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MFW Starting Out
My husband and I purchased our first home together in November 09. We paid £111000, but were lucky enough to have a £54000 deposit. We took out a 2 Year Fixed Mortgage at 4.89%. To keep the monthly payments low, (they are around £300) we stretched the term to 30 years! We have a low income, as I have gone back to college…
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Aspiring MFW considering offset mortgage
A recent inheritance has caused me to review my finances and realise that (d.v.) I could be in a position to pay off my outstanding mortgage (considerably) sooner than the 20 year term remaining at present. I've been doing some reading about the various options, and despite having previously not seriously considered them…
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Should i overpay on mortgage or save?
My mortgage is currently 200,000 interest only at 0.35 above base on a tracker. I am thinking about making overpayments to try and get the capital part of the mortgage down, my question is should i instead save any spare cash in savings or start paying of the capital on my mortgage? [threadbanner] box [/threadbanner]
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Mortgage ending soon - Shortfall!
Our mortgage ends over the next few months (several different advances finish between now and November). Our original mortgage was an endowment type and looks to be about £5000 short of the amount needed. We knew this and decided to let it run as it was since we have pushed ourselves over the last three or four years with…
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Too Many Mortgage Choices
Hi, I've spent the last few days reading around the forums and looking at mortgage deals. I'm hoping someone can offer me a sanity check.:) We've starting to think about our mortgage renewal with the main aim, to repay our mortgage within 10 years for date of remortgage (my wife 40th). Our current situation is a mortgage…
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New MFW'er
Hi All Might as well join this part of the forum, first time in here. Myself and partner of nearly 6 years, engaged for 1 year, 22 years old apiece. Currently on a combined income of £30500 p/a, sitting on a 4 month old mortgage of £104,000. 2 yr fix at 4.89%, repayment, 40 year term :rotfl: 75% LTV, made up of 5% our cash…
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overpayment
Another year gone another 10% paid off mortgage only £164149.77 to go!!! and fixed rate ends next year so can pay more off yippee
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perfectly recreating mortgage calculations
Hi All I am trying to recreate the calculations which my mortgage provider (C&G) uses, in an Excel spreadsheet. I have read the sticky thread on overpayment calculators and used most of the online/excel calculators (both very useful). I have also created some of my own. Most of the calculators are intended to give a rough…
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Overpayment on 2 mortgages
My mortgage with nationwide is split into 2 and i am allowed to overpay on each as they class them as seperate. I am overpaying on both and wondered if i could afford to pay any more should i go for the bigger of the 2 as its more owed? At the moment i have done my calculations so that they would finish together, both…
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Tracking over payments
Hi All, I just wanted to know how everyone keeps a track of their overpayments? I had been overpaying my mortgage by £50 pm for about a year and then increased it to £100pm, this was all done by increasing the DD amount. Now I'm trying to overpay monthly but as I don't want to be committed to this I just post in a cheque…
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Nationwide, overpaying help
Currently have a nationwide mortgage and am overpaying. Could somebody explain this a bit better to me please. Taken from their website: When will my monthly payment be reduced? If you overpay by exactly £500, we will reduce your payment from the following month. If you overpay by less than £500, your monthly payment will…
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Feeling proud of ourselves
Hi all Feeling really proud of ourselves at the moment so wanted to share with you all. Bought our first house 3 years ago with a 25 year mortgage. Have made some overpayments each year and now that our fixed rate has come to an end we have fixed at a fab rate (3.99% for 5years with 10% overpayment per year available) we…
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Fluctuating Halifax Mortgage balance
Hi All, I've recently begun my MFW journey! Briefly, made a small overpayment last month and over the course of a few days my online mortgage balance increased. Phoned Halifax to find out why and they assured me they'd send me something in writing (received nothing). Mortgage goes out on the 1st so had balance for July.…
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Torn Between Overpayments and Savings
Hi, I'm in a quandry! Have built up a nice little £9K in ISA (Santander paying 3.25% interest) and will be paying in £200 per month from August. I like messing around with savings calculators and and if we can keep this up it could amount to £40,700 after 10 years. Equally, I love to mess around with an overpayment…
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One accounts - how do they work?
Any help would be really appreciated on this subject.. ill start from the beginning (here goes) Basically myself and my girlfriend took 83k out on a 100% mortgage with northern rock 3 and a half years ago on a fixed 5 year term over a 35 year mortgage. We are currently saving using a joint savings account and are hoping to…
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Tactics to be MF
Hello all, I have posted on here a few times and long to be MF too!! We moved and remortgaged 4 years ago and strapped ourselves up for another 25 years, 18 months or so ago we moved to a new 5 year fix but over a 15 year term. Our jobs are reasonably secure and we are happy at in our home but I long to be MFso we can do…
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Fee's Advice
I'd like to know what fee's and how much they would be likely to be if I was buying a house worth £150k please? I want to make sure that I'm not missing any fee's out and know how much to budget for! Thanks in advance
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Mortgage free, but tempted...
Not sure if this is the right place for this, but here goes... We bought our first house nearly 8 years ago. Four years in, we had our lightbulb moment with regard to the mortgage, and we're now essentially mortgage free - we have an offset mortgage and although it isn't technically 100% offset because I've put the money…
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Independence day
Today is the 4th July and it is also the time I start to pay off my mortgage. I start a new job tomorrow and my stomach is tying itself in knots thinking about it, the thought occured to me that if I didn't have a mortgage I wouldn't have to work full time so lets go! My Mortgage was £67500, I took it out in June 2006.…
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I too am inspired by you all ......
and so, if you'll have me I'd like to join you all on this amazing journey. A little more about us and our quest to be MF. We have lived in our current house for 6 years. It was a 25 year mortgage but with overpayments we're down to 15 years at the moment. However, we are moving to the Middle East for a fantastic job…
