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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…
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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)…
