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A long hard slog- is the end in sight?
A lot of posts here in this MFW forum have motivated me so I thought I do some number crunching myself and also take chance to take stock and evaluate my mortgage, always had a rough idea in my mind but its time to look at all the pieces in play. 25 year Santander mortgage since Aug 2003 £33,940 balance remaining. £554 pm…
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Overpaying on a Barclays mortgage - how easy is it?
My wife and I are in the process of remortgaging to a Barclays mortgage and I was wondering whether any on the forum have practical experience of how easy it is to make overpayments? We aren't currently Barclays customers so don't have a current or savings account with them. Ideally I'd like to be able to tip in small…
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2022 Mortgage-Free Wannabes
Welcome to the Mortgage Free Wannabe 2022 thread! Over the last few years, this challenge has been providing support for everyone who wants to overpay their mortgage, whether it is by a big or small amount. Every little helps, and together we have been overpaying close a million pounds every year over the last few years…
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Pay Off Mortgage or Not?
Hey Money Smart People. We recently won a substantial sum of money, tax free. Enough to potentially pay off our montage and still have £150K spare. A fortunate position, but also a trouble for a family used to barley having spare cash at the end of each month. Anyway, question is, do we pay off the mortage in full or make…
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Overpayments
Hi all So I've just set up to do overpayments and the first one will be taken in march. Our mortgage is 396 a month and we will be overpayinf by 620 a month so making total of 1016 a month.. Now when I set it up if said I could only over pay by 325 on the until further notice option but I could set up the 1016 for a set…
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adding husband to house deeds
Hi, I had a mortgage with is now paid off (2022) The house was bought in my name only, and now I would like to add my husbands name to the house deeds. It is nothing complicated, we have been married for 40 odd years. So can anyone tell me in laymen terms how to do this without paying £800 solicitor bill please? gill5blue
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Can someone help me calculate two overpayment options. My working outs don't seem to make sense
I have c£85000 left on my mortgage and 17 years to run. I am on a very nice variable rate so although it has recently been increasing it has always stayed roughly on a par with available savings rates. Since I took my mortgage out I've been diligently putting money into savings bit like offsetting. I've got to the point…
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Do I pay off my mortgage?
Hi all - my fixed rate of 1.99% ends the end of March. I’ll have about just under £15k left on the mortgage. I have just over that in savings. Is it wise to pay off the mortgage? Or any suggestions what kind of mortgage to consider? Thanks all in advance
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Remortgage due in June
Our fixed deal comes to an end in June. Is it best to lock in a deal now or see if rates come down? Also take a chance on a 2 year or play it safe with a 5 year fixed rate?
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Mortgage free wannabe - that's me!
Long time lurker here - I've been an avid reader of this forum since I bought my house in 2017, but as I'm feeling rather contemplative ahead of the new year, I thought it would be a great time to set down in writing my goals and plans for paying off my mortgage in the next 10 years (or sooner if possible). I plan to…
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Mortgage-free calculation
I know there are a few calculators around but I can't quite see one that does what I want to work out, sorry if I am missing something obvious, this is my first mortgage! What I'd like to simply work out is, if I overpay the maximum of 10% a year, when will my mortgage be clear? I'm not sure how to account for the…
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Mortgage Overpayment and debt interest recalculation
I made a few overpayments last month and wondered why the debt interest had not reduced. I found out today that i need to phone them (HSBC) in order to recalculate the debt interest. Has anyone else experienced this ? I assumed they would automatically recalculate the interest just like they would if you had a savings…
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Overpaying without reducing term - worth doing?
Is it still worth overpaying a mortgage if the lender (HSBC in this case) won't reduce the term? We took out a small additional mortgage a couple of years ago to do some home improvements. The initial fixed rate period has just ended and the interest rate has increased to 3.92%. As we have some savings (at about 2.5%) I…
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Is anyone amazing at maths who can help work this out please?
So I took out a 38.5k mortgage (15 years) in October last year at 3.94% fixed for 5 years. I have already made the 10% overpayment for last year and only have about £40 left of my overpayment allowance for this year left. I spoke to an advisor from the mortgage company who said I can make payments above the 10% allowance…
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Skint teacher update
Wanted to post a little update as I have been regularly checking in with MSE for over a decade but quietly getting on with it finance-wise. I’m enjoying a more frugal lifestyle these days which includes long walks, a cheap gym membership within walking distance, lots of time with my son and husband. Current situation:…
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Attempting to get MF again...
Its been about 4 years since I've been on this site, a lot has happened. I am going to use this page as a motivation to get myself back in financial order, get rid of all debt/mortgages. Our current debts are as follows: 0% Credit card - £1,213.30 (0% rate until Mar 2022) Mortgage (our house) - £92,600 (fixed until…
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RC diary to driving down mortgage
Hi 33 years old, coming to the end(Sept 2023) of a 5 year fix. I am aiming to pay off the mortgage as soon as possible(without paying additional fees). I have over paid 10% of the balance this year. First over payment since having mortgage. I wish I had started over paying sooner. I am not able to do any more before the…
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It's a Whopper - need to pay it off!
Hi all Introducing myself after lurking for many years and not committing to my own thread. I'm 44, DH is 47 and we have a (gulp) £578k mortgage with 22 years left on fixed for another year at 1.79%. Clearly that figure keeps me awake at night, although we're in our dream home and have about 50% equity in it. We have 3…
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Overpay mortgage or save ?
Hi all, I am currently in a position to overpay my mortgage. The original loan amount was 240000. The balance is currently 214065 and I have 14 years left on the mortgage. the current interest rate is 2.74 fixed for the next 4.5 years. I have between £300 - £400 to overpay/save. question is should I put it in a regular…
