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Mortgage-free wannabe

Archives for July 2008

Buy-to-Let mortages - do I have to?...
Switch to one when we only own one property, & we have to rent it out? Basically I've moved out of London to the South & am renting down here, and renting out our flat in London as were only getting stupid offers for it, from the various vultures about. We're no wannabe landlords, just stuck in this downturn like many…
Confused my capital repayments are being properly processed
Hi folks, I'm hoping some of the more mortgage -knowledgeable of you can help me. I re-mortgaged and started my new mortgage with Abbey on April 1st (this isn't an April Fool!) The mortgage was £81516.00 for 20 yrs and is a tracker at 0.23% above BR (so started at 5.48%) My first payment (21st April) was £427.73 with…
Ok would you do this ?
Hi all Were currently in a 4 bed detached house with a small morg of 55k , We have been thinking recently with how everything is going up gas elec etc (were 29&35) of downsizing to a smaller home. We only have once child and hubby is self emplyed he doesnt earn a lot bt gets to spend loads of time with daughter which is…
Get me on the road to being mort free!
What would you do? I 'm keen to pay my mortgage off in next 10-15 years. Don't know how to go about it. Current mortgage fixed rate expires 1/11/08. N/Rock 2gether mortgage (balance is 61k of mort + 13k loan = 74k). Value of flat is around 73k. I guess I may need to get a 90-95% mortgage and a loan to make up the LTV…
pay early redemption or not??
Hi all im new to the site and would appreciate any advice on this ..... my fxd rt is up on sept 09(6.29%) at the mo it's got £59000 with nationwide who allow u to overpay £500 a mth(inc £490 my original payment) which ive been doing for a yr now with the way the markets going im tempted to buy myself out of this deal now…
Nationwide - Proud to be different
Good ol' Nationwide. :rolleyes: Proud to be different. :rolleyes: Back in May with only 5 months to my tracker expiring I rang up my trusty provider for the last 10 years to try to arrange a new deal. Nationwide: "Sorry we only arrange deals 3 months in advance at the most" Me: "Well how about I come off my tracker now ie…
should i pay off my mortgage
i have 3 years left to pay on a mortgage of 36,000 i have 26,000 i can use in my endowments i have the other 10,000 cash......i have a penalty for early payment of mortgage up to 31 dec this year....would it be best to pay off my mortgage next january...i cant see my endowments making another £10,000 in 3 years. i have…
Urgent Help and advice needed on Booker Management Services!!
Hi guys, I am new to all of this and some advice would be much appreciated as we have our first baby on the way and really don't need this stress. I had a Barclays loan which defaulted back in 2001 and it has subsequently gone from my credit file. Booker Management Services took over the debt from Barclays and I have…
on a fixed rate but also on a dmp
hiya we are on a fixed 2 year rate not due to end till march 09 also on a dmp with cccs I know a bit early but just wanted to see our rate is 5.1% at the moment with natwest Would i have to stay with natwest due to my dmp just woundering what my options are regards
Title Deed Change DIY FORMS
Hello ALL I hope you can help me, heres is the scenario: I have a 2nd house with no mortgage on it, however the bank have the deeds and have said it will cost 250 to release. Now, there are 3 people named on the deeds, myself and my parents, however, I wish to remove them and be the sole owner (they have agreed btw ) . How…
Should I pay off my mortgage?
I have an 80k mortgage which I am repaying at around 7%. It has around 18 years to run although I have no intention of seeing out its term. My plan is to sell up in 2 or 3 years and take early retirement in France. I now have the funds available to pay off this mortgage. Are there any reasons I should know of why it might…
I will climb my mountain!
Hi all, Im fairly new here came to this site to find info on tax credits i look like having to pay:mad: But the the good news is its pee'd me off so much its sharpened my focus on my money wasting lifestyle. Ive never been bad with credit cards and my credit rating is excellent.But im great at wasting money on nothing. So…
Shorter Mortgage Term?
Hello there, I was hoping to get your thoughts/general advice on something, please! I'm a FTB, hoping to buy somewhere in mid-2009 once my partner and I have a healthy deposit saved (approx £25k=10%). I was having a look at the Nationwide mortgage calculator and it seems that £250k: Over 25 years, payments on a 3 yr fixed…
I want to reduce my mortgage - help !
I don't think I could become mortgage free for some time but I want to be mortgage less !!! How does this work ? Do I post details and a committment or just post my declaration? Due to a recent inheritance, I will be able to pay off numerous credit cards (£88k) ( costing £1176 per month to pay ) and a little towards my…
Lump sum or regular payments?
I'm hoping someone has a calculator that can help me with the maths on this. We have a mortgage of approx £50,000 with 14 years left to run at 5.49% (BR tracker). Our standard mortgage DD is set to £1,000 so there's quite a bit of OP there. The OH will get a bonus in November of £12,000 (take home) and another in April 09…
extending mortgage term
I am about to pay a substantial lump sum off my mortgage as I have retired from work and I will be receiving a lump sum and a work's pension. My state pension does not kick in for another 5 years. I want to be have a reasonable standard of living until then and to do this I would be better to extend the term of my mortgage…
Remortgage conundrum....
I've done a spreadsheet to compare the two main mortgage options available to me. 1- low fees, switch to a 6.55% fix with existing lender 2- gather up a load of savings, reduce the mortgage down from £73K to £66K to qualify for a 5.99% rate, fixed for 5 years. My analysis shows that option 2 will save me £2.5K over the 5…
Overpayment query - reduce term or monthly payment?
Hi, I am due to start overpaying and was wondering whether to reduce the term or reduce the monthly payment. Could somebody explain which is better and also if there is any difference in the amount of interest that I would pay over the term of the mortgage. I was leaning more to reduce the monthly payment as then I would…
fixed rate - Where do my overpayments go???
Thanks in advance to anyone who can help me out! This is probably a really stupid question, but I'm making overpayments to try to pay off the mortgage a bit early but am not really financially minded so find it hard to get my head round it all! :o When reading other people's threads on overpayments they've referred to…
Endowment and Mortgage Endowment Promise?
Hi All - We are thinking of cashing in our SL endowment policy and I have been in contact with company who have given me the figures I need. However, in their letter it states that we are eligible for their Mortgage Endowment Promise - anyone knows what this is/means?:confused: I also got the same figures off SL about 2/3…

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