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Some great news - Leeds Building society
Some of you may have read my previous posts about the inheritance my DW and I were left and how we can use that to pay off our fixed rate mortgage of 4 years with Leeds BS. My previous conversations with anyone at Leeds left me with the impression that we can only make 10% overpayments in any 1 year. However, I've just…
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Overpayments on a Shared Ownership Mortgage
At present I have a £55,000 mortgage at 6.17% on a 40% share of a Shared Ownership property. My monthly payments are approx. £360 on the mortgage, and the term is 25 years. My rent, service charge etc. comes to around the same. I can make overpayments of up to £500 per month without penalty. I'm keen to buy more of the…
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letter of 'no longer have an interest'
I have obtained a letter from my BS regarding I have paid off my mortgage and asked them to send me a letter for my Endownment company to say they (the BS) no longer have an interest in the property. Do I hang on to this until nearer the time that the endownment is finished? or send it off now?
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Overpayment Calculator
I'm looking for an overpayment calculator which allows for overpayments monthly as well as the odd lump sum but doesn't reduce the min mothly payment just the term I've looked through the overpayment Calculator sticky but can't find one that does this. Can anyone help please? Thanks
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Overpaying - Have i done the right thing?
Hi all, I have recently taken out a 35 year mortgage for £238,500 5yr Fixed Rate at 5.63%. I was advised to overpay as much as possible so decided to do so. I phoned up my lender and requested my monthly payments go up to £1550 (from around £1300). The woman i spoke to told me she would send me something to sign and return…
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Should I repay my mortgage from redundancy money? Help please.
I have just taken redundancy and have enough money to repay our mortgage. The outstanding debt is £46.5k made up of £21k on fixed rate of 5.74% due to expire in Nov 2009 and the remainder at base rate tracker. Are we best to pay off the mortgage in full? Friends and family have advised us to keep a small amount say £10k as…
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Pay off mortgage but maintain a nominal balance?
Next month I will be paying off my mortgage but I fully expect that at some point in the future I will move to another more expensive house and therefore require a mortgage again. This raises the problem that if I use up the vast majority of savings now to pay off the mortgage my mortgage company (Nationwide) have said…
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Overpaying Conumdrum
Hi Just have a bit of a conundrum that I am mulling over and am looking for a but of advice from other overpayers about what they did/or would do in this siutation. It may go on a bit so bear with me. Background Me and my girlfriend have a mortgage outstanding of 103500 which will reduce to around 99000 after overpayments…
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Overpayed and the monthly payment didn't go down as much as I thought it would?
I have 23 years left on a mortgage. Payments 889.90. Made an overpayment of £2,500 off the capital. Payments went down to £885. Should it not have gone down a little more? I thought if I do 23 x 12 x £4.90 that should equal more than what I've overpaid?
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can I claim anything from old mortgage
dear all some sound advice very welcome please. Q. I have recently been made bankrupt.luckily we managed to sell the house at the same time after being on the market for 2 year with no thanks to the abbey national. we have no option but use the money from the sale of the house to clear all dept. but can i claim anything…
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standing order
hi,i was wondering if anyone knows of any pitfalls if i put my mortgage on standing order instead of direct debit.my thinking is>>>i get paid 4 weekly so if i put it on standing order to go out each pay day i,ll be paying an extra payment a year.i have checked my mortgage to make sure it is ok to overpay without incurring…
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Overpayment mortgage should I renew
I currently have a mortgage of 130k over 25 years on a 2 year discount tracker. I am currently overpaying by £500 per month and the mortgage is due to be renewed in December. Should I keep the mortgage terms the same when the renew is due and continue to overpay by £500 or should I reduce the mortgage terms to 15 years and…
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joint account question
Hi everyone My wife and I have a normal joint bank account. However, I have opened an online savings account ( with another institution ) in my name only (it has a Direct Debit set up linked to our joint account ) Should anything happen to me, I would like her to access this savings. Can she simply go online and transfer…
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surrender endowment v savings?
I`m in the lucky position of being able to pay off my mortgage due to inheritance, the dilemma I have is do I surrender my endowment (current surrender value £20k with 9yrs to run, set up to yield £51k) or use £11k in an ISA to make up the extra required to reach the mortgage total ? ISA or Surrender?
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Rejected for offset-how about this....?
Hi all, I got some great help on the mortgages forum about offsetting. As the key worker loan I have has to be the 2nd charge after the mortgage I was rejected by FD who don't allow this. I thought I'd try this forum for advice on my options. None of the other offset lenders seem to want me either!! I think the best option…
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Feeling Inspired! - PsychoPrincess MFW Progress
Hello I started looking on this site about a month ago and have become mildly obsessed with finding the best savings accounts, and hoping to pay my mortgage off early. I have opened some good savings accounts, and am thrilled by the idea that money I already have in savings, just by transferring it from one account to…
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Inheritance vs overpayment?
Hi, Any advice very welcome please! I remortgaged in April, 5yrs fixed rate 5.6%. I can overpay up to 10% of this in any year. In the next few months I am due to inherit the equivalent of 10%. I have worked and re-worked these numbers and come up with a different number each time. Is it better to make the overpayment as…
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Overpayment spreadsheet ps??
Hi, I want to overpay my mortgage but overpayments will be different amounts each month. Does anyone have a link to a spreadsheet that allows me to input info monthly, giving me details of how many years/money saved so far? I am not clever enough to work out my own formulas !!!! Many thanks
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One Account - what happens at the end?
I'd like someone to explain what happens at the end of a One Account mortgage. My wife and I have been overpaying on a OA mortgage that we have on our house bought during the last recession, so we're already on the lowest % rate. Anyway, we run our account under the 'your way' scenario, with various savings and loan…
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Overpayment Question - Surely this cant be right???
I've posted this on the Mortgage board too but thought I might get more replies here. I'm soon to become an offical MFWB!!! I just find out how to work out what my mortgage free date will be !!! Hi, I want to pay off my mortgage asap so I'm looking for a new tracker or flexible deal with unlimited fee free overpayments.…
