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Mass 'Overpay your mortgage day' - * NOW * 4th July
The idea is simple… a single day where you pay off a tiny (or large) amount of your mortgage – or for those unable to pay, an extension of the ‘what small thing have you done today’ thread. The most interesting idea ‘wins’. Whether it be a ten mile walk to the building society picking up pennies from the side of the road…
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Pay some off my mortgage or invest in ISA?
Hi, I am useless with figures and haven't managed to work this out using the tool in the mortgage section. I have a Nationwide variable rate mortgage (2.5%) and have £9,000 available to overpay on it which I can do. However, I am wondering whether I should keep some back and invest it in an ISA instead. I have approx…
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Nationwide Overpayment by Credit Card
Hi, I've tried searching for a previous post on this topic but couldn't find one. Over recent months, I've been making regular £500 overpayments on my Nationwide fixed mortgage via bank transfer. However, does anyone know if it's possible to make these overpayments via credit card, and if so would it count as a 'cash…
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Is Offsetting the route to be mortgage free for me?
Hi Guys and Gals! :beer: Our Natwest 5.59% 2 year fixed deal has finally come to an end. This is our first mortgage and we have 23 years left to run :( Ideally we would like to pay off our mortgage ASAP, so with this in mind I’ve been looking at moving to an offset deal. We have approx £110,000 outstanding on our mortgage…
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What age were U when Mortgage Free?
Hi Just reading a few posts and had a thought, "i wonder what was the most common age to be mortgage free?" so i thought i would ask people to post the answer to the following question "what age were you when you became mortgage free?" many thanks :T
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Capital Repayment Question
Hi All, I am looking to pay off a chunk of my mortgage via a capital repayment - I've already phoned the lender to check that no charges will apply and happily this is the case I've been sent a mortage capital repayment form to return, which requires an option to be selected on how the payment is to be treated. I'm…
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not worth overpaying?
i paid my mortgage payment over the phone today and thought id ask about overpaying(any charges ,limits etc) and the advisor told me its not really worth me doing it on my type of mortgage(repayment).i'm not up on the different types of mortgage and was just wondering if she was just saying this to keep me paying just my…
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High mortgage multiplier
Hi all, :eek:I am new to this and hope I am doing this correctly. I earn £20k p.a. and want to get a mortgage. I have no debts or outgoings so can pay up to £800 per month. Does anyone know what lender/broker could possibly secure a high multiple on such a low income. Any advice is greatly appreciated.:huh::huh:
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How much will this overpayment affect the mortgage
We took out a £125k mortgage in July 08 on a rate of 6.190 over 10 years We pay £1395.55 per month. Is there a way of working out exactly how much we owe to date? Also I have £3300 in my overpayment pot as we save £500 each month for overpayment but as we're with the Abbey its not the easiest company to overpay with every…
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savings vs over paying mortgage
Hi All- Just wanted to ask peoples opinions and advice on this (sorry if its a little elementary). Bit of back ground first: My husband and I bought a house 3 years ago, our mortgage is for 127k. We are both employed in decent, secure jobs and have no kids or pets. The house needs a little work and we do this when we have…
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Want to be mortgage free - pls advise
Hi there. We have an off-set mortgage of £49k with savings of approx £15-20k (amount varies but usually between these figures). Currently on tracker for life of mortgage at 0.54% above BoE Base Rate so we are at the moment paying 1.04%. Monthly repayment is approx £415 (we are on repayment mortgage) but we are paying £600…
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Overpay which mortgage? Advice pls!!
Hello. Wondered if you kind souls could advise me as having mental block. I have a residential mortgge 5.49% (£111,000) fixed until July this year. I also have a BTL mortgage which is a flexi mortgage and interest rate is about 4% and I owe £138,000 on that one - it's interest only whereas residential one is repayment. I…
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Yes, it's another diary!
:D :rolleyes::D:D I really am rubbish at keeping these MF diaries, this is my third or something! But I think I do need something to keep me going this time. We'll be hopefully paying a lump sum off soon and that'l be the max we can pay for this financial year. But I don't want to rest on my laurels and not bother just…
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Not adding up....
Over the course of the past few months i have overpaid by about the equivalent of 11 months mortgage payments....upon switching from reducing monthly payments to reducing term i notice that my original mortgage now ends in july'22 from may'25, thats a reduction of 34 months. While my further advance still ends in may'25.…
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Pay off mortgage or transfer to savings
We currently have a mortgage with Newcastle Building Society of £116k, offset by savings of £78k (so the net balance is £38k). Interest rate is 0.5% over BBR, so our current pay rate is 1%. We can make penalty free overpayments on this mortgage. We also have the facility to drawn down a further £80k on the same terms.…
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WOOHOO I overpayed by £22000
Last week I closed all my ISAs (except for last year's which is self employed safety net money), and paid the balance (£22K) off my mortgage. I figured that I was paying more interest on my mortgage than I was earning with my ISA. I just checked my mortgage balance and it is now less than £40K, which is very exciting. I…
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Way to play this?
Hi All and Happy Easter Monday As of next month OH and I will have a goodly surplus (over 2K - but some will go to service last unsecured debt quickly (under 5K) and for savings for other stuff as posters here rightly suggested) to tackle the mortgage. At present our mortgage is with Halifax SVR 3.4% at just under 63K.…
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How do I over pay mortgage with stoozing
Hi please could somebody explain how to stooze and pay more off your mortgage:rotfl:? Do you get max on 0 % credit cards and then take cash and pay off the mortage because I always thought that most cards charge if you withdraw cash or do you live off the card and pay everything else off on the mortgage ? Help I wannabe…
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Making a start...
DH and I would love to be mortgage free before our 27 years are up and reading all the diaries on this forum has been a great insparation. We have a large mortgage compared to some of the mortgages on here but it's not going to go down by itself! (183979.34, fixed rate, repayment). DH and I both work full time and have a…
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Should I decrease my term?
I a bit of a muddle and not too sure what to do. At the moment I am over paying my Nation Wide mortgage up the maxium (£500 per month) I still have about £300 per month spare. However I am concerned that if I do decrease the term, thus increasing my payments, I might struggle if the interest rates go up. I can obviously…
