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Overpay, or save, or add to pension ?
I'm 52 years old and my £115,000 First Direct mortgage is fixed at 1.9% for the next 4 years, at which point I aim to pay it off in full. Which makes better sense? 1) overpay the mortgage with the aim of reducing it to zero at the 4 year point to avoid fees - either with lump sums, or regular monthly overpayments 2) Put an…
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MSE News: Mortgage lenders lengthen product transfer rules to help homeowners to lock in new deals
Several major lenders have increased how far in advance existing borrowers can lock in a new mortgage deal as interest rates rise. It comes as many homeowners look to start the process of lining up a new mortgage earlier than usual, hoping to get a cheaper deal and stay ahead of future rate hikes after the base rate hit…
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Do I keep my mortgage or use savings to pay it off
Hi, newbie here with a question. Over the last 20+ years we have been saving and 7 years ago put the money into a stocks and shares ISA which has given us a return of approx 7% spread (ups and downs) over the last 7 years. We are currently on a cheap fixed rate mortgage with roughly £85k left to pay when our deal ends…
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What 5 year fixes were available 2 years ago?
Hey, my 2 year fixed rate of 1.19 has just expired and I'm now paying an extra £150 per month which I can afford fine. (TSB and my LTV under 60%) Just purely for my own interest, can anyone tell me what rate I would be on now if I had gone for the 5 year fix that I was offered instead? I can't recall the rate I turned…
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Mortgage overpayments and when to reduce my payments
I've currently got £18k to repay over 5 years at a fixed rate of 2.5%. I pay £470 a month but overpay £130. Doing the MSE calculator I'll repay in full 18 months early. However, if I do that then I'll incur the early repayment charge of £1k. So, do I do my calculations so I get close to the deadline i.e. wait for the final…
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Rent your car park space
Anyone who is having problems with rising interest rates. The BBC has 5 ways for you to make money.. Downsizing and renting rooms out. I can give another piece of advice. Is if you live near an arena or football ground. Get on ticketmaster and sports fixtures sites. If you have a car space at your home that is near a…
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Minnie's Midden
I've thought about starting a diary for a long time and now, here it is. I've remortgaged our house to release equity from it and have only now logged into my mortgage account to check how much I owe. As of today, the balance outstanding on the mortgage is £223,565.46. The balance of the offset account is £1,746.70. The…
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Chipping away at large mortgage
Hi everyone, feeling really inspired by all of the diaries although slightly overwhelmed as only seen 2 other large mortgage ones! I'm doing this diary to try and hold myself accountable to chipping away at the debt. I set myself a goal at the start of this year to overpay £50 per week, but I often forgot to make the…
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Overpay mortgage or save
Hi I'm just over a year into a 10yr fixed at 1.95% and total mortgage 17yrs. Currently overpay £200 a month but am sure that I read that with better savings rates at the moment I'd be better saving to pay the mortgage later. This sort of makes sense to me but seeing the mortgage decrease every month is more appealing and…
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Should I cash in a pension to shorten a mortgage?
We have an offset mortgage (base rate tracker) currently at 7.09%. Still owing is £30,000. I have just used a repayment calculator and found out that as things stand we will have paid this off in 3 years. We are currently paying approx. 700 per month and then the interest on top of that. My main pension (teachers pension)…
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Is it still worth over paying mortgage?
Hi all, Split from ex recently and have had to sell house and buy another. Will be on a fixed rate for 2 years at 6.2%. Payments around £1400pm. Is it still worth over paying mortgage when I can or should I wait a few years until interest rates come down?
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Thinking of selling my property to a company that will let me live in it until I die?
Hi all, I am currently in arrears with my mortgage (£900) My mortgage was £145 a month last January, it has now jumped up to £496 a month. I am thinking of selling my property to a company that will still let me live in it until I die. Any help will be so grateful. Many thanks.
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Chapter 2: Burrowing On!
Hello lovely MFWs! It's been a while 😅 ... though it's really time to come and play with you all again! I had a diary way back in the day, which I see has been closed due to my awolness, but for the historical record it was over here: https://forums.moneysavingexpert.com/discussion/4849964/building-the-burrow/p1 So I…
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3285 days to be mortgage free......
Hello. Time to take the plunge and start a diary to keep myself accountable as we try to pay off our mortgage in 9 yrs - by the time I'm 55. :eek: I have already been overpaying for the last year using the overpayment calculator to work out what the balance needed to be at the end of the year. Last year we actually…
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Dilemma no longer a dilemma.
It's ok I have sorted it with my other half. We have made the best decision for us. I will update diary soon.
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NE's goal setting
Hello MSE, newbie post so any advice welcomed. I plan to post an SOA so that anyone who wants to give advice can be more informed - I have been holding off in the hope I would do it in the SOA format I've seen on the debt boards but can't seem to find the link to how to create it. If anyone has the link I'll use that,…
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Update Paid off! - Six years and counting!!
With this month's payment our mortgage balance stands at just below £55 000. I am starting a diary on here to try to pay it off as quickly as possible. My spreadsheet suggests that, if we continue to pay at the current rate of £800 per month, our final payment will be in March 2025. However, DD1 is likely to start uni in…
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Solo MF wannabe (as soon as I can be... at least by 2032)
Hello, As the title suggests I’m a solo buyer (Female, just turned 30) and a MFW, 18 months ago I purchased by forever home and have finally finished the renovations so I’m
now in a position to try and commit to some regular mortgage OPs. I’ll be using this thread to keep myself
accountable. As you can see below I have…
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Mortgage-free by 33? (2023)
Thought it time I made a thread. We have been overpaying our mortgage since moving to our first (and current) home 5 years ago. We have an annual overpayment limit of £15k. We have managed to overpay by about £60k across these 5 years. We were on a 5-year fix, which is ending. Today, I have just switched to a 3 year fixed.…
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Offset mortgage
Is it allowable to fully offset a mortage with savings ? Say I have 200K mortgage will the bank allow to put 200K in savings against the mortgage. In this case do I need to pay anything monthly ?
