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What would you do? ( Advice requested)
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How do I work out my daily/ monthly interest please
Maths is so not my strong point. Please could anyone help? Mortgage 43800. Interest is 0.85% What is that a day and per month please ? If you show me the sum I can learn as I over pay monthly thank you X
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Should I change the mortgage
Hi all, In my effort to pay my mortgage off early…. I currently have a Nationwide mortgage on a BMR rate of 2.1% with 15 years term. I plan to be making overpayments every month which shortens the term to around 4 years. Would it be a good idea to change the mortgage to a fixed deal and also shorten the term to like 1.44%…
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It's "mortgage-free" a redundant statement? If you don't want a mortgage then don't borrow money
It's "mortgage-free" a redundant statement? If you don't want a mortgage then don't borrow money and just save up.If you have a mortgage and dont want one then pay it off.If you have £80 month extra you can either pay it off the mortgage or enjoy a full gym membership for the next 25 years, but that's a lifestyle choice…
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My motivating money saving diary
Current situation: Mortgage - 1 bed leasehold flat c.£150,000 left to pay. Flat value c. £190k. Loan (paying back flat deposit) -10 months at £250 pm left c.£2500 in total left to pay.Credit card 0% - £5,500 Student Loan - c.£5000 left to pay. (Monthly amount of around £250 taken monthly by government from salary). Savings…
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The Big Adventure!
For the last week or so, I’ve been hanging around the MFW board, looking at peoples diaries, and adding a couple of comments here and there. One thing has struck me, that everyone is focussed on their goals, but is keen to be enjoying life while they are on their journey. I’m at a different stage of my life, as I paid my…
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Petition to Link Income Tax allowance threshold with Inflation
Hi everyone, I have started a petition on change.org asking for the Annual Tax allowance threshold to be raised annually with the rate of inflation. I started this locally but now it has drawn quite a few signatories, I realise now that I need to get a far wider audience. Here is the link https://chng.it/BCLx7hMG and if…
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Sprive app
Hello ive just heard about the Sprive app today, FCA regulated and looks like a great tool on your MFW journey. https://sprive.com/
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What would you do?
Hi, not been here for a while, apologies, and also want to thank in advance all the replies and advice received. OK here goes, situation is this, i work for myself, have done for the past seven years, business is not too good, i average about £15K a year, the mortgage is £1011 per month on a tracker, I'm just entering in…
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Trying to pay off my mortgage early but facing a dilemma
Hi all, I need to make a decision and would like to share some thoughts about my current situation and see your feedback please. Wife and I signed up for a 35years joint mortgage 5 years ago and like many we would like to be mortgage free well before that date. We are with HSBC and we have a 10 % overpayment allowance per…
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finally can see some light
Hi everyone, Just thought Id post and see what people think. Last year I sold my house and bought a lovely bungalow and reduced my mortgage by around 100k. I previously fixed for 10 years at 2.79% which runs out in Sept. at the moment the mortgage has 11 yrs and 11 months to go and the repayments are £304 a month ( down…
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Clear credit card or overpay mortgage?
Hi all Im in need of some help with a dilemma and would appreciate any advice on my quest to pay off the mortgage within the next 10 yrs. Credit card balance £5500. Paying £250pcm and it’s 0% interest until 2027. Mortgage left of £105,000. Current fixed 2.60% runs out 2027 and we then hope to agree a 9yr deal which would…
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Overpaying mortgage not reducing interest
HSBC say they calculate their mortgage interest daily. I overpay my mortgage by 1k every month (annually less then 10% of capital borrowed so no fee). Despite reducing the capital owed every month my interest doesnt reduce in the long run it seems to go up or down by about ten pounds overall stays the same. Am I missing…
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Moved: Mortgage deal turnaround times
This discussion has been moved.
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Paying the mortage off
Luckily we are able to pay off to mortage, and I have now a date and a redemption letter to do so. Since the amount is > 100k and it's currently on multiple bank accounts, I wonder what's the best way to do it. The HSBC guy on the phone said that in theory I can also pay from different accounts, as long as it's all the…
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Paying off mortgage early - Advice?
Hello, I previously asked this and received some good feedback. I'm now in a position to look at this. Current mortgage: £54,500 Redemption figure is £56,100 It was taken on a 5-yr fixed Oct 2023 at 4.84% So I still have a few years left. I currently have around £100,000 in the bank and zero other debts. By paying this off…
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Mortgage
Hi i have and outstanding mortgage with 1year left, due to having to give up work to look after wife, I have been on benefits, and only paid the interest on the mortgage, I have PPension with a fund in excess of what I owe dan I use it and what are my pitfalls. Thanks
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Merged: Saving pot for overpayments - is this the right thing? and final payments
This discussion has been merged.
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Overpaying my mortgage, yes or no?
I'm 6 months into my mortgage on my first home. I'm paying £1,000 a month with an interest rate of 4.6% on a 5 year fixed rate. I can overpay by 20% without penalty (I'm with Natwest) and I'm finding I can comfortably save a few hundred pounds a month currently. I'm putting some money into regular saver accounts that are…
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CAPITAL GAINS TAX ON BUILDING PLOT SALE
Our main residence is a small cottage which is surrounded by 3 acres of land. We have secured planning permission on a part of the garden and will be selling the land to a builder. The proceeds from the sale will be roughly 2/3rds of our existing outstanding mortgage, and we will pay the full sum, less costs of selling,…
