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ATOM mortgage overpayments- Does this sound right?
Hi all, hope you can advise if this advice from Atom CS sounds right. My daughter is one year into her mortgage journey with them and I’m encouraging her to overpay a little each month. (Overpayments are permitted 10% a year) She phoned Atom and was advised that as her next monthly payment was due the following week that…
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Overpay mortgage or put money into pension?
I am a very late starter with my pension. I'm in my 50s and only started paying into one about 5 years ago. I'm self-employed and contribute on an ad-hoc basis. There is around £15k in there. I have a flexible mortgage which I really like because I can draw down money if I ever need to (roof repairs, new car etc) without…
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Should I pay off my mortgage? Discussion area
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Paying Off Mortgage legal process
Hi, Hopefully will be paying off my mortgage this year. I was just wondering what the legal process is around it, if any? I don't know what happens to the deed of the house, do I get it or does it have to go to a solicitor? Also if I want to add my children to the deed so they can become inheritors etc Thanks
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FIRE Through The Mortgage - MF by 55 - LATEST
Hi Everyone, I've started a brand new diary!!!! I have decided I want to recalc my figures in line with retiring by 55. I'll keep you in suspense for now but I'll pop back later with some figures. 19 Years - MF at 55 May Year - Remaining debt May 2015 - £239,992 May 2016 - £228,450 May 2017 - £216,793 May 2018 - £205,020…
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Mortgage free july 2024
Hi guys / girls. 1st time poster here. Im 35 and been saving like a mad man since i qualifed as an electrician 15 years ago. Im finally in the postion to clear my 35 year term mortgage 30 years early in july. I also rent out my 1st property which i bought when i was 23. I had £125,000 in vanguard shares portfolio which i…
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Best overpayment tactic
Hello, I'm hoping for some help. I'm on a mission to pay off my mortgage asap. I have used the MSE calculators, have looked at my income/ outgoings and have settled upon overpayments averaging at £900 per month, allowing me to be mortgage free in 6 years. I am aware of the 10% overpayment limit (currently £8533 for 2024).…
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770k reasons to be mortgage free
We have a very large mortgage. We are also lucky enough to have much a larger than average household income but with my husband approaching 50, we want to put the work in to get mortgage free so that we have the freedom to spend our life doing more of the things we enjoy! Current approx balances Sep 2023 £526,800.00…
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Downsize to be mortgage free in 3 years
Hi, we're in our late 30s and we're thinking about downsizing our 5 bed to a 2 or 3 bed (we don't have any kids). Our current mortgage is £140k and about £60k on the help to buy. We originally purchased the house for £220k 5 years ago and is now worth £300k. Minus what we owe, we are looking at about £100k profit that we…
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Using inflation to eliminate your mortgage
Hi all. I'm sure this has been done to death on here but I was wondering if anybody could document an example of the simple economics of eliminating a mortgage debt using inflation. I'm going to provide some example figures and would really appreciate a reply which can complete the picture. I'm not great with maths so this…
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£200,593 to go
Hopefully the title is self-explanatory. My mortgage is over 31 years and just fixed at 5.42%. I'm doing this all alone and there is limited opportunities to overpay due to my salary and lack of chances to increase it. My house also needs a lot of improvements! I feel a bit of an imposter here, as it'll be a max of £100…
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Extra Mortgage Payment Checks
Hi all, I received a letter from my lender last week advising that as of December 2023 they will be doing extra checks to ensure my payments are on track. It says the reason for any change to monthly payments would be either overpayments (meaning it goes down) or increased payment if charges and fees are added. It doesn't…
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Overpayments resulting in unwanted recalculation
I am on the homeward straight and on a low interest fixed rate. I have been making annual overpayments with the intent of reducing the term. In previous years made the permitted 10% overpayment and a quick phonecall to request that the overpayment was applied to end of term. I wanted the monthly payments to remain the…
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Nearly, nearly there!
We are very nearly there with paying off our mortgage, hopefully in the next 6 months! However, I do have a question. Is there any benefit to keeping a very low balance on the mortgage? We used to have a mortgage where you could borrow back your overpayment at the same rate as your mortgage but don't have this on our…
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Yorkielass starts again
Hi, I've had a couple of diaries on here in the past - but then got to the point where we were in a very fortunate position to be able to pay pretty much our full overpayment allowances and were on track to be mortgage free around 45, in a house we bought in 2018 and were part way through fully renovating, so I stopped…
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Remortgaging after a title split?
Hi Everyone, So I have planning permission to split my house into 3 separate apartments. My house is currently on a mortgage. wanted to ask if anyone knows if it could be a simple process of legally preparing everything with Land registry and then just simply refinancing all 3 properties on 3 new BTL mortgages, if a lender…
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Mortgages After Probate?
Hello, I'm just needing a little advice really. My mother passed away in November and last week I was (finally) granted probate on the estate. I thought the mortgage would be a simple matter of just signing it over to my name and carrying on paying as I have but I have been told that it will count as a remortgage and I…
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Five year plan
Well I'm delighted to have the following offer now set in stone for five years having paid £999 for it in June before things went crazy... 5 Year Fixed Product end date 2nd Oct 2027 Interest rate 2.59% Loan balance £123,468.23 Up from 1.99% on my first five year fix and therefore an increase per month of about £36 I paid…
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Paying mortgage bi monthly instead of monthly
Hi, So I saw some info that stated if you divide your monthly mortgage payment and pay it bi-monthly instead of the whole amount at the end of the month then it will reduce your total amount and that you can pay your mortgage off earlier. Probably a myth so a simple yes it will or no it won't would be great. Thanks
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What would you do? ( Advice requested)
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