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Mortgage Overpayments
Hi all, I have a Nationwide mortgage (fixed, split into 2 accounts when I moved house!) and wanted some information on overpayments. It seems that I'm earning very good money and instead of putting money into savings each month I thought it might be wise to make overpayments on my mortgage. As I see it, with a £200k…
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Which Capital to reduce
We have a mortgage that is part intrest only/endowment and part repayment.. Within the rules of our fixed rate mortgage, we can pay off 10% of the capital without penalty and we are in a position to do this. Is it better to reduce the capital from the interest only bit or the repayment (in fact we would clear that part)?
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Working out interest on comparing fixed rates
I see that rates went up yesterday, eeek! Our fixed rate ends at the end of January. I see Halifax is doing a good fixed rate of 4.49% BUT the product fee is huge - 3% plus £245 mortgage account fee, a non-refundable property assessment fee and legal costs. I will have approx. £125,000 outstanding then - probably a bit…
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House raffle!
Please delete this if it breaks any rules, but someone is raffling their house off here, thats one way for someone to be mortgage free I guess! http://www.winthecheltenhamhouse.com/Default.aspx
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Pay off Mortgage with Credit Card 0%?
I have a BTL mortgage with Northern Rock (7.9% Variable) 80K. I am unable to shift it due to the current economic climate and the rent vs. interest ratio etc to another lender without incurring extortionately high fees. I was therefore thinking, I have a decent credit rating, could i open up a 0% credit card deal and shift…
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overpayments won't come off until fixed rate ends!
Hi all Am desparately trying to join you all in being a MFW - want it sooooo bad and am addicted to playing around with the overpayment calculators! I am applying for jobs at the moment and our plan was to chuck most of my wages at the mortgage - we have £116,000 on a 25 year mortgage which we fixed for 10 years in march…
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Endowment Surrender Tax Implications
We have 2 unit linked endowments in joint names, which if we surrender, together with savings, would enable us to clear our mortgage. We are just into higher rate tax - so question is will we be taxed or have any CGT on surrender values. Both due to mature 2013. 1 taken out May '88 & other May '93. So both over 10 years &…
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Daft question- do you clear ALL the mortgage off if you can?
WE are thinking maybe to try to clear the mortgage a bit early- but, it is possible we will want to extend the house soon, and perhaps need to borrow again to do this, would it give us any advantage to leave a little of the mortgage outstanding, or doesn't it matter?? THanks guys!
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Mortgage debt reduction or ISA?
I currently have around £50,000 of mortgage debt but also have £16,000 in an ISA. I am paying about 5.5 per cent interest on the mortgage debt but earning 6 per cent on my ISA cash. With that in mind would it still be beneficial to use the ISA money to bring my mortgage down? There are no penalties or charges for doing…
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Court hearing - help
sorry got the wrong thread...
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Overpayment Advice please
I have a tracker mortgage with Nationwide (5.24%) and I am planning to start overpaying by £500 per month to reduce the term. The mortgage is 19K interest only (S.Life Endowment) and 10K repayment, the question is would I be better making my overpayments against the 19K or the 10K or does it not matter or will I have no…
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When do you start paying off capital?
I've been steadily overpaying my mortgage since we took it out about 3 1/2 years ago with a 25 year term. We're now down to about 14 1/2 years and my question is when/do you ever get to the point term wise when you are just paying off the capital and not interest, or are you always charged interest? Sorry if this seems…
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Clear the Arrears
Well perhaps tis is a bit of a digression form the norm but I am seriously needing some support here. Ok current mortgage arrears are set on a court plan of £150 per month off the arrears and we are keeping to that but I have done some calculations last night and this will take us 4 years to clear at the present rate so…
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In this climate, what would you do???
Hi all, advise greatly appreciated. We have a mortgage, currently with Northern Rock, ending in Dec 09. I know that seems a long way away and plenty of time for things to change, even slightly but.... 3 yr fixed rate, taken out in 06: House valued at £180,000 £171,000 - Mortgage £30,000 - Unsecured loan We've scrimped and…
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MFW - where to start and making over payments
Hi all, My wife and i want to start making over payments, far as I'm aware we can make payments electronically, however I'm not sure what's the best to do? make over payments monthly or save up and make a lump sum payment once a year, does it make any difference on the interest side of things? An update on my original…
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Principality and balance
As far as I'm aware, I have no way of checking my mortgage balance with Principality online. :confused: Can anyone recommend a spreadsheet or something so that I can track my overpayments and the balance of the outstanding mortgage? A year is a long time to wait to see the effects of the overpayments. :rolleyes:
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Full offset - advice please!
Hi all hoping someone may have had experience with offset mortgages can give me a bit of their words of wisdom... ...am looking to be "mortgage-free" in as much as not having to pay out a large sum each month, but I don't actually want to pay off the mortgage just have an amount in the linked offset savings account equal…
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Only ever had a repayment mortgage
I've got past the mortgage wagon (being an oldie) - fortunate, yes. But I never had an endowment (and got quietly ripped off) because I always thought that speculating that there would be pots of money in my pocket at the end was a false hope. Be alert, the lenders are only doing themselves a favour! The only people…
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Pay off or save?!?
Hi, I just wanted to know everyone's ideas please. I'm 26 and have a mortgage of £210,000 (EEEK!!) at the moment on my first house. I have a monthly net income of £3550 and about £1500 of that goes on mortgage and bills (I have no loans or credit cards). The thing is, I'm desperately saving for a deposit on the house of my…
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Almo's MFW effort
:wave: Hello all! After months of reading all your diaries, I'm embarking on one all of my own. We're settling on our property on Friday and then the MFW journey can begin. As background, I am a 25 y/o ESL teacher, and my boyfriend is a 25 y/o Recruitment Consultant. We emigrated to Australia a year ago and have been…