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Overpayments and interest rate change trick
Hi all, I have fervently been overpaying my mortgage in order to reduce the amortization period. I received a letter from my mortgage lender stating that as a result of the interest rate change, my monthly repayments were to lower. The trick was that as a result of my overpayments, my monthly payment dramatically reduced.…
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Just about to start mfw after leaving dfw!!!!
Me and hubby are about to buy our new home.... as we are in a one bed flat with one under one and one on the way!!! We became Debt free the week before Christmas :D after a couple of years hard slog and so now its onto a higher mortgage.... but the payments are still less than our debt but my income is about to reduce due…
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Morgage overpayments??
I read on here somewhere that depending on if the morgage interest is calulated daily, monthly or yearly depends on when best to make overpayments. If calculated daily you can overpay at any time but what about monthly, when is it best to make overpayments if the interest is calulated monthly:confused: . Thanks rigsby1967
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Silly Question - Overpayments
This is going to sound daft but I'm going to ask. Do people here feel happy about making more than one overpayment a month? What I mean is, do banks and building societies get the revised payment correct even though interest is calculated daily when overpayments follow, say, within a few days? Thanks.
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Sterling To Dollar Exchange Help
Dont know if this is on the right section or not, but Can anyone advise me on what would be the best way to exchange sterling to Canadian dollars, to maximize my return. Thanks Bob
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Does any body have any good ideas ????
To all money saving experts: I would like to ask if anybody could give some advice on the situation that we are in. we have recently taken out our first ever mortgage of £125,000 on a 3year interest only fixed rate. we are repaying approx £700 pounds a month in interest and have a overpayment veichle in place to reduce the…
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Which is better? Lots of Property for rent or no mortgage?
Hi folks. I thought I would just canvass your opinions and experience on this one, so here goes. My plan for some time has been to own property worth £1 Million pounds by the time I am 40 years old (18 months away). I don't care how much the mortgages are, so long as the rental income covers the mortgages, with the…
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Should be pay off mortgage, or wait?
I have a 5 year discounted Repayment mortgage product with the Abbey – 1.35% discounted from their Standard Variable Rate. The mortgage has 13 years to run and approx 37k outstanding (monthly payments £350 at pres) but OH and I will soon be in a position to repay this in full. However there is a tie-in with this particular…
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i also aim to be mortgage free..
i have a mortgage of about 108k, which works out about 640 a month and i have about 3 1/2 years left at 4.89% fixed rate. my property is worth about 165k. my main aim is to pay the morgage off asap. i havent yet found a job i enjoy (who does?), and feel the mortgage is a weight on my shoulders, i just want to be free.. my…
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Just got a mortgage.need help.
Hi, just started paying a mortgage (£140000) in September. It is linked to an offset account which I've still to fill. My plan is to stooze using credit cards, and putting the credit into the offset. I've been stoozing for 3 years now and at my height I had £40k stoozed. If I can match this again and get my partner…
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Time to reflect...
Well if you want to pay off your mortgage really quickly, why not sell your house? Seriously, please read on. It's what I did in 2006 & since then I haven't looked back. I was unhappy at work & the housing market having gone the way it did where I bought my house (7 years earlier) I saw an opportunity for change. As a…
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Help please re £6k payment
I have an MBNA credit card and have just (today) received £6k interest free until December next year albeit i had to pay 3% Question is what is a better return for me Do i put into Cash isa (x2 with my wife) at 6.96% for 10 months (60 day notice) Or pay off my mortgage which is fixed at 4.89% for 12 months and then take it…
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IF mortgage dilema
Hi all , not really a dilema at all but i'm in a great position to pay off my mortgage in January. What would you recommend pay the full amount off and be charged (ref IF website) Full copy of title deed £40 Release from the mortgage £75 Mortgage discharge fee (unsure) or leave a nominal amount in, how much? 12 years left…
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Do i go for it???????
Hi All We have just taken a £65k mortgage on a new property, and i have also just recieved a £73k inheritance. Do i go for it and become mortgage free, or should i save it, or should i offset it. Its a hard choice to make and i dont want to waste the money, and dont want to make any rash decisions which i will regret…
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Mortgage-less MFW
Following on from prev thread re people aiming to save up and buy a house without a mortgage - I would love to get some more advice. . . My partner and I both work full time and earn little more than £12000 pa each - lousy I know! We have taken on 2nd jobs at local pub for over xmas period - will earn approx an extra £100…
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anyone using a Offset Mortgage Natwest ONE
Got 26K to go on my mortgage and want this paid off..:mad: thinking about moving to a offset mortgage as I have some emergency funds available which are in a high interest account. anyone else use a Offset Mortgage such as Natwest One, the minimum they will lend me is £30K but I can pay the £4k back as soon as it's open.…
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My MFW Thread
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Alion's Mortgage Reduction Diary
I read these threads a lot early last year and found everyone on them to be inspirational and fantastically supportive. I hope you don't mind me starting a mortgage free diary Situation: We took out a £200k mortgage with Nationwide in January 2007 to set up our first home. We overpaid by £500 4 times this year, with a…
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Matched Betting to Reduce Your Mortgage
Hi, - I happened upon a thread on this site some weeks ago which mentioned 'Matched Betting' as a way of getting hold of some risk free cash quickly/regularly. I had never heard of it and was quite sceptical but went to a website and had a look. It seems that some people can't quite grasp the basics but if you can, it is…
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Creditor Refused Dmp
Hi Everyone Three weeks ago I wrote to my creditors ( 8 creditors , I have a £76K debt amongst them) proposing a DMP which CCCS helped me with. Up to now, one card company has accepted, and one has refused now threatening to refer to a third party for recovery. I haven't heard yet from the other six. As I have no…