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lower mortgage term?
Hi We bought our first house 5 years ago and our fixed term is coming to an end (25 years) iv looked at the mortgage calculator and the remaining balance over 20 years is £285pm but over 15 years it is £360 - this is what we are currently paying per month now would it not make more send to go for the 15 years istead?…
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Mortgage free as of 2 days ago.
Well of 2 days ago, we are officially M.F. Done :) We took a 5 year mortgage from Nationwide, with unlimited over-payments. The standard monthly payback was around £750 a month. But with us both full time working, we were normally paying back more than £2000 a month. Some months even more than £3000. All our spare money in…
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How do I share a photo on here
Can only post links- Which is the best photo sharing site?
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Pay off in full or partial?
I have been overpaying our mortgage for a few years now, I kept the payment at £500 per month when the interest rate started to drop, and have taken a few years off the loan term. With the change in the BoE base rate, my mortgage is now 1.99% instead of 1.49%. I have had a letter advising this from my mortgage provider,…
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Pay off mortgage or keep it to store title deeds?
So I have peanuts left in mortgage..woohoo. However, the question is: should I keep paying peanuts (have full amount in offset, so no interest charged) to have somewhere safe for the deeds? My main worry (for the money it would cost to keep the mortgage going, maybe "worry" is not the right word, more that I'm a tightwad)…
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Mortgage now at zero balance!
Hello, we have just paid our mortgage off, leaving a zero balance but not yet closing it, we got here sooner than we planned. We are in our forties and had a ten year fixed rate offset mortgage that ended at the end of October (the mortgage itself being a 25 year term so in theory it had another 15 years to run) and have…
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Getting mortgage free ASAP (another diary thread, soz!)
Hi all, Another diary thread. Going to record my efforts to get debt and, eventually, mortgage free on here. Hope that's not against forum rules. I figure if it feels public it's somehow more meaningful than just keeping a private diary. Family of three. We have a good household income but we've always been appalling with…
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Act Now...as redundancy looms
So. I have a thread on this group. Situations changing though.... Currently I am working in a supermarket, as does my OH. She is potentially being made redundant in 14 weeks time - they are informing her in January! We have a 1yr old and 3yr old. Wife earns almost twice as much as me. We have an £80k mortgage, and signed…
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What your credit score really means
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our thankss
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What should I do?
Hi Hope I'm posting in the right place, I'm after some advise as I really can't get my head round what to do, Current mortgage is for £71,000 fixed at 2.99% with Santander until beginning of April 2019. Property worth £300,000 Early repayment charge is 5% from now until April 2019. Currently have 14 years left on the…
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Almost mortgage fee
Hi I am looking for some general advice on savings and mortgages. I work for the NHS as a nursing assistant, I have a 15k mortgage, and £65000 savings and a £400/ month private pension I am looking to retire when I am 60 in September 2018.(By then will have my mortgage down to £10k.) My dilemma is do I pay off the mortgage…
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Which mortgage to overpay?
Hello all, I currently have two mortgages; residential £134k (property value £350k) 2.18% (4 years left on fix) with 23 years remaining - currently overpaying by £100 a month. My second mortgage is a consent to let £74k (property value £170k) 2.5% variable. I am simply trying to find out mathematically which is the better…
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Brick by brick mortgage free
Too early to make a post about paying off our mortgage as we only exchanged yesterday? Best to get all the ideas and plans in order so when we do make our first payment we will be mindful and eager to pay extra every time. We are first time buyers at the ripe old age of 47. Working and living in London, always looking at…
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A question about overpayments
Hi Moneysavers! I have a question... is it better to overpay your mortgage on a monthly basis or to save up and make lump sum payments towards the balance every 6 months or so? Or doesn’t it make any difference?! Thank you 🙂
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A plan, a budget & a good life
Hello everyone, My partner and I have just sold our first house we are moving in with parents whilst we find our ‘forever home’…. Which we may just have found! It is more money than we had ideally wanted to spend, but is achievable on our salaries, and with the deposit we have, if we make a few tweaks to our lives. So, I…
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Pros & Cons to paying off your mortgage?
Hi Folks Can you list the pros and cons to paying off your mortgage, please?
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Mortgage Free?
:mad: sorry wrong forum
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What to do once Mortgage free??
Hi, I'm mainly wondering what people did once they did become mortgage free, especially those who are on the younger end of the scale. I'm currently 30 and I have calculated that I'll be mortgage free just before my 34th birthday. I'm currently single and have no children. I don't like my job but it pays well and I have…
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Bit the bullet
I have finally started my quest to be mortgage fee again. I did owe £203995, and had 23 years left. Last week I overpaid £12k and reduced the term down to 3.5 years. I fear I have now over committed. So the excitement of last week passing the affordance test, has now been taken over by fear. The plan was to save each month…
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Nationwide new BMR and overpayments
Hi Received letter from Nationwide about new BMR have been paying £224 with additional over payment of £275 per month. I have approx £20K in over payments and £13k left on mortgage with end 2023, but sooner I hope. Consequently my payments will reduce from £224 to £170 from 1st Dec 1.Can I ask nationwide to keep the…