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rlc22's 3 year challenge!
Hi Everyone :wave: I've been reading loads of MFW diaries and have decided that it's time for me to take the plunge myself and get stuck in :D I'm Rach, and live with my hubby and our 14 month old son in a 3 bed end of terrace house. We've been here just over 3 years and I really want to move now, but we're not in a…
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reduce term or reduce payments?
Hi Just a quick question! At present I have my overpayments set up so that the term of my mortgage is reduced. I am very pleased with this as in 9 months I have knocked off 4 months of my term of 12 years. :j However I have ben tempted to have the amount I pay each month reduced instead as this would mean I could make…
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Cash Lump sum Payment or Feeder?
Hi Everyone Just registered, so please be gentle. I will be receiving a Tax Free Cash Pension payment of around £50,000 in the summer and was looking for the best way to pay my mortgage off with it......... A. I am on a tracker rate of under 3% until Oct 2012, my home is worth around £260,000 with a £110,000 mortgage. I…
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So close now !!!
Hi everyone , just thought I would pop in here and say hello because I have been reading this forum for years now :o . In that time we have thrown anything and everything at the mortgage, and really changed our lifestyle to avoid waste of any kind. My husband wasnt all that interested when we first began , it was always me…
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is it worth it ? how can we get around it ? Please help a newbie MFW
Hi everyone , well we have been reading all your posts with facination and looked into how much we could save if we paid chunks off our mortgage each month only £86 a mth extra to start with i called them today to ask about it and found out every time we make any overpayment they will charge us £83 ! they said all mortgage…
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Lump sum repayment advice for mathmaticians
Hi Currently have morgage of £16000 at fixed rate of 4.29%. Remaining term approx 8 years. Morgage has erc of 2% which expires nov. Already used my free repayment allowance. I also have an ISA paying 2.75 % of £10700. My question is, is it worth using the ISA to make a lump sum off my morgage. Ive tried to do the maths but…
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Is NOW our time?
Hia mortgage OP experts :j Can I ask your advice please? DH & I are both 42 ... Is the time right for us to start overpaying? We've got just over £10K in an ISA @ 2.85% Outstanding mortgage is currently £69,800 (ish) with 12 yrs 7 mths remaining and we pay £560 p/m Mortgage deal is 3.49% (variable) with the ability to…
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Overpay Morgage Vs Saving
Hi Everyone. We are intending to buy a house this year and I'm trying to decide what to do with any spare cash we may have left over every month. Obviously we'd like to pay the mortgage off as quickly as possible, so initially I'd decided to get as short a mortgage term as possible, which would of course make the monthly…
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reduce payment or reduce term
If I overpay by £500 I can choose to either reduce future monthly payments or the term of the mortgage. Which one should I do? Does it even make a difference? I'm on 5.49% 25yr fixed, 22 yrs remaining, monthly payment is around £400.
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to sell or not to sell
We have a repayment mortgage on a flat we let out, approx 95% LTV left, fixed period ended in jan, also have a second property in which we live, this is fixed for 3 years and 85% ltv. The rent from flat is 725 per month and current repayment is 650, with variable interest at 4.89%. We are worried as to the news of interest…
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Am I doing the right thing?!
Hi everyone, I've been 'lurking' on this site for some time not but have plucked up the courage to ask a question about my own mortgage free dreams! I am trying to overpay as much as possible to enable me to sell. If I sell at the minute I would lose money on the house. I bought it for £87k and at the minute these…
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10K in one year
Well almost - I haven't posted before but have followed this thread for some time. We remortgaged 21 months ago and had to pay £3k exit fee but reduced rate from 5.49 to 3.39. We had 23 years left but remortgager would only offer 17 years, but set out figures for 14 and 12, so we decided to push ouselves and go for 12…
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MFW but need a hand which way to tackle it.
Hi all, Currently I have a mortgage that is split into 2 parts Part 1 is my main Mortgage Balance is 57700 with 10 years 10 months till end.. Interest rate is 0.99% above bank base rate (currently 1.49%) 0 early redemption part 2 is a flex mortgage Balance is 28000 with 10 years 10 months till end.. interest is SVR…
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Really want to stick at overpaying mortgage!
hey there, i have over the years tried to overpay the mortgage - can never manage very much so is not a drastic difference i think?! the mortgage today stands at £48,260 - 17 years left - the monthly payment should be 389 but i pay per week an amount of £100 instead - making an overpayment of 10.00 per week and if a 5 week…
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Paying off the Mortgage Blog
Well having joined Cake's thread about overpaying on the Mortgage, I've set up a Blog for all to visit if you wish to talk about your plans to reduce your mortgage - not sure if I'm allowed to post the link here, if not then mods feel free to remove the link below: http://thebigmortgagepayoff.blogspot.com/ If not allowed…
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Please help! Not sure what to do!
Hi everyone Here is our situation..... I would appreciate any advice you can give: We bought our flat in mid 2007 for £250k and managed to obtain a guarantor mortgage Interest-only fixed for 2 years with Nationwide at 5.34%. We were paying interest costs of around £900/month. Once the deal ended we reverted onto the BMR of…
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Should i pay off mortgage or keep savings for emergencies?
Hi, I'm a noobie here! About 12 years ago i took out a mortgage on my small ex-council house. I have about £15,000 left to pay and almost that amount now built up in savings. My query is should i pay off the rest of the mortgage soon and leave myself without savings, pay off a lump sum, or just keep the cash in the bank…
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Two mortgages - which to overpay?
Hello, I have two mortgages both with Nationwide at the same rate of interest. I can overpay either by up to £500 a month with no penalty - but which should I overpay first (or should I overpay a bit to both)? They are: £71,500 on repayment, 24 years remaining. £175,000 on interest only Thanks in advance.
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Wildfrog's New Year, New House (I hope!)
New Year starts with a diary! I have found this board on the forum such as inspiration and encouragement and loved reading others diaries. I also think it will prove even more motivating having my own diary as well so here goes! We are a family of 4, I work part time, my OH works full time and we have 2 DSs who are 3years…
