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Best way to become mortgage free?
Morning all. With mortgage rates skyrocketing at the moment I'm looking for advice on my current situation. My current mortgage term runs out in August..I have saved up enough these last five years to be able to pay it off now however I know I'll enquire fees as I still have a large chunk to pay. My question is, it it…
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Overpay or Save to overpay
When saving (2.75%) to overpay my mortgage (1.94%) should I continue just saving while the saving rate is higher or should I be paying my savings into the mortgage evey 6, 12 etc months?? And for max benefit I assume I should include any savings interest earned?
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How to pay off sooner than 22 years and maximise low fix!
Our position: Mortgage remaining - 22 years Mortgage outstanding - circa £325k House value - circa £700k Current mortgage fix - 4.5 years remaining, 1.39% We are a couple living together, two kids, two full time jobs. No major debts aside from mortgage! Have standard workplace pensions and some savings, nothing huge as…
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Pay off my Help to Buy?
I was about to pay off my Help to Buy Equity Mortgage I got 4 years ago (next year, we start paying interest). The reason for doing this was the Help to Buy valuation of my property was I believe 15% under its actual market value (New build so the same house on the Estate has sold for much more so 95% confident). However,…
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Should I be pay off my mortgage?
Hi, I'm in a fortunate position (at the moment) to be debt free apart from my mortgage which is due for a renewal in 4 weeks. The mortgage was on a fixed term interest at 1.5% but will go up to 5.11 % on a two year term mortgage. I am in a position to pay off the mortgage which is at around 90k but was wondering should I…
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Mortgage free by 43
Been following this forum on and off for a while and finally decided to take the plunge. The aim: mortgage free by 43 (currently 37 which gives us about 6 years) Mortgage: £306000 Length of mortgage: 19 years Current rate: 1.2% until Aug 2023 Current repayments: £1509 / month Unlimited overpayments allowed Savings: approx…
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Overpayment on I/O
Hi. I have made a £24000 lump sum payment off my I/O mortgage but my monthly mortgage payment has remained the same. Surely as I don't owe as much I should be paying less interest each month or am I wrong in my thinking please.
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MFW - Part 2!
My original post was made on 21st August 2014 but has since been archived as I've been slack at updating... "My name is Nick, and I'm a Mortgage Free Wanabee! We bought our current house in October 2011, when Mrs T was pregnant with our second son and thanks to a fruitful sale of our previous property and the generosity of…
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Should I pay my mortgage off
I’ve got my mortgage down £110k with a house value of around £350k. I’m on an interest only mortgage with a rate of 2% this ends July’24, I could afford to pay £55k this year and the same next year. I’m 45 and have no other debt but is this sensible??
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Safety of offset mortgage savings
I'm unable to find a discussion on the safety of large sums of money in an offset savings account since a previous forum in 2008 and wondered if there was any update on what seemed uncertain back then. We are taking out an offset mortgage for 500k. For the first few years we will have about 300k in our offset savings…
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Mortgage Offset vs. Savings rates conundrum
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Are there any advantages in applying for a reduced term if I overpay already?
Hello All, I am currently overpaying on my mortgage by 500 GBP per month and have chosen the "reduction in term" option with Santander. My rate is 2.19 on a fixed rate for 5 years. Initial Mortgage: £315,000 Left to Pay : £218,000 Term on App: 23.5 Years My Question is - would there be any benefit in contacting Santander…
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Loan to overpay mortgage?
I'm currently in a 2% fixed until November next year, and I'm thinking about getting a loan to overpay around 10% of my mortgage at 3.4% over 3 years. I suspect the rates will be higher than 3.4% when it comes to the re-mortgage and don't have any issues with affordability or credit rating, so to me this seems to make…
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Mortgage freedom - strategy sense check pls
Hi all hope everyone is well. Great forum here. I wanted to post my mortgage free strategy and if it makes sense. situation: I currently about to enter in a 10-year fixed on residential with the hope of overpaying and paying it off within 12 years say. I also have a BTL on interest only bought in 2020. My plan is to keep…
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From your experience does paying off early effect your credit rating or other negatives?
I've been reading around and can't find a definitive answer, so wondered if anyone had any personal experience - Fortunately (well, unfortunately really) we have inherited some £ and are lucky enough to be in the position to pay off our mortgage early. We currently have £16k and 4 years left on it. Doing so would still…
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Mortgage help?
My current mortgage fixed term ends soon so I will be looking for a new deal shortly. I’ve overpaid my 10% allowance this year and was looking to overpay some more (I understand there would be a charge if I do this) before I make this decision and get charged extra I wanted to ask if anyone could answer me ….. if we stay…
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Should I continue to overpay
Hi everyone, I have been reading this part of forum for many years reading all your words of wisdom. This, a book I once read and claiming every cashback I can into mortgage has motivated me to hit the mortgage hard which has proven to be something of a complete lifestyle to me. I have just received a significant bonus…
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How exactly do I pay off a mortgage with a lump sum?
Hi!We're in the lucky position of being able to pay off our mortgage by the time our 5-year fix is finished next year. First thing I want to ask is that once the 5 years is over and we go onto the default rate, we then don't have to worry about any fees or penalties do we? Contract doesn't make it particularly clear to me.…
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Pass my mortgage to my Son.
Hi. Can someone advise me? I’m retiring this December. I still have a mortgage left to pay off over the next 4 years. One of my sons are living with me. My question is, is there anyway that my son could take over the remaining mortgage (£74k) over a longer period?? Regards, Mark.
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Which part to overpay?
Hi all, Recently did some additional borrowing for an extension. To be able to pass affordability, we had to extend the entire mortgage to 30 years. It was previously 19 years and ideally we want to get it back down to that. We can afford to overpay at present since the term is so long. I can’t figure out which part we…
