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How much balance to leave??
So I'm opting to clear my mortgage (bar a tiny bit) in July after my fixed rate ends. My HSBC mortgage adviser agreed it's a good idea to keep the mortgage running when it auto switches to a SVR rate of 6.99% until its end date of April 2034. But how much to leave in? Will £100 be ok. Just don't want it to end itself…
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Pay down mortgage or invest in an ISA?
Hello Everyone, I have fixed mortgage with an offset facility fixed at 1.84% until feb 2025. The mortgage is £200,000 and the money in the offset is circa £100,000, currently im reducing the term by using the offset savings. My question is, should i invest the offset savings in to a stocks and shares Isa instead (with the…
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Better to save or pay off some of mortgage.
Hi. Our mortgage is half repayment half interest. In total still owe 65k . On repayment side we have Isa to hopefully reach £41k target. Target time fast approaching. However I don’t know if it’s best to put the £41k into a high interest account 5%? and don’t touch it for 2 yrs building a nice bit of interest or would I be…
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Making fairy dust of the mortgage
Hi All. So 2019 is the year I can really start sorting the mortgage hence I've decided to start a diary for all the usual reasons. A bit about me, I am a single mum to a 8yr old DD, separated but looking to divorce this year as can get a no fault divorce from later on in the year and didn't fancy any mud-slinging that…
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Does a long mortgage term matter if you’re saving a good amount?
Hi all Please can someone tell me if I’ve gotten the wrong end of the stick here: I’ve just refixed my £700k mortgage at 3.89% (Santander product transfer). There are 32 years left, and I could comfortably overpay around £60k lump sum (currently earning c.5% interest in savings). If my savings interest is more than the…
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Leasehold Mortgage
Hi all, A few years ago I bought my current home, A two bedroom Coach house. After moving in I worked hard to get all my finances in order - Paid off all other debts, raised a six month emergency fund (saved in an easy access ISA) and regularly contributing to a Stocks and Shares ISA. My next goal was to pay off my…
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I feel I'm turning the corner into final stretch
I bought my property in 2007. Was in a job I had grew to be unhappy with. Decided to make a plan to be more financially and personally happier. So about 5 years ago here is what I did. * Found a new job within close walking distance. Only part time but miles happier in it plus no transport costs. * Took in a lodger, the…
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Conflicting feelings about working to mortgage freedom - or increasing borrowing
Ive struggled to decide whether to post this, but its been on my mind for about a year now. Some backstory - We are a late 30's couple with 2 young school age children outside of the expensive nursery years. We both work with a combined income of £90k. (this may only increase slightly from now on as we've both had…
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GAP and LMG, can we become mortgage free?
Well, not anytime soon but it's good to have dreams. Hello I am finally venturing over here after years on the DFW boards. THE SITUATION My DD (Little Miss Gap (LMG) age 21) and I have just bought a house together. We were miserable in our old flat and neither of us could afford to buy on our own so decided this was a…
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Calculation Formula Reuired
Good Evening Apologies for the message, I am currently 1 year into a 5 year fixed rate of 4.57% current balance £225,000. I have been making small regular overpayments. However I want to shift focus to get my mortgage payment lower (short term goal). I understand repaying capital is better So I spoke to Nationwide and they…
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Simple living in the country - back to basics
Hi all, I'm Cheery, been round here a long time now, and feeling in need of a new space to spread out for the new year :smile: We are two, Mr Cheery and I, and at the start of 2018 we moved from a terraced house in a city to a detached house with 11 acres of very soggy fields in the middle of nowhere. It's been a steep,…
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Trying to get the balance right…
So after many years of debt, then a few years of no debt but spending like there’s no tomorrow, my husband and I have decided to crack on with really planning for the future. We know what we want but just need a plan to achieve it. However we don’t want to save everything at the expenses of living now. We need to maintain…
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Should I pay off my mortgage
Hi All, Currently, I have a fixed mortgage at 1.39% until May 2026. I also have ISA and cash savings for emergency and other short-term goals (see numbers below). With the interest rates on the rise, I am thinking of paying off my mortgage in full when my current deal ends with my ISA investments. What would you do? Are…
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Which Mortgage to Pay Off
I have three mortgages/loans all on fixed interest deals due to renew in 3 years time: 1. £100 k, 1.49% interest rate 2. £70 k, 3.69% interest rate 3. £30k, 4.29% interest rate. If I received a significant lump sum payment I would like to use it to pay down the mortgage debt. Would I be better off paying off the smallest…
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Pay off mortgage
Hi, need some advice, I have £55000 balance left on my mortgage with 2 years 5 months left on my fixed rate at 1.5%. I have received £50000 and put it in my savings account at 4%. Should I use it to clear the mortgage this month or not. There is an early repayment charge of £2000. Please advise.
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Advice needed on which way to go
Hi All, I wasnt sure where to post this, so picked mortgages as i think its the key subject. I would like advice on the best way to turn with regards to clearning my mortgage early and ramping up the pension. The situation: I am just coming to the end of year 3 on a 5 year fixed 1.49% mortgage but am going to be in the…
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Ninety months to pay off mortgage - or as near as dammit!
So I'm back with a shiny new mortgage all of my own which is supposed to take me up to April 2036 but I hope to be rid of it by November 2028, ambitious I know but I can but try. I am looking forward to getting my online mortgage account set up so I can start overpaying although there are a few things I would like to do to…
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Advice for clearing £99,000 mortgage in next 5 years
Hi all, I know there have been countless threads looking for advice around clearing a mortgage, but I couldn’t find one which quite answers the questions I have, so here goes: I’m looking for advice on how to plan to efficiently pay off a mortgage in the next 5 years. My wife and I are due to re-mortgage our deal in August…
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Overpaying but monthly interest doesn't seem to reduce?
Something has been bugging me for a while about my mortgage and despite my best efforts I can't work out what is happening. I've overpaid my mortgage pretty often over the years (there are no penalties) but my monthly interest never seemed to go down. At first I thought it was because the overpayments were so small…
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Barclays overpayment options
Can someone help me work out which option saves more interest out of these two? I assume it’s the reduce term option (pay less than 3 times usual payment? https://www.barclays.co.uk/mortgages/existing-customer-centre/overpayment-underpayment-explained/
