £270,000(mortgage term 19 years ). My mortgage is a straight repayment mortgage . I am on a discounted(rate of 1.25% till 2009 variable(6.35%) rate until 02/02/2009 With this mortgage is goes down very slowly and I didnt realize i had tied…
Overpay mortgage or make additional pension contributions ?
Hello Everybody, The company that I work for has a group money purchase, pension scheme, into which I am currently contributing 10% of my salary. I am lucky to have some spare cash free at the end of each month and I was wondering does it make more sense to make additional contributions into my pension or should I be…
Personal Loan to Become Mortgage Free
DH and I have just done something scary but kind of exciting!! A couple of years ago we switched our mortgage to one that is completely flexible and we have been making substantial overpayments every month. Only problem being the because we have such a flexible mortgage the interest rate is not very competitive. We have…
Pay off mortgage with student bursary?
Dear All, Please would you advise me if this idea is (a) financially sound in saving money and (b) legal. I am starting a full time three year course this Oct and receive a bursary (i.e. grant that I do not need to repay). I am told I can use this money however I want (i.e. for the £3k per year tuition fees, which I know…
Remortgaging & Exit Fees
Hi All, Am I right in thinking that each time you remortgage, the lender adds on a mortgage exit fee to the overall loan? If this is the case, if I remortgaged say, 3 times over a period of time, if I write to the lenders requesting a refund, I should be entitled to some kind of refund? I am no longer the Halifax, but over…
Large Mortgage Payment from cashed Endowment????
Dear Folks I am after some advice: 1. My mortgage is for 58k with 18 years left, it is repayment only. 2. I have a Standard life Endowment worth 20k with profits due to mature in 7 years I was thinking that due to the nature of this type of investment being slow in providing returns in the long run and having got my…
Should I pay all of it off???
Hi I have been reading this board for a while and also paying off more of my mortgage (max amount possible) and saving money to pay off my mortgage. Next month my 5 year term is up and i do have enough money to pay my mortgage off!!!! I CANT WAIT. Anyway, my question is. Do i pay off all my mortgage or leave the mortgage…
I want to buy my Coucil house, do i need a loan or mortgage
After paying rent for 14 years iv decided to purchase my house on the right to buy scheme. With savings and discounts i would need to borrow only £25k. Im unsure wether to get a mortgage for 10 years, or a personal loan. I plan to pay off the amount in 10 years or less. Any advice is appreciated.
Paying off mortgage question
My GF has eventually managed to sell her house and we had planned to use some of the resulting cash to pay off the remainder of the mortgage on my house. I suspect I know the answer to this question but is it OK for her to effectively give that money to me to pay off my mortgage or would that open the gates to me having to…
0% Mortgage????
Hi all, I get a daily newsletter from money morning which is alway very informative and keeps me upto date with what is going on in the world of finance. However from time to time i receive advertising e-mails from them. These e-mails always seem to be pushing some kind of get rich quick scheme and always sound too good to…
I want to be mortgage free
2 years ago I re-mortgaged to get new doors/windows, new boiler, new kitchen and other things. Had about £43,000 mortgage and took that upto £63,000, it is now £53,000 but I have managed to save about £26,000. I'm tied into a tracker with the Nationwide so can't make massive overpayments but recently I have been making…

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