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Money in savings or Pay off mortgage
Help!!!! I have some money that I don't know what to do with, everyone seems to want me to put my money into savings (yes they are all savings advisors) but something tells me to put it on the mortgage, I just can't decide. My mortgage is currently £75,000 over 18 years and my house is worth £200,000, our mortgage rate…
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is it worth it?
hi folks, first post after looking for ages :D little background, single woman,great job (not great wages tho) brought little flat down south on 100% mortgage and 4x's wage 10yrs ago and sold five yrs later for double :j moved up north (still with job) and got a lovely little 2 bed house with lovely garden :D really really…
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overpayment question
when making overpayments is it best for it to come of the amount owed or interest if mortgage is interest only, sorry if this is a dumb question but just want to know what benefits you most when overpaying. thanks in advance
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Don't repay all but leave £1 balance at SVR???
Hi all My fixed term is finished and I'm luckily in a position to repay all of the remaining balance. So I went to do so this morning but the staff suggested that I shouldn't. Instead, leave a £1 balance so I could avoid any new application fees if I was to use the facility to purchase another property or as a flexible…
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Keeping a mortgage open with £1. Why? What are the risks?
I'm due to pay of my mortgage next month. I was in the bank asking about it today and the advice I got was to keep it open with £1, so that: * They would keep my deeds safely stored in their vault at head office * I could easily raise money again without having to pay arrangement or legal fees What are peoples thoughts on…
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Here for a while - a shiny new diary
Hi everyone! This is my first post - I've decided to stop lurking and 'come out' so to speak! I freely admit that I've become a little addicted to people's threads in this section, and have found it hugely inspiring, so thank you! I'm really keen to start overpaying the mortgage, but I'm really not sure if i should start a…
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mfw new to the site
hi everyone new to the forum and thought i would say hello, and tell you all about my goals for the future. first of all i'll let you all know what i'v planned, and how i intend to sort my finances, and become mortgage free. first of all as of the end of this month (march 2011) all credit cards, and any other credit will…
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How often do you overpay?
Could you tell me how often you overpay on your mortgages? 1. Do you overpay the same amount each month? 2. Pay different amounts each month depending on how much you have saved? 3. Or save it up to do a lump sum? I see that some of you have made overpayments and others have a virtual pot? I really wanted to pay the same…
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Clueless
Hi, I have been really inspired after reading all your posts and thought I would make that my aim too. My husband does our finances so I am clueless about how much our mortgage currently is and to my shame I dont know anything about our finances. My husband isn't good at budgetting so my first job will be draw up a budget…
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MSE News: Mortgage rates rise again
This is the discussion thread for the following MSE News Story: "Mortgage rates edged up in February but the interest charged on personal loans fell for the third month in a row ..." Read the full story: Mortgage rates rise again
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Hello I'm new!
Hello people, I joined this site earlier this week hoping to try and reduce my mortgage a bit. I'm a SAHM with a teenager and a baby, who is now nearly 1. My hubby works full time and I am a jewellery maker working from home. This has taken a back seat the last couple of years as I lost my Gran and then my Mum within 6…
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Do I need to be debt free and have an emergency saving allowance before overpaying
I have been overpaying for some time just £200 a month, whilst also repaying a car loan and credit cards. Do i need to get these paid off and have an emergency allowance before overpaying. I currently have £400 left after everything is budgeted for. I already pay credit card by £100 and £200 other card both 0% My car loan…
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Who's got the biggest mortgage on here?
Just to make me feel better, was wondering who 'wins' the competition for the biggest mortgage on here and you are overpaying to reduce it? What sort of home did you buy and has it been worth it or just a nightmare? To many my mortgage must seem minuscule but to me it's huge as I don't earn a huge salary but it's still a…
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Overpayment Arrears
This is amusing, apparently my mortgage company (C&G) have somehow managed to mis-process the 'maximum permitted 10%' annual overpayment I made in January in such a way they've declared me in arrears and passed my account off to their collections department ??!? The first I hear is getting a call from one of their…
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transfer of mortgage to son
How do I transfer my mortgage into my son's name, if in fact I can? It's an interest only, with several years left to run, I don't live in the property, neither does he. If it's possible, what will it cost to do this? Or do/can I transfer the house into his name and still pay the mortgage? thanks.
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Which way to go? mfw or buy another place?
İ currently live and work abroad. İ do however still have a home in the uk with a 20pc ltv 55k IO mortgage on(repayment92pm). I receive a occupational pension in the uk that more than adequately covers my mortgage and allows me to save towards the capital BUt,,, Abroad i have a home worth 80k that is owned outright but due…
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Help with budgeting..
New on here but really need help and a way forward pls:- My husband and I both work full time... My annual sal is 22k and my husbands is 28k.. We are home owners and have 2 young children. We have our mortgage with Halifax 194k and this is on interest only (no repayment vehicle in place) the plan was to put money into…
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Santander overpayment help!
Hello again, you were all so helpful last time, I really need to pick your brains again! Made the first overpayment to Santander last month (£500). Received a letter a dew days later acknowledging it as a capital repayment. Received a letter this morning with the new terms (I asked for the term to be reduced as opposed to…
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Should I join in?
I just posted this in the sticky - not sure if it should be there so doing a separate post. Well I've been reading all the MFW posts & would love to join in. Except! I'm not sure whether it would make financial sense to do so given my current interest rate. I'm in Ireland and my interest rate is based on the ECB so it is…
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New MFW :)
Hi After spending a couple of days virtually living on this site, I thought I would post my own challenge to make me a little more accountable! Currently, my mortgage stands at £146,000. We have made £65,000 of overpayments in the last week to get to this figure :D Currently, we have 19.5 years left to run on the mortgage…
