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DONE IT Mortgage/Debt free in 11months!
How did we do it???? Would never have succeeded if Martin had come up with all his advice!!:money: Started with £15,340.00 left with 9 yrs to repay. First decision was no holidays for a yr...YUK! Next made a claim for a mis sold endowment - £3,300 (Paid this off mortgage capital!) Next cashed in the endowment - £8000 -…
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DONE IT Mortgage/Debt free in 11months!
How did we do it???? Would never have succeeded if Martin had come up with all his advice!!:money: Started with £15,340.00 left with 9 yrs to repay. First decision was no holidays for a yr...YUK! Next made a claim for a mis sold endowment - £3,300 (Paid this off mortgage capital!) Next cashed in the endowment - £8000 -…
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Difference between reducing term and repayments?
Hi, long time lurker needs some advice from you fine folk... We (me and 'im indoors) took out an interest only mortgage for £195k last September. We did this on the basis that we are both still studying and at the beginning of our careers so were banking on the idea of pay-rises and chucking lump sums at the capital as and…
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Reduce payment or term?
Hi I don't understand whether it would be better to reduce our monthly payment or to reduce the term of our mortgage if we overpay? We have a repayment mortgage with 21 years left. Any advice on the things I should consider would be great? And do I get a choice? Thanks Alison [threadbanner]box[/threadbanner]
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How old is everyone?
How old/what stage in life were people here at when they became an MFW? (e.g. had the Light Bulb Moment) Been lurking here for a while, my fiancee and I (24&25) have been overpaying the mortgage as much as we can (piggy bank saving), while we have two fulltime incomes (no kids yet! getting married September :D ). Stuff:…
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Beware of overpaying!
Obviously we should all be putting more into our mortgages than just the basic contracted amount, but I would like to offer a word of warning about overpayments. We have a mortgage with ING and when I contacted them recently to arrange regular overpayments the person I spoke to said that they save up whatever extra you pay…
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This is Sad but Motivating at the Same Time
I used Karl Jeacle's excellent mortgage overpayment calculator and did a copy and paste of the monthly table showing the mortgage reducing through the years till it gets to zero. Then I put the .txt on my phone so if I feel a bit p*ssed off I can remind myself that something in my life is going in the right direction. :o
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what do you think??
I currently have a 5 year fixed rate (5.83%) interest only mortgage of £105,000 with Nationwide with 18 years and 10 months remaining. My mortgage payment is £512 and my ISA payment is £125. According to my latest ISA statement from 3 days ago, i have lost £600 since the previous statement 6 months ago. My goal is to lower…
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Remortgaging - My story, advice sought
Hi everyone, I'm quite new to MSE but I have been lurking a while and I am in a pretty messy situation at the moment so I thought I would post and see what you all have to think. I'm not sure if this is the right place to post, so I apologise if it isn't. Basically I bought a flat with my "then" boyfriend 7 years ago. We…
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Pay off part of mortgage or not?
Hi there. I need some advice please on whether to pay off part of our mortgage or not. Our situation is that we have absolutely no extra money so overpaying is out of the question. However my mum would like to give us an amount towards the mortgage (£20,000 I think) because she thinks it would help us financially (we are…
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Advice please -due to remortgage.
Our 2 year fixed rate is up in July.We will have around £26000 left to pay and 7 years of the term. When we remortgage I would like to reduce term by a year or even two if we can afford it. Its a repayment mortgage as we previously had interest only but cashed in endowments and used them and compensation from misselling to…
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Finding it a bit difficult at the mo...
Can I grumble a bit please? I committed to overpaying by £200 per mth, but am struggling with it. Yes I hit Aprils target but that was only because I used what money I had saved to put into the overpament. I've been a SAHM for 2.5 years and have recently gone back to work. After nursery fees (which will go down a bit in…
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New morgage advice needed
Hi there, I would like to ask the advice of anyone who could give it?? I am looking at purchasing a house for my daughter to live in, (with her daughter), she is a single working mum and is privately renting at the moment. She pays £600 pounds a month at present and would put this into the new property, I would put in the…
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our story
Hi to all, this is my 1st thread , i have been an avid reader and had MSE on my favourites for a year. I live in plymouth with my "angel maid" we have been together for 21 years married since 1990. We have another 2 younger "angel maids" 15 and 13. We got our first flat in 1988 and then moved to a 2 bed terrace in 1992 and…
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MFi7 - My Crafty Diary
My hubby & I were seriously in debt (£45k) in Oct '06 & worked really hard between us to clear it all off by Oct '07. :j After a few months enjoying all our spare cash which used to be used paying off our debts we then decided that we would tackle our mortgage and try to be mortgage free by the time I was 40 (that gives us…
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mortgage advice needed
My current mortgage deal ends in September. My husband and I are quite keen to change to a mortgage that will allow us to pay off our mortgage within 5 years, the current balance is £80000. Would anyone be able to advise me as to what provider would be a good choice please. Many apologies if you see this question all the…
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Fee charged to reduce term - Is this usual?
We've recently been fortunate enough to be able to pay off 10k of our mortgage as a lump sum. As we can afford the current monthly payments we wanted to keep the monthly repayments the same but reduce the term by 2 years. However my BS said in order to "formally" reduce the term they will charge us £50. That to us seemed a…
