-
Overpayment motivation?
I've been lurking on a few threads but generally just struggling myself at this point. I've got a mortgage of around 120k on my house, the interest went up drastically this year to 5.54% and seeing the interest amount every month on the statement is really discouraging. My monthly payments are hardly paying down any…
-
Overpaying mortgage
I currently owe £100,437 on my repayment mortgage with 13 yrs 5 months left to run. Currently on a 1.99% fixed rate until November 2026. After a promotion at work I’m now in a position to start overpaying the mortgage by £300 a month to pay it off sooner. Is that my best option, or should I put the £300 a month elsewhere?
-
mortgage - paying off v leaving a small mortgage
Hi, I'm in the fortunate position of being ready to pay off my remaining mortgage (term left 10 years), however a discussion with a colleague at work where he suggested that it maybe prudent to leave say £5k as a mortgage, and lower the monthly payments for the next 10 years, his logic was that having this mortgage will…
-
Paying off my fixed term mortgage pros cons
Hello My dilemma is do I pay off my mortgage in total and free up more disposable monthly income ? Or pay off max sum of 20% per year without redemption fee... I have a fixed term mortgage with 1.19% at £619 per month due to end Nov 2026 then goes back to variable rate. Current balance is £46,000. I am a 64 year old on…
-
Shared ownership and stamp duty
Hi, I hope someone can help. I bought out my shared ownership flat and now run it as a buy to let with housing association consent. I married in 2024 and my husband also has a flat, which is shared ownership (40%). We would like to buy out the remaining shared ownership portion jointly. I can put down £10K to support any…
-
Deleted
Deleted...
-
Withdrawing some pension to pay off some mortgage
Due to a recent change in my personal life and having to take out a new 18 year mortgage 12 months ago when I was 54 I'm left with the daunting thought of having to work beyond my 70th birthday. With this in mind I aim to clear my mortgage as soon as possible but within 10 years by making overpayments. My plan was to make…
-
Paying off shared ownership, is this a good method?
Hi all, Hoping for any ideas or suggestions please in case I might be making any silly mistakes at all. Basic details: 50% shared ownership house Mortgage currently on 50% is £24k left at 1.49% until February 2027 (5 year fix) Rent on other half is currently £227 a month (includes building insurance) I can buy the freehold…
-
Help me become mortgage free before I turn 50
Hi, Any useful tips?? We are both 29 years old. I have a current mortgage outstanding of £220,000 on a house valued at £294,995. I have a 35 year mortgage fixed at 4.37% for 5 years. Just started this home journey.
-
Mortgage free or buy bigger
Hello, Looking for some thoughts on my dilemma. My husband and I are being gifted some money. This money would pay off our mortgage on the house we currently live in. We had planned to move to a bigger house in the future - maybe 2 years time (house is a 3 person - 2 bed bungalow with 2 adults and 2 children (Girls)).…
-
Mortgage Payoff
Hi, looking advice on paying off remaining mortgage. My mortgage which was on a 7 year deal at 1.99% is due for renewal shortly but an estimated £18K remaining and my queries relate to the following: 1. Plan to discuss renewal with the lender but does anyone know in advance the shortest term available for a mortgage and if…
-
10k Overpay Mortgage or Save (to overpay at later date)
Hi I have been gifted 10k. I want to use it for my mortgage, but am not sure if it is worth saving it given savings rates v or overpay on the mortgage now. I appreciate there is a calculator ( Mortgage Overpayment Calculator: Pay off your debt early? ), but I believe that is if the saving rate remains at that rate for…
-
Overpaying mortgage payments
We are considering overpaying on our mortgage with the hope of being mortgage free sooner. Either a lump sum or regular overpayments. Current mortgage balance £126,495 This is made up of: £31,087 (Interest only) £95,4708 (Capital and Interest) Remaining Term = 15 years (currently fixed rate to Nov 2027) - intend to reduce…
-
IO mortgage - Invest the difference
Should I switch to Interest Only mortgage and invest the extra cash in savings/investments. I'm sure this has probably been asked and covered in here before, but here goes... I need to remortgage as my current 5yr fix ends in 01/2025.Mortgage is approx 1.6% on £175,000 - 18 years remaining term - House value is £345k I'm…
-
Overpaying Santander fixed term mortgage
I am currently in the final years of my Santander mortgage. It is on a 5 years fixed term. I am allowed 10% overpayment each year without penalty. If I make the overpayment next year I will be reducing the term below the fixed term deal period of 5 years. So although I would not be charged a fee for overpayments would I…
-
Confused - what is the right answer - overpay or not?
Hello All I have a mortgage deal that expires in March 2026. At that time I could pay off the outstanding amount (retirement lump sum). However, before then I have the chance to make overpayments for 2025 and the first 3 months of 2026. I had thought that this was a definite good thing to do - to reduce the term and hence…
-
High Street Offset Mortgage Lenders? Where have they all gone?
I made a few inquiries a few weeks ago after having a preliminary meeting with a mortgage broker and was surprised to learn that many High Street banks & building societies are no longer offering offset mortgage products. Does anyone have or know of an exhaustive list of which mortgage lenders are actively offering new…
-
Off-setting - do many people do it?
Having come into a bit of money, one option is to pay off a huge amount of the mortgage when the current deal runs out (in 2 years time). However I'm thinking that I'd rather continue to jointly pay off the mortgage with my partner and perhaps go down the offset mortgage route. My ponderings: I'm currently shoving money…
-
Is this an overcharge?
I have a "lifetime" equity-release mortgage. I've recently married and my wife wishes to redeem the mortgage and have her name added to the deeds, as Joint Tenants (we're aware of "tenants in common" difference). Her funds are coming from her French bank account. The redemption figure is around £75,000. So, we need a…
-
Mortgage overpayments vs savings
Hi, I am 60 and currently have £116800 left on my mortgage, fixed at 0.99% until Dec 2026. Payments are £978 and due to end in about 10 years (decreased due to overpayments). I don't want to be working in a stressful job I hate until I'm 70! So my plan is to pay off a chunk of the mortgage in 2026 (about 50k) and then get…
