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endowment decision - what to do?
Hi all Have found this forum in the last few days and have been avidly reading all the diaries etc and feeling extra motivated now to pay off my mortgage. I have therefore been looking at my endowment policy. If I surrender it now and pay off a lump sum I will be left with just about a £10k mortgage which I could clear in…
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figures for paying off mortgage?
MoneySavingExpert.com Official Insert: If you want to know what constitutes a first time buyer following changes to Stamp Duty in the Autumn Budget 2017 read our news story: Autumn Budget 2017: Stamp duty axed for most first-time buyers Back to the original post... ---- i have £9200 left on my mortgage with no early…
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Do I pay off mortgage or use savings to pay for Extension
I have a 78k mortgage with 12yrs to go on 4.99 (fixed term runs out next June) I am desperatly saving to pay off the mortgage and by the time June comes I should have 20k to reduce the mortgage However.......... we wondering if we should extend rather than move due to the huge stamp duty etc So do I pay off some of the…
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i want to be mortgage free but motivation needed
hi all maybe someone can help im looking to be MFi in eight years i have one problem though i dont have extensive motivation and the only way i can see in getting round this is viewing my mortgage balance on a daily/weekley basis. now heres the sticking point im with alliance and leicster and for the life of me i cant seem…
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Offsetting vs Capital Repayments
Hi there Sorry to bother you all, just wondering if there was a simple answer to this question (I'm betting there won't be!). I have a (very) flexible mortgage, £162K left to pay, £185K originally. Currently 6.24% Monthly repayment : £1010 Additional monthly repayment which goes into offset pot : £650 The total in my…
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income to subsidise rental
I have been give a exception deal but need to find a lender that will take my salary and allow me to use it to subsidise the rental income shortfall. The rent is £800 and the mortgage is £1020 however as I am a not a home owner most banks want me to own my own home but I don't need to as I am staying a in a place rent…
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FinancialBliss: My mortgage free journey…
OK. Where do I start? A quick hello I guess. Hello !!! Anyone following the mortgage free in three MFiT thread may have noticed the occasional post there by me. I’m #20. Until now, I’ve been more of an observer than a poster on these MFW forums. Recently, however, feeling a bit down in the dumps, I decided to play around…
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what should I do
with help from mum have got mortgage down to£18,000. Should I now stick with a mortgage or go for some sort of loan to pay itof as quick as possible. Was paying £300 per month so I know I can afford that. My reasoning is that a loan rate will not vary so I can have a regular budget. New to this so apologies if I have…
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MFi4: Renewed commitment!
Having only just become a mortgage free wannabe, we nearly had a serious wobble. Namely, but an extra £50K on the mortgage for a loft conversion and some knocking about downstairs. Definately not needed space.....it would just be nice. I have just put the figures in a spreadsheet with projected monthly overpayments and…
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I Can't Work This Out
I have decided I must be pretty thick as I cannot solve my problem which is this: My wife does not work as she is bringing up our son at home. I am self-employed and last year (Sep to Sep) earnt in the region of £30k all in but my tax has to come out of that. We managed to spend £33k which obviously not good. We have no…
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Mortgage for near prime
Not sure anyone will be able to help here but I have just pulled the plug on a mortgage deal we were going through. We were going through a company called mortgage bug who were going with mortgages plc, we were classed as near prime and it was a remortgage. The last sticking point of two months of going back and forward…
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Advise Needed
Hi, My Fiance and I have taken out a 100% mortgage for £138,000 in May 07 over a 35 year term fixed at 5.39% for 3 years as this what we could (reasonably) comfortably afford. I intend on remortgaging in 3 years to a 22-25 year term. We are both young (26 and 25), we are both fully employed and at the start of our careers.…
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Advice on cashing in endowment to pay into mortgage
I did post this on the mortgage forum but perhaps this is the best place for me to post. I currently have £28,500 balance left on my Standard Life Offset mortgage with a lump sum of £10,000 also sitting in that account (potentially then, the balance could be £18,500). I also have an endowment policy running which was…
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Releasing Equity in BTL to reduce residential mortgage - Good idea?
Hello all, First time poster, thanks for everyone who posts such valuable advice. I currently have 2 properties, 1 is a residential one which I share with my other half, the other is a property which we let out. I am looking to reduce the term/balance on my residential mortgage and wondered if one of the ways I could do…
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CCCs Debt Advice
Hi All, Re my posting Thursday reference my debt, I was advised to try CCCs debt Services. I have just contacted the thru their website, filled in a quick online debt questionaire and have been told that because I am recently self employed, I need to ring one of their councillors for debt advice. Why are things different…
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Reduce mortgage debt by understanding the system
I have a mortgage of £207,000 I.O (down from an original £210,800), I would love nothing more than for it to die a horrible death. This is on a 3-bed end of terrace house in Zone 2 in London. Apart from overpaying it (as long as the overpayments are fee free) there seems to be no other practical way of tackling it –…
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Mortgage payment by cashback credit card
I know paying the mortgage with a credit card has been brought up before, but I don't mean paying overpayments. I'm simply talking about paying the regular monthly payment with a cashback credit card. I've done this for the last two or three months now with my egg money card, regularly getting 1% of my payment back as…
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alternative to the pig (dare I?!)
Hi, We hardly ever use cash, so alas the pig didn't work for us. But I still needed an incentive scheme. So I created a little chart, which we colour in a brick of the house everytime another thousand goes of the mortgage. In case anyone else finds this useful, I've put it up here: http://www.liligan.co.uk/mfw/ help…
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Halifax mortgage overpayment loophole!
Hi, I'm new today so big apologies if this has been done before... My 5 yr fixed deal with halifax allows 10% capital overpayment each rolling year. We would be charged 4% on any amount above that- making savings a better option. Until I noticed that for a £10 admin charge I can change the term of my mortgage. i.e take it…
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Compound Interest Question
Hello As my mortgage interest is calculated daily, can i set up a standing order to pay the monthly repayment in little bits on a daily basis. 7 pounds per day say? This avoiding all compounding of interest as the interest (and a small amount of capital) will be cleared on a daily basis. Are the lenders bothered about this…
