We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Mortgage-free wannabe

Archives for February 2011

Mortgage pay off advice please
Hi, Lurked here for a while but our first post (so hello!) looking for some good advice. We currently have a 7 year old offset mortgage that originally owed 110k on a property purchased for 160k - through overpayments etc, this is currently down to approx 67k. We currently have about 12k in the offset mortgage and a…
Mortgage in credit not paying off the mortgage
Please could someone clarify if I have this right please. Had a mortgage review today and have come away a little confuddled as to what has been happening to the small monthly overpayments we have been making on our mortgage. Five years ago we fixed at an amount that was £30(ish) lower than the payments we were used to, so…
Help with Mortgage Overpayment Timing
Hi I have a Halifax mortgage and the interest added to my balance on the 28th of each month as shown on my online account. I intend to make monthly over payments and I have just made my initial payment on the 24th... Is this the best time to do so? Steven
Taking over half of a joint mortgage
Currently my boyfriend and his brother own a house which is a part rent part own housing sceme. My boyfriend and I want to take over his brothers side of the mortgage as he is moving out. We have spoken to the housing company who have agreed this is ok to do but are unsure of what steps to take next. Thier current mortgage…
Worth incurring early redemption penalty to pay off mortgage?
Currently have circa £125k outstanding on 4.9% fixed mortgage and circa 3 to go until 4% early redemption charge ceases to become payable. Can overpay 10% pa with no charge. Will have sufficient spare funds soon to pay off mortgage. Would seem to be beneficial to do this and incur early redemption charge rather than delay…
Mortgage/credit card
Is it a good idea to pay off a relatively small mortgage debt by transfering the debt to a 0% interest credit card?
To overpay or not??
Hi I am currently on a DMP of £333 a month for the next 62 months. This takes me to my first 'could retire if was financially secure' age (60) but by then I will still have a mortgage of £50000 which I could possibly pay off with my lump-sum although that is not certain in these times. My question is - should I try to…
Overpayment or Savings?? Help please
I would like some advice about our current situation. We have a mortgage of £49000 (11 years to go) at 1.39% with our basic repayment at £418.99. We can make overpayments of around £2000. My question is: as savings rates can be found now at higher than our mortgage rate, should I be 'saving' as a form of overpayment? Is…
How do I transfer a property into my name without using a solicitor?
Unfortunately my father died last month, but has left me his home, and as I'll be going through a probate interview next week, I would like to know how to transfer the property into my name? I can afford to pay for a solicitor, but if I'm able to do it myself I would like to know how I should go about the transfer?
OP Help!!
Hi guys, New here, have been reading all your diaries and feeling very inspired! Decided after receiving our first mortgage statement last month that we need to start overpaying (I think I was a little naive about the figures to begin with but seeing it on paper how much we pay each month and how much actually goes to…
Soon to be made redundant - Do I pay lump sum into mortgage ?
Hi all, I think about my mortgage everyday, or more to the point paying it off as soon as possibe. I expect to be made redundant late this year, but will take a reasonable sum of money as a VR payment in the process. My current mortgage is around 87,000 on a £190k property, I am on a rate of 0.17 above the base rate deal.…
'SAHM to 2 boys' shambles attempt to reduce the mortgage
Hi all Having read most of the diaries on here and following along with people's process on overpaying their mortgages, I thought it was time to start my own. As my user name suggests I'm very lucky to be a SAHM of two boys while my DH earns us a very nice wage. I kept a DFW diary for some of last year (until a few…
Want to overpay this month
Hi people, Was thinking about overpaying my mortgage this month (or next) and while doing some research over the net came across MFW (really addictive and motivating):A. So here's a bit about myself, i'm a first time buyer;) i brought a home 7 months ago valued at £200,000 and got a repayment variable rate mortgage of…
Anyone become MF and then a Buy to Let landlord
Sorry if you think this should not be on this board - but could not find much on the Buying/Renting board from actual Landlords more about people renting. Just wondering if any of you have become, or thinking about purchasing a Buy to let as and when you become/became mortgage free and what your opinions/views/ pros and…
overpayment effect on MDLA
I'm not sure if this should be posted here or on the insurance board - apologies if I'm in the wrong place but here goes with a question. I have mortgage decreasing term life assurance, which as the name suggests decreases in value each month in accordance with my 'normal' monthly mortgage payments (repayment mortgage). I…
what to do now?????????????
I have just acquired some money that could pay off my mortgage. I have an offest account but am not sure what to do now. I have 6 years left on mortgage with 65 k outstanding (i have no other debts). Should I put it in the offset savings or just pay off the whole thing. Any advice would be much appreciated.:)
do you have a spreadsheet to track the progress of your mortgage?
I'm currently deliberating whether I need a spreadsheet to track my mortgage and OP progress. We are 6 months into a 25 year mortgage. At the moment we only get annual statements and have no facility to view our account online. I find this frustrating. That said, I know through reading the boards that few people ever get…
How do you calculate the benefit of extra payments on an interest/repayment mortgage
Hi, I have been looking around the site for a few weeks now trying to find out whether it is worth making extra payments toward our mortgage. We have a mortgage which ends in 2014, firstly it was an endowment then we changed to the following: £23,040 on repayment £15,000 interest only 6.290% and this will increase to…
Starting down the MFW road
Myself and the OH have 25 years of a 30 year mortgage left. We started with a 100% mortgage and I would like to say we have at least 10% equity in the house but with current prices it is hard to say. Doesn't really matter as we are not intending to go anywhere soon. We are expecting a baby later this year and so busy…
what to do with Deeds
We are going to be mortgage free in April and was just wondering if any one knows what we should do about our deeds? Will the lender (Northern Rock) keep them for us?

★ ★ ★ Meet your Ambassadors

Confirm your email address to Create Threads and Reply

MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

View All

Mortgage-free wannabe

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free

Mortgage-free wannabe

Discussion List

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free