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Overpayment - When is the 10% calculated from?
Hi, my mortgage is currently at 0.99% rate so I want to overpay as much as I can until the deal runs out in December. Current monthly amount is £475.99 I’ve been paying £600.99 for around 18 months then in November 22 I started paying £700.99. On December 22 my balance was £96.753.10 it currently stands at £93018.75 How do…
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Nationwide Overpayment
I have an overpayment of approximately £5,500 in my mortgage account with Nationwide. The problem is, I'm not sure exactly what it's doing there or how it can help me. Do I have to tell Nationwide to apply it to my account?? I was previously under the impression that it would be lowering my payments or doing something…
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Best option to be Mortgage free quicker
I have £90,600 left on my mortgage. There are 18 years 6 months left on the term. I am currently in a 5 year fixed rate at 2.39% with Santander that ends on 2nd a June 2024. My monthly repayment is £510 and I overpay £200 every month. When I come to the end of my fixed rate, I am probably going to remortgage to get the…
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Clearing mortgage once fix rate ends
I'm current in my fix rate deal that ends 30th September 2023. balance will likely be 112,000. The standard variable rate 8% currently. 1. If I clear the balance on the 1st October will I avoid any interest payments?
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What funds to sell to become MF?
hi all I posted the below on the savings forum but thought just as relevant for here as it is the target and some of you may have had similar experiences, if so would love to hear them! Hi all, hoping to gain some wisdom from you learned souls as I have up until this point always invested but never thought about…
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Overpayment calculator
Hi there, is it my imagiantion, or did there used to be an overpayment calculator where you could put in a percentage overpayment per year? The current one lets you put in a one-off percentage payment or a recurring payment - but this latter doesn't necessarily stay within the 10% maximum.
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Nationwide Mortgage Switch??
We're currently on a tracker with Nationwide - £70k left - and 16 years and 6 months left on the term. Our current deal is a tracker which is 2% above the base rate. Our options are 2 year fixed (5.64%) no fee, 2 year tracker (base rate + 0.14% - which works out at 4.64% - with a £999 fee), 3 year fixed 5.54% - No fee, 5…
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Parent paying off my mortgage
My inlaw was widowed recently and moved in with us. They sold their home and want to use the proceeds to pay off our mortgage. Since my inlaw is living in the home they are paying off, is this allowed? Will there be tax implications for either of us?
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Redundancy - Pay off remaining mortgage or am I missing something? All help appreciated
Hi All, I was recently made redundant, I'm 51, my mortgage balance remaining is £64k. I have two pensions with reasonable pots, one pension is a final salary and at 60 will give me approx 20-24k a year, the other pension (With the company I just left) has a pot of approx 180k and is available at 55. I currently have 70k in…
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Platform overpayment
Hi everyone, looking for some help on understanding overpayments on our Platform mortgage which was taken out recently as first time buyers so we're new to this. I spoke to Platform this morning as I wanted to make sure that the overpayments reduce the term rather than the monthly payments but the response I got is that…
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Should I pay off all or half?
Hi, so I’ll soon be in a position to be able to pay off all my mortgage £200k! Great! A friend of mine recently said don’t pay it all off if you intend on moving somewhere bigger in next few years! What should I do? If I paid half and then if I saw the perfect bigger house could I then put down £100k on that house with…
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Option to pay off mortgage: is it a good idea?
Hi, Currently living in a 2 bedroom flat with a 5 year fixed (<2%) due to expire in August. Have about £150k left on the mortgage. We were due to purchase a house however it has fallen through in March. For the purchase of the house we saved about the amount that is remaining for the mortgage. We are not relisting our flat…
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Mortgage redemption fee
I spoke to our provider yesterday about paying off the remaining £7000 off our Mortgage. As our term is over 12 months we would have to pay an early redemption fee. They did say we could make a lump sum payment off £6000 to reduce term to under 12 months then a final payment to clear the rest. I'm not great with maths so…
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The MF pipe dream
Hi all. I!!!8217;m new to the site, only just signed up. Have read a few MFW threads and yes, MF is definitely where I want to be! A bit of background about me, I!!!8217;m 32 yo single parent with 2 young kids aged 5 and 2.5. I work p/t over 4 days a week and will probably look at f/t once youngest starts school. I got my…
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Joint house purchase, just not 50/50
Hi all. My partner and I have decided at long last to sell our houses and buy a joint house. His house is worth almost twice what mine is. I also have two daughters (grown up), and he has no children, So, we intend to make the property ownership 1/3 mine and 2/3 his. It is important to me that I leave my 1/3 to my kids,…
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A new season
A new season in life...That's how I'm trying to think about things here at the moment. A lot of changes are happening around, to, and sparked by me, not all of them pleasant or wanted, and whilst it feels like its going on forever, I know in the great scheme of things its a very short proportion of my (hopefully long)…
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inigma's bimble to mortgage freedom
YAY just what this board needs another Mortgage Free Diary! Ok, for those of you still reading here are the facts: 1) I purchased my flat September 2011 2) After my deposit the total debt is £144,500 3) I am on a 25 year plan. 4) I don't want to be paying my mortgage off in my 50's & 60's (actually nor my 40's) 5) I am on…
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1-year in to mortgage free - Small steps make progress
Morning Mortgage Free Wannabe's! I've been reading up in here quite a lot, started early part of last year and really liked the sound of being mortgage free! So over the last 12months, I have been making small chips into the mortgage by making payments of whatever I have left at the end of the month before payday into the…
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Mortgage Free by November 2028
Hey Everyone It is really encouraging to read how others are progressing with paying off their mortgage, & good to know that there are people out there taking responsibility for their financial decisions too. I find MSE is a great inspiration particularly at times of temptation or despondency (plenty of that about at the…
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Mortgage overpayments
Hello. I would welcome some advice as to whether I should continue overpaying on my mortgage or put the overpayments into a savings account. I currently have an outstandng interest only mortgage of £180,000. I remortgaged to a 10 year fixed rate four years ago at 2.99%. The interest payments are approximatley £450 per…
