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Overpaying – how to impact capital, not interest
I've been taking a look at the guide to overpaying mortgages on this website. I note it says the following: "Normally the repayments only go towards repaying the interest of the loan, not the capital (the actual amount you borrowed). So ensure any extra payments you make specifically go towards decreasing the capital (in…
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Ultrarunner's aim to be mortgage-free
Hi all, thought I would throw my hat into the ring... found reading these stories very motivating, and thought my own thread would help me focus on my own overpayments. I've got 71k remaining out of £85,500 Nationwide mortgage on my studio flat, bought for £97,500, unfortunately I bought at the top of the market in 2007,…
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MFW Action Plan of Awesomeness!!! (hopefully)
So, here's my situation: Mortgage about to be taken out on a new-build (My first house!!!:)). Not moving in until Nov/Dec this year (owing to the fact that it's not built yet). Mortgage: £140,000 Deposit: £40,000 Rate 3% approx on 30 year deal. Monthly payments: £611 (2 year fixed) Looking to overpay approx £300 a month to…
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Jumping aboard!
Hi everyone, A little about myself as I climb aboard the mortgage free train!! I'm a single mum of one and have spent the last year and a half trying to get life back on track. I split from my ex nearly two years ago and sold our heavily mortgaged house, rented a while and have recently bought a smaller property in an…
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2 questions related to mortgage overpayments
Hi everyone, I've got two questions related to overpaying. Number 1: In the following article http://www.guardian.co.uk/money/2011/aug/31/save-or-mortgage-overpayments the answer to the question "should I overpay my mortgage" contains some savings rates that would be required based on the amount of tax you pay to make…
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Michelle's Big Push to Christmas Challenge
Surprise surprise, I'm getting a little restless about it being September this week, and feeling like the year is heading to its end without me making the most of it and achieving everything I set out to back at the start of January. I've been working my socks off doing reviews and surveys, and while this is great, the…
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Equity
Hi all I have a house with just a £20k morgage left, it is worth £150K how can I release equity on it? The only ones I have seen seem to involve a loan and they don't look good! xxx:money:
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PBR's "M" for "mortgage" diary!
Hi there I hope it's ok to join you! I have been lurking on these threads for a while and have been very inspired by your stories and success. We bought our house two years ago and paid too much for it! I resent every penny in interest we're paying on it and am determined to be MF as soon as possible! I am married to a…
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I owe £1
For the last few years I have only had £1 owing on my mortgage. Although I finished it many years early it is past the mortgage redemption date. I have recently had the endowment paid to myself, the building society having declared no interest. So for £1 the building society are holding/looking after the deeds. Is there…
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Paranoid or What???
I am 20 years into a 25 year £53,000 mortgage. (I know that sounds like a small amount now.....) (The mortgage is (I think) a tracker at 0.68% above base rate, Plus a small repayment part) the outstanding on the mortgage is currently £49,600 I have just had my first endowment pay out. I have also just had a mortgage ppi…
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Mimi's mortgage plan
I thought I'd do a log to keep me motivated, as I keep meandering away from the mortgage free goal! Back in 2004 I came across a book that explained how you could pay off your mortgage in 7 years - which was a revelation to me and which I embraced . During the next 2 years we paid off £13k worth of credit cards and…
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Mortgage free now - but thinking of getting new one!
Hi Guys I wasn't sure where to post this at first, but figured you guys are the best to ask! Me and OH are currently mortgage free. I'm 38, he's 48. No kids, two cats. The mortgage was paid off last summer. Great you say, how fantastic not to have a mortgage to pay. And I would agree with you but for one thing...I hate the…
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25% deposit FTB finding difficult to get mortgage due to new job.
sorry posted in wrong forum
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ajmoney's bid to be mortgage free
My previous thread was to reduce my mortgage however I have decided I want to be mortgage free in 11 years. All I need to do now is get DH on board which I hope won't be too difficult. I will post a bit more once this thread is set up. I hope this link works https://forums.moneysavingexpert.com/discussion/1875433 I don't…
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Lilly's journey to be mortgage free
Hi There I have been getting inspiration from this website for 2 years and thought it was time I joined! We bought property in 2008 part of it on a fixed rate of 5.99% just before the interest rates were reduced to an all time low!! Who knew that would happen...We decided to overpay each month and over the past year have…
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Just About To Make Our First Overpayment
Hi All, We are just about to make our first overpayment towards our mortgage. :j I just phoned Natwest our provider to find out how to go about doing it. I was under the initial impression that if we are in a position to make overpayments we are not wanting to have the monthly DD altered, but it seems that if we make…
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Overpaying Interest Only Mortgage?
To cut a long story short i have a part interest only and part repayment mortgage.Now the Interest only part is supposed to be covered by the endowment but has a shortfall.Endowment misselling is a no go so i have been overpaying the Interest only mortgage by £50 a month for a year or so. I can afford to increase this…
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WWYD?? DH loan finishing soon
Sorry for the new thread but I can find my diary... Maybe lack of attention from me has made it disappear... PMSL. Anyway brief synopsis is I have a mortgage, DH has lots of debt, I dont. The big huge loan DH has is finishing soon :D so thats £475 a month less we will be paying out. All other debt of his is on a 4.9% life…
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Starting today
Today we did our first down-sizing shop at LIDL. We have set ourselves a target of being debt-free within 10 years (sooner if possible). Currently we have £9,000 outstanding on a car loan and £147,000 on the mortgage. There's also £1000 on the CC at the moment but that's in hand - usually it's below £100. The house cost us…
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Mortgage pay off
I have friend who wants to pay off my remaining mortgage balance for me. Does anyone know if this has tax implications as it will be a gift?