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Mortgage interest decimal place question
I queried with my mortgage company my annual statement. We are on an interest only mortgage so you would expect the opening and closing balance on the statement to be the same. I called to query why our closing balance had increased by about 76p. I got the following reply "The increase of £0.76 on the closing balance of…
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Help with Remortgage
My friend earns after tax £193 pw he has a mortgage of about £48k and currently is with Northern Rock with a rate of 7.4% they recently just decrease his rate 'loyalty discount'. His flat is worth around £150k. He has quite a lot of positive equity, although a fairly low wage. What could I do to help him see if he could…
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Lump Sum vs. Monthly Overpayments
I'm probably being REALLY thick here but wonder if someone can help me... My Grandmother just gave me £1,000 and I was thinking of paying it off our mortgage. My girlfriend and I bought last August for £156,000 with a mortgage of £130,000 at 5.59 fixed until Sept 09. Our monthly is £745 (or thereabouts). We've started…
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Another offset
Just trying to work out if this is a good option for us? As i understand it i think offsetting is better for those with short termage left on their mortgage. We have built up equity aand savings over the last few years and have finally decided to get out the rat race and buy somewhere for the long term. We are loking at…
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Mortgage calculator
Some people have spoken about mortgage calculators. Does anyone have a link so i could use it? Thanks Shell
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Shared Equity Scheme
Is it a good thing or a bad thing? I currently live with my folks and do not earn anywhere near enough for even a one bed flat. I have looked at the (Low Cost Initiative for First-time Buyers) LIFT scheme that the Scottish government is proposing, but can't make up my mind about it. I would own half a property but would…
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Payment Protection Insurance - worth having or a waste of money?
Afternoon all, we have been paying over £25 a month PPI for our mortgage, to cover payments if something happens such as hubby looses his job or is sick etc. This seems like a lot of money when added up over the years and I was wondering if these insurances are worth having or is it just a way of squeezing more money from…
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Offsetting??
hi, just extending an ear out there for some advice... I am exploring a fixed offset term. I've always been told that offset mortgages are a waste of time unless you have one or all of the following: a small mortgage eg. <£30,000; chunky savings eg. >£25,000; or fall in a high tax bracket. However, the rates for some…
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pay money off mortgage or put in high savings account
just sold my house and reduced my mortgage from £140000 to 78000. i am going on a 3 yr fixed and can over pay £1500 per year but would it be better to put any extra money into a high interest account and then use it to put down on a new mortgage in 3 yrs time to bring my mortgage right down then. there is a redemption…
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Pay off or save
Hi, this is my first thread, good to see so many people out there wanting to be debt free - i have a quandry!!! I am 31 my partner is 29. we took out a mortgage in 1999 for 25 years. Around 2 years ago we changed our term time to pay back and now have around 7 years to pay back the outstanding balance. The oustanding…
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Pay towards mortgage or put into savings
Hi There Im looking for some advice. DH is due to get a substantial amount as a dividend from his company (hes self employed). He is going to seek advice from an IFA as to where is the best place to put this money. We currently have approx £7500 savings seperate from that. We have large mortgage (£189,000) which we took…
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MFW - Hello :)
Just wanted to say "Hi" to the thread. Having been looking up on the net about offsets and overpayments, I found this forum. Have setup a direct debit that's just over double, the first of which came out this month. I figured out today that just that one overpayment is going to shave £15 a month off my bill. I was even…
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Should I pay off my mortgage if my ISA rate is higher than my mortgage rate?
Hi, SUMMARY: Mortgage = £14,900 @ 5.95% ISA - taxfree = £29,000 @ 6% (the mortgage is a flexible tracker so tracks the BoE and I can make withdrawals as well as under & over payments anytime without penalty). I dont want to completely pay off my mortgage, as I would like to leave £1 and go on a payment holiday to allow me…
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Life Insurance Policy
Hi All, I have a life insurance policy with HSBC which I took out with my mortgage 5 years ago. I pay £27.47 per month .... is this reasonable/ steep? Have put a call in to have an appointment with a HSBC financial planner, but is it worth getting other quotes in the meantime to 'bring to the table'? ...... does anyone…
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Should I take money off mortgage loan or reduce term?
Hi All I took out a 115k mortgage last year on a 5 year fix (5.39% over 25 year term). As a complete novice I went into the bank branch also last year and asked to make a 7k lumpsum payment into the mortgage. Then somehow I managed to save another 7k and went and did the same. On each occasion the lady at the bank checkout…
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Can Xitdebt reduce my IVA???
Deleted because I posted in the wrong place
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overpaying versus reducing term
is there any benefit to reducing the term of a mortgage (and paying extra each month) to overpaying by that same amount or are they the same thing? If they equate to the same thing I might just overpay rather than reduce the term and if i get to a sticky month (e.g. december for xmas) i have the option to not overpay so…
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Why is'nt my mortgage term falling?
I paid some lump sums off my mortgage just over a year ago. Bringing it down to just 17,000. I started over paying by over £150 per month. They then said I would be finished in 5 years. Now a year on, still paying overpaying by £150 they tell me I still have 5 years to go :confused: Looking at success stories on here I…
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offset mortgage calculator
I've just getting into overpaying my clydesdale offset mortgage. I've had it for 2 years and I now want a motivational spreadsheet that can help keep up to date with every extra bit we can pay off to my partner and I focussed. I've looked at a few spreadsheets and they don't seem to relate to offset mortgages. Can you…
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Offset mortgage - overpay or save the difference?
Another question while I think of it..! Hope that's ok. I'm currently paying the standard monthly rate on my mortgage (around 1300) and paying the same amount into an offset savings account. My logic was that the money was more accessible in a savings account, whereas it is 'locked' when paid against the mortgage. Question…
