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Mortgage-free wannabe

Archives for October 2007

Best Way to Pay?
In about a months time I shall be in the very fortunate position of being able to pay off my interest only mortgage which happens to be with the Halifax due to a pension lump sum. My questions are, if anyone can advise me: 1. Is there a best time to pay a mortgage off i.e. time of the year or even time of the month? 2. Is…
Getting a Mortgage?
Hi Guys :hello: This is probably a really stupid question and i apologise if it is :) When applying for a mortgage, is any existing debt taken into account when they decide on how much money the Bank/Building Society will offer? I.e. if they offer £100,000 for a mortgage but you have £8000 of debt would they take that off…
London Hotel
Hi Everyone Looking a cheap decent hotel in London close to the o2 arena for 2 nights on 8th jan 2008. Cheapest so far is travelodge at £29 per room per night. Can anyone beat this please? Thanks:confused:
New MFW saying hi...
Been on other threads on the forums for a while, but as I completed on my house yesterday, I am now joining the MFW brigade!! Am hoping my mortgage account details will be added to my online banking so I can see the effect of overpayments, but not sure if that happens or not? But regardless.... the more I can do to pay it…
Potential setback - redundancy fear
My company announced this week that it will be making a significant number of redundancies in my part of the organisation. My initial reaction was fear - in fact I was shaking - followed a few hours later by a feeling of euphoria (denial stage?) where I thought I'd walk away with a great redundancy package and straight…
Beware! - Charges for paying your mortgage off by cheque
I paid off my mortgage at my local Abbey branch, paying over the counter the amount they requested including redemption fees. I was told that the next step was for me to receive my deeds. I went away happy (ecstatic in fact!) and waited for some weeks. I then got a letter from Abbey saying I owed them an extra £18.90 for 6…
Remortgage Buy-To-Let Options
My IFA has provided these figures for 131k mortgage interest only, over 23 years. 1. Alliance & Leicester 2 year tracker 5.74% . £350 valuation fee, £999 arrangement fee added to loan. You pay legal fees (c. £400). = £631 p/m (with £750 fees to pay upfront, which works out to be extra £31 p/m over 24 months = £662 p/m)…
Can anything be done?
Hi, just thinking thoughts and pondering on this! We have a 25 year mortgage which is up in 2009 :j . We have 2 endowment policies to go with the mortgage, 1 is due up in November 2009 and the other is due up in March 2009. Both are on track to pay out, with a few thousand (probably about 2 maximum), to spare. I currently…
mortgage payments
The One account, is it good to have mortgage and saving's all in together?
Ev's new MFW challenge!
Hi all :wave: I started a MFW post ages ago but didn't really think about other priorities then and needed to sort a few things out so haven't made an overpayment on my mortgage for ages. Currently I have littles pots of money going into a £6000 emergency fund and other savings for things such as house repairs and a…
Is this a good idea?
Hi all hope this is in the right section, its just that hubby and i have a £30,000 mortgage it is tied in for three yrs he says but we can pay 10% off it a year. Last year we managed to pay £3,000 off from using his share dividends that hes been putting away. He wants to do this again this year but we both want to get the…
MFW: Is This A Good Idea?
Hi everyone, long time lurker first time poster :) Been looking at ways to reduce the mortgage and have come up with what I think is a reasonable idea that I would like any comments on. Using the scenario below, as long as my wife and I both carry on working (we are 32 and 33) we could continue to live a happy life and…
quick bit of advice needed please
i have recently decided to offsett my mortgage, and have done so in such a way that will put equity cash into the offset savings account, so in effect so long as i dont spend it - i dont pay for it! Part of the reason for getting some additional cash was to pay off all my debts with the main one being a £2k car loan with…
At 45 should I be a MFW?
I have another thread running on here - my MFI5 journey but following a posting by "Ger Things Done" it has made me think. Do you think 45 is too old to be considering taking on a new mortgage? Do you think we should be mortgage free by 50 and then saving in our 50's for our retirement? or do you think that at 45 you have…
Flexible tracker - quickest way to get it down
Hello all I've just switched mortgages from an Alliance & Leicester fixed rate to C&G flexible tracker. My mortgage is £79k, and I'm about to put in a lump overpayment of £2.5k. I can use this to either 1. reduce the monthly payments or 2. reduce the term (23 years at present) or 3. let the overpayment sit there reducing…
Tips required!
Can anyone give me some tips to paying off mortgage? Whats 'stooking' 0% credit cards etc. Is it really possible to play the system??!! And how! Can't really afford to pay extra each month out of salary and don't have a spare room to rent out. No loans or credit card debit, just 166K mortgage to pay off, sigh. Realise…
Volunteers needed for Sunday Telegraph Article on Mortgage free wannabes!
The Sunday Telegraph is doing a big article on mortgage free wannabes and the journalist would really like to chat to people who have either already done it or have a target and are currently trying. It would be great if some of you wanted to get involved and share your tips with others. So if you’re a mortgage free…
Intrest payments on mortgage
Sorry if this is a stupid question but why is the amount of intrest I pay on my mortgage varying each month? It varies by about 50-70 pounds. The mortgage is a tracker with IF and all our savings (30,000) are offset. We took the mortgage in May 06 it was 155000 and we now owe 134000. Our monthy payments are 1104 but we…
How much of my flat is mine visual motivator!
With special thanks to Weezl74 for the idea http://forums.moneysavingexpert.com/showthread.html?t=568391 I currently own 35%. Each square is 0.25% and I have to pay off £875 to colour in a square. I'll update from time to time if I have anything interesting to say regarding my goal to get my outstanding debt (with savings…
Pension or Pay Off Mortgage
from a previous employer I have a pension waiting when I am 60 - it will give an income of £10k per year plus a lump sum. its indexed linked. I currently £150 per month into an NHS PENSION - However I hope not to stay in NHS - i was wondering if to withdraw from this pension and overpay an extra £150 on my mortgage.…

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
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Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
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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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Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
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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
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
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Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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