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Standard Variable Rate or Fix again?
I have 4 years left on my mortgage with an outstanding balance of £27,000. My very low fix is due to end at the end of the year. I am considering going to the SVR and not fixing again as I am able to overpay about £250 every month. However, I am not particularly good at crunching the numbers and not sure whether I would be…
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Mortgage Free in 2024
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Mortgage overpayment - what’s best!?
Hi everyone, I have a mortgage with 17 years remaining. It’s in 2 parts as I took extra to do home improvements last year. Part 1 is approx £164k on a 4.99% fixed rate for 3 years and part 2 is £10k on 1.84% fixed rate for 5 years. I would like to overpay by about £100 per month so which part should I pay this towards?…
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Holding On and Letting Go 🎈
Holding On and Letting Go 🎈 In April this year we reached a milestone. We were able to exit our five-year fixed rate mortgage early having paid off 65% of the outstanding balance in that time and reducing our monthly mortgage payment by half. We re-fixed for the next three years and still plan to overpay but we also want…
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Question re: mortgage repayment process
Hello all I am in a position to be able to pay off the remainder of my mortgage in full, but I am just wondering what the actual process is. I have my redemption statement and obviously I will then need to call the mortgage company to make the payment... but what next? Do I need to do anything else once I've paid it? Is…
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Plan for a Sea View - Take 2
So it seems a few years have passed since I updated my last thread about trying to clear my mortgage, so long in fact that my thread has been closed so I am starting a brand new one. Who doesn't love a fresh start. The aim is still the same, get this mortgage paid off ASAP to concentrate on life goals. Have been…
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How best to deal with the rising interest and the way to become mortgage free.
I thought I would throw this out as I am not sure the best tactic in the current climate to become mortgage free. The goal has always been to reduce my mortgage with overpayments as much as possible. I currently have two products with the same provider. The first is worth around £75k outstanding. It is Interest Only the…
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Which mortgage should we aim to pay off first
Hello We are after some advice please. We have 2 mortgages 1) £17,000 now on a tracker at 6.3%, with 8 1/2 years of the term remaining. Payments should be £209 we are about to start paying £500 a month. There is no early repayment charge. 2) 130,500 fixed at 2.79% for another 4 1/2 years. This mortgage has 14 1/2 years of…
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Mortgage overpayment Vs savings
I know the advice is to keep any extra cash in savings if interest rate is better and overpay at end of fix However is this still true where mortgage value is high over a 30 year term? I want to overpay £5k per year for next 5 years which is remainder of my fix. If I overpay each year do I not save a greater value of…
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Not much left on my mortgage
I only have £6000 left to pay off my mortgage and an idea popped into my head about getting a 0% balance transfer credit card to move that 6k onto. What’s your thoughts, would my mortgage company, HSBC, accept it. I’m on a SVR of 6.99% with HSBC. Minimum payment of £320. TIA
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Paying off partners mortgage - but I own a property that i currently rent out! How do I proceed?
Hi - so for a bit of background. I live with my partner in the house he owns solely under his name. I also own a flat that I currently rent out and due to issues with the building I am unable to sell this currently. My partners mortgage is up soon and I have a some savings so would like to pay off the rest of his mortgage…
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Should I pay off or invest?
I have a buy-to-let mortgage on a small rental flat up in November for remortgage. I can just manage to pay it off instead of facing what I assume will be much higher rates. Should I pay it off or is that money (180K ish) better invested elsewhere?
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Mortgage free by mid 20s... Big ask or feasible feat?
Sorry for the title, it's the best I've got right now! Long story short, bought my first house at 19 but moved shortly after and have now settled in a 2 bed detached. At the time, took out a mortgage of just over £150,000 as a 5 year fix which ends in 2026. I used to, somewhat flippantly, say 'wouldn't it be good to pay of…
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Nearly there...but not sure what to do
Hello Internet, I’m at a bit of a pivotal crossroads in my life and I’d
appreciate some advice and opinions on what are my best options. I’m 38 ½, single (no dependants) and have a mortgage. I find myself in a fortunate position where
my savings now exceed the remaining amount on my mortgage. I have 37k in savings and my…
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You bet that I want this!!
Hi I have read lots of other peoples dairies and think that I really want to get this on paper so to speak, I can’t cope with this all in my head, we are pretty fortunate to never have REALLY struggled to get and keep our heads above water but with the rising cost of living the this would seen likely to be a good time to…
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Do I need a solicitor when paying off my mortgage with Santander?
Hi, I am about to pay off my mortgage early with Santander and trying to find out, if I need a solicitor for anything, or will Santander sort everything out? Also, if I need a solicitor, what they will need to do and how much it may cost? On internet people say that sometimes you need solicitor, sometimes you don't or you…
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Overpaying daily?
Plan to overpay mortgage by around £600 a month. Just wondered if there is any merit in paying £20 a day to my mortgage instead of £600 a month - would it save any interest since it is calculated daily?
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Last Push
I've returned to try to buckle down and discipline my spending to get rid of the final £50k owed on the house. First house was bought 20 years ago. Joined this forum 18 years ago, budgeted, batch cooked, bought at charity shops and generally tried to be frugal. Over-paid the mortgage and paid off in 16 years. So, whilst…
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On the way to mortgage free by 30!
Hi Everyone, I am new to posting a thread so please bare with me, I am 26 and have been in my current property since I was 22, I have £48,500 left on my current mortgage and my property value is £350,000. Obviously by over paying so largely I have incurred a few fees but this is nothing compared to paying the mortgage back…
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2 mortgages or 1?
I have a residential property and a buy to let. I'm on a 3 year plan then intend on selling the buy to let. Wondering if it would be best to use the profit to pay off the residential mortgage, then use that fully paid off property as deposit towards a new house (is this possible?) or use the profit towards a deposit on…
