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Would this work...
Instead of having a £100,000 mortgage paying interest. Could you have ten credit it cards with £10,000 on each with 0% interest for 12 months? Then every year transfer the money onto another nine or ten cards depending on the amount left to repay. If this could work you would avoid paying any interest. Would my idea work?…
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2011, the year of doing something about it!!!
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Is it really worth it...?
I have a Mortgage of just over 90K. With just under 20 years remaining. The interest rate is 2.5 percent. Is it really worth overpaying this loan..? INflation is running at 4.8% RPI. Isn't this outstripping the true value of this loan anyway...... My natural inclination is to overpay, because I just want to be mortgage…
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Lump Sum payments...?
I've used the overpayment calculator and it's fantastic. But can anyone help me with this... If I pay off a lump sum, the calculator tells me how much earlier I will finish paying.However, would a mortgage lender let you pay off a lump sum, keep the length of the mortgage term but then have lower monthly repayments until…
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Two mortgages: which to repay?
I have both a repayment mortgage and a buy to let mortgage (currently paying interest only on the latter). I will be receiving an inheritance shortly that will enable me to pay off around 40% of the total combined outstanding mortgage debt, but I'm not sure how to best apportion the money. I've had a quick trot through the…
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can't wait till im free
been reading this forum for number of years which i came across accidently and from that day decided to look into our morg to see if we could afford to give it ago! been living in our 3 bed house for 6 and a half years, first couple years spend bit money doing it up new windows, heating, kitchen, bathroom ect small fortune…
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Mortgage free in 10 years
My wife and I have just got married and I am now making an attempt to be mortgage free in 10 years. In September 2008 we took a mortgage of 144000 at 6.29% fixed for 5 years. Monthly is 961 Paid 1000 up until now, Trying to pay 1300 as of March payment Wish us luck. Any hints and tips are welcome.
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mf by 40, thats in 9 yrs ! - its time to try
Mortgage free by the age of 40 that’s 9 years (2020) – ish ! SOA: Statement of affairs In 2010 I got married, hit 30 and now in 2011 am thinking of trying to start a family. I have a good job a lovely home and feel the time is right to overpay. If I don’t I know that at 40 I will look back with regret! – so its time to set…
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MF in 8 months time
I thought I would share my current mortgage exploits, as i've been so motivated and inspired by following so many posts on this forum over the past 3-4 years. We started with a mortgage of 84K in September 2003 and this was over a 20 year term. We immediately started overpaying £60 per month from 2003 until 2006, at which…
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First time buyer to be with lots of questions!
Hello all. Well, me and my husband are now in the position of wanting to buy a place. We have 2 young children and finding renting more and more demoralising although living in London we have had little choice. We are now thinking about venturing into the scary world of being property owners. We have saved up a lot of…
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A long road ahead
a long road ahead
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Why does lump sum have little impact?
Hi All, I was wondering if you could help me work out why a significant lump um payment into my mortgage has little impact if I set up regular overpayments as well. I have rounded the figures up (way up) in order to better emphasise the issue. All examples assume a 4.5% interest rate with repayment term 25years. If I pay…
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Tini's Task to MF...
We received our mortgage statement and as of today the mortgage stands at £103,335.85! Seeing all the interest that we have paid in the last 6 months on paper since we took our new deal was sickening. It gave us the extra push that we needed to actually make OP’s happen. Also to actually start a diary to keep us motivated.…
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Question about Halifax / Lloyds On-line mortgage balances
Does anyone know if this change over will mean that the Halifax will show you a daily balance rather than the monthly one on-line? Anyone with Lloyds at the minute? What do you get daily / monthly? Thanks Heg
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wannabe credit card tart
Hi Once I have moved my left over debt to a new interest free credit card should I cancel the old card? Thanks:j
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MFW Gonnabe....but should we do more???
Hi all, Posted a few times on here and wish everyone luck in achieving their MF goals. My O/H is very supportive in wanting to paying the mortgage off and we are 12 years and 11 months (MF by the age of 48:eek:) from being MF and have a mortgage balance of £89k on a fixed rate of 5.39% for the next 3 years (was a five year…
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Time I came out of the shadows!
I've been reading these boards for a long time (as many people do), so thought I'd post properly now.. as my drive to be MF is my top priority now. Bit of a background: bought our 2nd house as started a family back in 2009 (moved when our little one was a week old - very stressful!). Had a mortgage for £44,470 over 40…
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Newbie in need of help!
Hi all I have been inspired by all of your threads :T and would be very grateful of any advice on my new dream to be mortgage free!! I currently have two mortgages one is £30k on repayment over 20 yrs and the other is £64k on interest only 18 yrs. Both on 3.98% fixed until Jan 2012. I have made payments of £1830 to my…
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Our MF way of life starts today.
Hi everyone Well after a good talk with my husband last night were going to see just how quick we can give this mortgage paid off. im goign to ring the bank today and get the payment upped as we pay by standing order were going to shorten the term to start with and see how we go we have things which need doing round the…
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Changing the term - effect on interest/capital repayments
We're five years into a 15 year mortgage, and our payments are pretty high (£1200 per month). We are far enough into the term that our payments are at last more towards the capital than interest (£500 interest & £700 capital). I thought about extending the term to bring down the monthly payment, but I worried that it would…
