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Over payment lump sum or monthly
Probably a daft query but is there a benefit overpaying the max of my yearly allowance in 1 hit and reducing my monthly direct debit or just over pay the 10% each month? My thinking is probably best to over pay with 1 lump sum, reduce my direct debit to the minimum to avoid over payment charges and pay more into my…
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Mortgage Pay-Off Advice
Looking for opinions on whether I'm making the right financial decision or not. My low fixed rate mortgage ends next year, at which point the payments will go up a fair bit (or I could likely extend the term). The outstanding balance will be a bit over £100k. I'm currently lucky enough to be in a position where I can save…
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Mortgage free & able to live the dream!
Hi all, I've followed these boards religiously during my epic daily commute & had a thread over on debt free wannabe - although was terrible at keeping up with it :o My husband & I bought our first flat in London a year ago with 15% LTV & a mortgage of £322,000 :eek: This seems to be miles higher than most people on here.…
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Mortgage overpayments and new monthly payment
Hi, we currently have £121k left to pay on our mortgage over 8.9 years and will be overpaying 10% (£12,889) this month. We’re looking to do the same again in January and Virgin will give us the 10% figure in December. Is there a way to calculate rough estimates of how much our revised monthly payments will be, and how much…
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Pay off mortgage
I currently have £49000 oweing on my offset mortgage with £30000 in the savings account. I have always left it there for buying new car or house maintenance etc however I am now considering having children and will not be entitled to UC with savings of that amount sat there. if I pay more off my mortgage now, if in the…
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And so it begins: The Pig Vs The Mortgage
Hi everyone, after literally years of lurking I'd very much like to join you if I may? Having been truly inspired by the commitment and achievements of Secret Saving Squirrel,Tilly and Museumworker I'm finally convinced that the best way of remaining motivated and on task is to keep a diary. I'm hoping that regular…
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Mortgage Overpayment
I would appreciate some advice please. I am relatively late to having a mortgage, I am 3 years in to a 25 year mortgage and I will be 67 when my mortgage ends. I am currently paying £618 a month for my mortgage and I can afford to slightly over pay it up to £700 a month. Would this be worth my while, and how would I go…
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Mortgage Overpayments vs Savings
As part of my journey to get to Mortgage Free, this next year is the start of reducing the term length and increasing monthly mortgage payments. My outstanding balance is currently approx £153k and my current deal is due to run out Sept 24, the interest on my current deal is 1.04%. I'll have 15 years left when my deal runs…
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To Sell or Not to Sell
Hello MSEs, I am in a very fortunate position and inherited a lovely small detached cottage close to the seaside. The property is let as a holiday let and earns approx. £3k profit per year (pre-tax). Our main home has an outstanding mortgage of £145k (currently at 4%) but the deal ends in June 2024. We don’t really use the…
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Closing in on minus 100k debt?
The small milestones are still significant Is anyone else finally nearing the tipping point where the mortgage debt is about to fall to five figures? Or perhaps like me you're reducing the monthly payments and looking forward to the amounts pcm being below a certain figure!
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Is it this simple?
Just want to be sure I'm not overthinking this. Like most of us, I always wanted to pay off the mortgage as soon as I could. I have inherited enough to pay off my mortgage, currently £86K on a fixed term deal that ends 2026. The mortgage itself has about 10 years to run. The Fixed Term Mortgage interest rate is 1.5% There…
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2 Year Plan
Hello, I have a plan to possibly be Mortgage free at the end of my current deal if everything goes to plan. I currently have 18 Months left of a 4.58% Nationwide deal with a remaining balance of £21000. I have an overpayment max each year of £7850. I am overpaying each month £500 (£6000 a year). If I pay a one off payment…
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Problem with buying a share of freehold flat
Hi new here so I don’t really know if I am posting on the right board but here goes I have a lifetime mortgage and I want to move and downsize I have got my mortgage offer and everything was going according to plan but unfortunately now my mortgage lender which is nationwide is asking for a charge to be put on leasehold of…
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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…
