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Mortgage-free wannabe
Archives for February 2014
Discussion List
Question About Interest Accrued
Hi If I had a mortgage with Alliance & Leicester for approx. £18500, at an interest rate of 3.99%, how much interest would I accrue over a single month? This is a Capital & Interest mortgage, and I'm currently paying about £985 a month towards it. I'm afraid I've no idea how they calculate the interest, I've read that…
Mrs. P's MFW Diary
I have spent a few years on the Debt Free Wannabe forum and now just have my mortgage to pay off. I have two mortgages. Both repayment and both at 1.5% I am not on a deal at the moment but my rate cannot go up by more than 1% above base rate. No penalty for over-payment Both end in 4 years time. Mortgage one is for…
What would you do?..
Hello, this is my 1st post, but I've been looking at these boards for a while. I was just wondering if anyone could help me out with something please. I have a mortgage of 118,500 fixed for 2 years @ 1.98% I can pay up to 10% of the outstanding balance each year. I have £20k savings in my current account. Would you just…
switching mortgage with same provider and credit checks
Hello all My partner and I have just come out of fixed rate mortgage, We are wanting to switch deals with the same provider, but I accidentally defaulted on my previous unsecured loan with a different bank, will our mortgage provider do a fresh credit check....? I am worried my partner will be penalised and we will be…
Which mortgage to overpay?
Hello All, Im trying to reduce my mortgage and my OH and I have decided to use the dividends he gets paid from his business to overpay our mortgage. He usually takes out a lump sum of around £4000 every 3 or 4 months We have two mortgages on our house as we ported one over to our new home and took out a second one to up…
Determined to be Mortgage Free
Hi and welcome my thread. I am 25, married to DH, 25 almost 26 and our two munchkins DS1 and DS2. I set out in 2011 to start over paying the mortgage after buying our first property. However, circumstances changed and my DH lost his job in December 2011 and everything got turned on its head. We could barely afford to pay…
Rubber Chicken and other roasts
Ok, I'm fairly certain this will get moved to Old Style but hoping it won't as this is the board I feel most comfortable on. I've found that since keeping an eye on my grocery shopping that I'm making good inroads into the mortgage. One way to do this even better is to return to the old roast idea and using up the meat…
Final hurdle in sight
I have been a lurker on this forum for many years and it has helped me a lot in my quest to be mortgage free. We re mortgaged in Nov 2009 for 10 years but have overpaid like mad and only have 2 more payments till we are mortgage free-hopefully not a slave to the bank after May this year. Its not been easy. We have had to…
Help with overpayment
Hiya, I could really do with a bit of help. I am currently with Nationwide for my mortgage and they allow a £500 monthly overpayment. I am trying to make overpayments each month but have been asked if I: A) Want to reduce my term B) Want to reduce my future payments or C) Keep my existing payment and term as-is. (At the…
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