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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,…
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Paying off mortgage from pension lump sum???
Hi, I have come up with an idea and I’m sure there are draw backs and would appreciate your feedback. I’m currently 51 and thinking about increasing my mention contributions quite significantly. If you assume my pension pot is on track for where I want it to be at by the time I retire, my question is, I’m in a position…
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Mortgage Paid Off and Impact on Credit Rating
I find this very odd. I paid my mortgage off last month....and now my Equifax credit rating has taken an unprecedented hit because of it. I have zero other debts. It doesn't really matter, my rating would still be plenty high enough if I needed to use it....and I sort of get that if I'm not paying a mortgage off then there…
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I dunno if I'm a wannabee! Quite comfortable - what to do for the best, lump sum vs mortgage
I have a £600k home with £180k mortgage, and a £600k BTL with a £125K mortgage, and a lump sum of £150k. It may all just be down to personal preference, no 'best plan' as such - do I pay off as much BTL mortgage as I can, or just enjoy my lump sum. If I pay off the BTL, I'd get that money back when it sells anyway, it's…
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Mortgage Overpayment Advice Needed
Hello, I'm looking for some advice on overpayments. We have a large mortgage,
but over the course of the next year we will receive money we inherited that
will enable us to repay it completely. Probate and sale of assets mean
this will probably take 6-9 months. We will inherit a sizeable amount from cash assets very…
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Pay off mortgage or save
Hi Currently have 21, 000 left of mortgage to pay at 3.44% this interest rate ends oct 2027 and the remaining term is 3 years 4 months. We pay £576 a month and have been paying over payments too, We have a fixed isa that finishes next month and will cover that amount with a little change, is this the best thing to do??? We…
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Mortgage overpayment
Hi all Can you makes sense of this for me coz numbers and I don’t go together. 😂 We are due to remortgage end of December. We will owe £290k. We have £50k savings so are going to pay that off so we need to now borrow £240k. I’ve been on a mortgage calculator and I can’t understand Why in 5 years time the balance we will…
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Mortgage free wannabe - haven't bought our house yet!
We have owned houses before but moved location and are currently renting. We have had an offer accepted on a property and I'm trying to decide on a mortgage term that will help us in our quest to be mortgage free (ideally before my oldest child starts university in 9 years time). We are borrowing quite a bit less than the…
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Overpay or Save
Afternoon all. I am looking for some mortgage advice. We moved into a new property end of last year and have been funneling extra money into it since and have so far managed to pay 14% of the overall debt. We are paying double the required monthly fee. My question is, is this the best option for our money. Our remaining…
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Pay off mortgage now or wait??
Hi all Due to an inheritance we are in a position where we could pay off our mortgage and I am looking for advice and thoughts as to whether we should do that or wait until our fixed term ends. I will try to provide as much information as I can: Amount outstanding on Mortgage - £73,912.01 (approx £640/month) Rate - 3.5%…
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2 mortgages
Mortgage 1 - £35k outstanding, 2.52% till July 2026, 15 years left on mortgage. Natwest. Mortgage 2 - £159k outstanding, 4.29% till 30 April 2026, 19 years left on mortgage. HSBC. Both mortgages are below 60% LTV. I can afford around £800 pet month to overpay. How would you prioritise overpayments?
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Mortgage overpayment
Hi all, I’m sure this has been asked many times, but I’ve searched the forum and can’t find anything. For about 10 months or so we’ve been overpaying on our mortgage to the tune of about double. I noticed the overpayment detail on my account recently and we’ve only been reducing the balance and keeping the term, as opposed…
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Download title deeds after update, is it immediate or do I have to wait?
Hi, Two days ago I repayed the mortgage and now I've received the alert of activity from the Land Registry. If I download the title today will it contain the removal of the charge or do I have to wait a few more days? The alert reads "activity", not "update".
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Interest and extending term of mortgage
Please can somebody help with a something I am struggling to
get my head around?! I am due to remortgage at the beginning of 2026. I'm currently
considering a 2 year fix. My current mortgage has a low rate of 1.33% and has a term of 13
years left to run (and I have about £190,000 left to pay). I have also been saving funds…
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Overpayment question
Back in a position where I can over pay my mortgage... my question is - does anyone make an overpayment with a different account to what there mortgage comes out from? I want to overpay using my sole account, mortgage payments come out from the joint account. Thanks in advance! 😀
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Beware Mickey Mouse Mortgages from Lloyds Bank
Anyone trying to overpay a mortgage from Lloyds Bank should check every mortgage payment from day one carefully. We have had a roller coaster ride, including our mortgage term unilaterally increasing by 5 years, within a 3 month period, that resulted in 13 years of mortgage under payments. This is not noticeable unless you…
