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How to Over Pay - Should I?
I'm one year into a £100K mortgage that I pay not far under £600 a month, with 34 years left! I want to overpay... How do I do it? Can I pay £50 one month £100 the next depending on how things are going? My mortgage is fixed for 10 years at around 6.22% and at 20 years of age (partner is 22) we will be moving to a bigger…
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Banks not passing on the interest cut
It is hot on the news today as only 3 banks have agreed to pass on the interest cut. What was the point of the BOE cutting it if the big banks will not pass this onto us as a consumer. Teh government cannot force this but it is so frustrating, Does not really affect me as I have a fixed rate until May 2009 but they say…
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Overpay or Save or Move???
Hi, i am still quite new to this but here goes, i am in the position to overpay my mortgage(0.89% above base rate)by £400/month to bring it down to approx 10yrs from 20yrs....but i also want to move. Do i overpay, knowing that my interest will be less and i will pay off my debt quicker, and have more money in the bank when…
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last base rate drop my mortgage went up even tho on fixed deal
i recently got a letter from my mortgage supplier informing me that my mortgage is to go up £4.00 due to the half a percent drop im on a fixed deal i told them i didmt understand this they said its because i was charged a product fee when took out mortgage does any1 understand this
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Overpayments
Hi all. I am wondering how overpaying on a mortgage is of benefit as when september comes around, my provider ,(Barclays who set the rate once a year based on september BBBR)will factor any overpayments made previously into the repayment figure for the remainder of the loan. This will in effect not reduce the term of my…
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How does the 10% rule work?
I have just remortgaged a £74282 mortgage for 8 years fixed for 2 years at 4.99%. I want to overpay the maximum without an early repayment penalty the maximum allowed is 10% per year.What does this figure calculate at considering the capital will reduce. Would i be right in saying it would be £7428.00 per year / 12 = £619…
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I wish I hadn't overpayed!
I paid in £1200 to my mortgage account a few months ago. Unfortunatley it's taken us to just under the 50k mark. But now I'm out of my tie-in the rates are higher for people borrowing less than 50k than if you want 51k if you see what I mean. If I'd left it we could have got a better rate.
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Are you regretting that fixed rate?
Hi. We took out a 5 year fixed rate at 6.2% a couple of months ago. I'm not a financial expert obviously but I was convinced rates were going to go up! Doh! I should say that our mortgage is not huge so at least that's small comfort. And we know what we're paying for the next 5 years, but it's still galling to think that…
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DP not interested in money saving
Aaagh. I forgot why I chose that username until I brought up money saving with DP. Typical comment "I don't want to pay any more than we are now off our mortgage. We need to live for today not 20+ years time." Jesus Christ, we only pay £500 pm on mortgage (basic repayment is £290ish) and we earn just over £40,000 pa…
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Interest Only Vs Repayment
I am a bit confused here. Everyone advise to have a repayment mortgage.But isn't it better to have an interest only one and 1.> save the difference between the two into a current account with good interest 2.> Every year reduce the mortgage capital by paying from the above savings. In the first look the above looks exactly…
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early re-payment
i have just received my pension lump sum. i wish to py off the remainder of my mortgage is there any advantages of leaving a small some owing? i have been told that bs do charge a considerable sum to finish off the mortgae and issue you with the deeds. :confused: viv
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Overpaying - How do I work this out?
I overpay on my mortgage every year and hopefully will untill I owe nothing to the bank (Cant wait:D untill that day) Does anyone know of a good spreadsheet or calculator which can work out how long it will take me to pay off £150k if I overpay by 10% every year untill its cleared. Ive seen so many overpayment calculators…
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MissusF MF Diary!
Hi All!!! After pouring over all the MF stories / hints / tips / support threads, i have decided to make the leap! Yay!!! My mortgage currently stands at £96K, which still has 22 yrs to run. I have a loan of £3,800 which doesnt kick in til March (buy now, pay later). I've started a budgeting/income/outgoing spreadsheet,…
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Woolwich overpayments
I took out a first time buyer 3 yr fixed rate in feb 06 at 4.99%. This ends in March and moves to Barclays base rate + 0.95%. Following yesterdays news it looks like the amount we're payaing is going to drop significantly (touch wood), I was therefore thinking about overpaying (since i had actually prudently budgeted for…
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5 mortgage accounts?
Over the past 17 years and remortgaging we have managed to aquire 5 different mortgage accounts, totalling 91361.90. As of 31 Dec 2007 the accounts stood as follows Does anyone know how to combine all the above sub accounts into one at one rate? and would it be in my interest to do so? cheers
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Can someone do my sums please?
Hello to you all in the MFW forums. not been here for a while but still pluggin away at the old mortgage. what with the 0.5% fall last month and the 1.5% fall today its a great time to get stuck into MFW targets. what i would like to know is what should i be paying as of today? 28/3/2008 Advance £66674.00 @ 5.84% (BoE +…
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What did you do once you paid your mortgage off?
Just wondering two questions What did you do once you paid your mortgage off? And is it waht you intended to do when you had paid it off or something different? Thanks DM :beer:
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some advice please
my OH has come into some money 10,000 and is interested in paying a lump sum off our mortgage we currently owe approx 46,000 and have monthly payments of approx £250 on the SVR. we have an appointment with morgtage advisor at nationwide tommorrow to discuss our mortgage so, some advice please. will this over payment affect…
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Mortgage Express
Hi there, Does anyone over-pay on a Mortgage Express Self Cert Mortgage? I would like to overpay variable amounts as and when. Looking at the website, it looks like I can only complete a 'Choices' form and overpay a set amount every month. Does anyone know any different? Many thanks.
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Offset Mortgage
I'm interested in getting one of these when I renew my mortgage next year, can any of you "gurus" tell me what I should be looking for and how to decide if it is right for me? I have googled it to death and I'm none the wiser.