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Cash isa or offset savings pot?
Sorry to sound a bit thick! It`s been along day! I have a 5 year fixed rate offsett,which is new,not sure of the rate (will have to go and have a look later) but say 5%. Found out i maybe coming into some money about £10k, am i best putting it into offset linked savings account or putting it into a cash isa? split between…
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In trouble, please help!
Hi there, First post! I'm in trouble... Have stopped using my cards, cut them up, and just faced reality and counted up my debts so here they are... £53,000 credit cards £15,000 unsecured personal loan £1,500 overdraught £1,000 studio catalogue I've read a few things on here, and wondered how I go about asking for CCA's, I…
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letting out my flat and living as a lodger
i can see this being the only way i will be able to overpay on my mortgage. currently i'm in the red every month, and my only option would be a lodger to live with me, which would bring in an extra 300 a month approx. for the next 9 months or so i have the option of renting a room with a friend, with bills all included.…
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Mortgage deposit?
Reading in the sunday papers about best mortgages and % of deposit needed. what do they mean by "Deposit". I need to remortgage next year . do they mean IE 40% of present value of house eg equity in house 40% of original value in house or 40% in cash savings needed to put towards mortgage just trying to think ahead, as ive…
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Crystal ball time - odds of BOE increase?
Hi all, I'm on a tracker mortgage at the moment and feeling very happy indeed, making plans to overpay as much as poss whilst I can. Was speaking with a few people at the weekend though who have fixed their mortgages this year as they are convinced that we're going to see the market bounce back the other way to huge…
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2nd Legal Fee
Hello All. I wonder if any of you could possible shed some light on this situation. We are set to remortgage onto our preferred offset mortgage with First Direct but they are saying they cannot proceed as we have 10k 0% fixed upon our house which was set up as a introductory offer and not onto our mortgage, (all well and…
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Do I pay it off or not?!
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Remortgaging - no penalty fees, saved £5000
Hi - not quite mortgage free, but I have managed to remortgage, and save £100 per month for the next 5 years. :money: With the LIBOR rate so high at the moment, the Early Repayment Charge rate is very high. At NatWest, for mortgages having 3 years or more left to run, their ERC rate is 6.94%. If this is higher than your…
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Mortgage
hi, i currently have a house worth £110,000 with a mortgage of £20,000. i have £11,000 in saving my rate is 5.99%. If i pay the £11,000 off it what will my payments be? thanks
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Personal Loan to pay off the mortage.?
I have been paying what I can back into my mortgage and have 17 yrs to go, but only 20K outstanding until I am mortgage free. I am currently paying £100 extra on top of what I am required to pay (as well as exra payments when I can) making a total of £390. I am currently thinking about getting a personal loan to pay the…
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Self employed- do I pay it all off?
the situation... My wife and I are self employed. Our current mortgage fix / tie in runs out in Feb 09. We have the funds in the bank to clear the mortgage (est £80k) when this time arrives (and enough spare to have a modest safety cushion). We have one child at present... but would like to have more. This means we may…
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How long have you lived in one area?
Not sure where to post this question, so apologies if in wrong/inappropriate place: I am single and I've been living in the same one-bed house (I've a mortgage) in the same road, same town in the South for just over 11 years. :o I absolutely hate the area, but I like my characterful house. If I was not a homeowner, and was…
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Define:Offsetting
Can i give the mortgage provider a lump sum and get it back off them at a later stage. Or do i give them a lump sum, the reduce my term, and if i want it back they increase my term? (im answering my own ?s arent i? it cant be that simple though! Spoke to halifax today and anyone on a tracker, if rates do go below 3%…
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Settle an argument, please ??
OK people - help needed.:o We recently moved our overpayment fund(£28K) out of our tracker mortgage which was at 5% into a fixed rate savings account at 6%. Then the bank reduced our mortgage rate to 3.5% The new outstanding mortgage balance now there is no overpayment fund is £35K. How do we calculate the total amount of…
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overpay whilst rates are low!
Hello again, now im stumped again...if you remember i am on .89 above base rate. Isas topped up, have savings etc and emergency fund. I know that savings rates will pay higher than the intrest on my mortgage...but why am i thinking, "while the intrest is low, pay off a lump sum or /and overpay" therefore when rates go back…
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How do i work out?
Could someone please tell me how i work out lowering mortgage payments 1.If i pay x amount of money how much would it reduce my monthly payment. 2.This then would allow me to increase my monthly overpayment.Thereby reducing my term automatically. Reason for this is if interest rates go back up would be able to afford to…
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Silly question - Do I overpay or reduce my term?
Hello All! This feels so wierd - I've been reading these forums religously for years (I do love this site!) but i have only registered TODAY to be able to post - guess I am a little shy! Anyway MFW is my favourite forum and both my OH long to be mortgage free much sooner rather than later but what with moving house and…
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No Savings
I am a bit obsessed with paying off my mortgage early and at the moment pay the extra we can afford each month off the mortgage. I hope to have it paid off in about 6 years, possibly less, when I'll be 45.:j However, I don't make any regular payments into a savings account. We have around £2000 emergency in an ISA, and…
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interest rate
Hi. Might be a daft question but >theres always a but On my statement it says it has a collared basic mortgage rate of 3.14% minimum. Now i am on a mortgage of .95 above base rate.So the question i would like to ask is Does this mean it will be 3.14% plus the 0.95 or can the mortgage go down to 3.14% including the 0.95%.…
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New to this - silly question
We're thinking of paying a lump sum off our mortgage (10k) - then making overpayments of around £500 month. This is because we cant be trusted with money in ISA's (gets spent of fancy holidays etc!!) so would rather that the money was locked away where we cant get at it. Do all overpayments reduce the actual capital rather…