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Deed of Variation/Mortgage Protection Clause
I bought a flat in a purpose build building in 2018 (built 2010). I am in the process of selling, and have been advised by the sellers solicitor that the lease wouldn't be acceptable for mortgage companies . As there is no mortgage protection clause in the lease, Would this have not been an issue when I bought it ? Did my…
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What document do you get when you pay off all of mortgage ?
Dear AllWhat documents do you get from lenders when you pay off all of mortgage ? - I understand there is no mortgage free certificate. As certificate is held on the land registry. Am I right ? - What document do you get to proof it in the later date that you are mortgage free. - It is a terrace house, freehold. What…
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Hedging BOE base rate rise
Hello, I am on a 2 year fix at 1.14% due to expire August next year. My outstanding balance is £19k, I am allowed to overpay £13.5k before then. My wife and I are discussing taking out a loan with Sainsbury's to overpay the £13.5k and have this spread out over 2 years at 4.3% (no early repayment charge if we pay up early)…
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New house or loft extension. Can someone help me do the maths?
Hi all Married couple, 2 children in a small 2-bed terraced house. Children are aged 6 and 3, one is in their own room and the younger one sleeps in the bed with us. Plan is to get a bunk bed eventually, but the older one already likes his own space and eventually we will need an additional room. We bought the house for…
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Offset Mortgage - Pay It Off or Continue Paying Monthly
I've got an offset mortgage which is completely 'offset' with savings so I'm paying zero interest. I can't decide whether to just pay off the mortgage completely now, or just stick with making the monthly instalment which is going to reduce the capital amount as I'm not paying interest. The remaining mortgage term is 5…
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plodding along one step at a time
I've decided a new diary is needed to refocus my mind on getting this mortgage paid off as quick as possible. Checked the mortgage balance this morning and it currently stands at £60,568,56 and has 14 yrs and 8 months to go. Our current mortgage deal ends 31/3/2024, I dread to think what the interest rates will be like…
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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…
