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Overpayment question, please and thankyou.
I may be asking a really silly question that should be obvious to me. If a mortgage has a cap on overpayments at 10% to avoid a penalty, is this 10% of the starting value of the mortgage or 10% of the decreasing value? Also is the 10% inclusive of your normal monthly repayments or is it on top of your usual payments? eg.…
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mortgage free or carry on living near support?
I'd love some advice about my situation. I'm a single mum with 2 school age kids, who I have full time My current yearly salary is 50k, I get child benefit and some hit and miss child maintenance of around £150 a month (he is self-employed, it's impossible to challenge that) After taxes and pension contributions I have…
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Advice
I'm £12k away from being mortgage free, I currently have no boiler and a few debts to pay can anyone suggest any help to get a boiler and some home improvements done as my house is falling apart. Equity release is not an option as I need to be 55 Yr old so feel I've nowhere to turn!
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Beating the interest rates..
It's been a tough year financially, after moving to a bigger house with a bigger (35 year mortgage). We fixed for 5 years, and have just under 4 year left on the fixed term. I doubt we'll see such low interest rates again soon (if ever). So we will be concentrating on overpaying as much as we can to make the most of the…
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Overpay, or invest?
Hi, new to the forums, but this dilemma has been playing on my mind for a few months now. I was lucky enough to get a fix on my mortgage until Feb 29, with an interest rate of 1.8% It's a 30yr mortgage, so I was expecting to overpay to bring the term down if nothing more. Now that interest rates have gone up, I made the…
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Paying through the nose
I'm a decade long lurker on this forum but have never felt the need to contribute...until now. Some background I got interested in personal finance and FIRE in my mid 20s.I learned the power of compounding returns, so knew it was a huge advantage to start investing early. With that knowledge, I pumped everything I had…
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It was a Hobbit Hole, and that means comfort.
I wasn't sure about starting a diary, but on reflection I think it's good to get this written down. At the grand old age of 30-something I picked up the keys to my first property last Friday! It still doesn't seem quite real if I'm honest. I saved for years to get together a big enough deposit (buying on my own and live in…
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Baby Steps to a 10 year plan!
Today is the brand new day of my 10 year mortgage free plan! I love my home but I hate the fact that we will be paying it until my DH is 78 😳 Today I have taken the baby step of setting up a small regular overpayment. My plan is to gradually increase this regular overpayment as well as paying one off overpayments as much…
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Advise on fixed or variable please.
Hi. I owe £22,670 left on mortgage over the next 4yrs 4 months. I am in discussion with my lender ( West Brom ). I have the option on staying with the variable rate which is currently 6.49% or going over to a fixed 5.04% for a 2 yr period. I do have the option to over pay on both if we are able too. At the end of the day I…
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Halifax reducing monthly payments on a mortgage
Hello, Not sure if anyone else is experiencing this but I regularly overpay every year on my mortgage with Halifax. This year they have decided because I have overpaid they are going to decrease my mortgage payments so that my mortgage will still last the same amount of time. I am on a fixed rate mortgage and I feel like…
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Pay towards mortgage (2.6%) or save (5%)
Hey guys, We've got a mortgage of 18 years, but fixed at 2.6% for the next 5 years (we did a 10 year fixed mortgage in 2019! We know how fortunate we are!!). We'd been overpaying every month (£625 to £850) as we hope to pay it off by 2029 with a lump sum... however when the interest rate rose for savings we stopped…
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Holey Moley!
Today I got the call to say that I have exchanged and completed on the flat I offered on in May this year. I now have a huge amount of debt, £167,000 but nothing other than that. The flat is not actually suitable to live in currently (for me) as it needs to have decoration done and the bath replaced with a shower. I know…
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A brand new chapter
Hi On Friday I’m hoping to complete on my forever home. Not long out of a 20 year marriage & this is the first home I have ever purchased/lived in by myself. The fact that I was able to choose it myself and it ticked all my boxes was absolutely fantastic. Im 51 & hoping to pay off my 65K mortgage by the time I’m 60. I may…
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Mortgage free by my own merit
I've finally plucked up the courage to start a Mortgage Free thread here after being inspired by so many. I'm hoping that the accountability will help keep me focused and on the straight and narrow to hopefully see my Husband and I mortgage free before I turn 40. (It's my 34th birthday at the end of this month.) Our…
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What is the most efficient way to pay off my mortgage?
Currently if I overpay I'll be subject to early repayment charges. My current mortgage ends at the end of August. Will I still be have fees to pay if I pay when my current mortgage expires? Any suggestions \ links to info would be helpful.
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Dilemma on where best to spend savings
Hi, My dilemma is a privileged one, but one for my family nonetheless, and any comment is appreciated. I have around £95K in savings (from an inheritance), 30k of which is in an ISA and the remaining in a high interest account at 5% which is paid monthly. I get around £350 monthly in interest, which I leave to compound and…
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How to tackle my mortgage
Morning! After a bit in advice about my mortgage. we have a property currently worth about £320000 with an outstanding mortgage of £148000, and we have 20 years left on it. I'm 55 and my OH is 52. The current fixed interest rate is 1.89% and we have two years remaining at this rate. We gave up stressful jobs and both work…
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Making mortgage overpayments
Morning all. We have a mortgage with the Halifax which currently is just over £41k, which we want to get cleared sooner rather than later. Our monthly payment is £1,117.30 paid on the 28th of each month. Interest rate is 5.56% We started making overpayments a few months back of £150 a month. I know there is a limit on how…
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Marginal Gains
After a lot of lurking I thought I should start my own diary. I am about to start a new job with 20% pay rise and a 5 year contract. So this diary is about how I can improve our financial situation over this time - so if my contract isn’t renewed I can afford to take a lower paying (and less stressful job). I have a lovely…
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Starting deposit again- advice needed.
I separated from my husband last year and unfortunately had
to use most of my savings for a deposit and months rent up front on rental
property for me and the kids, plus a months nursery fees for my youngest 2 in
advance. I have had a difficult 12 months after separating from my
husband, but have been saving again since…
