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Advice
I'm £12k away from being mortgage free, I currently have no boiler and a few debts to pay can anyone suggest any help to get a boiler and some home improvements done as my house is falling apart. Equity release is not an option as I need to be 55 Yr old so feel I've nowhere to turn!
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Overpayment question, please and thankyou.
I may be asking a really silly question that should be obvious to me. If a mortgage has a cap on overpayments at 10% to avoid a penalty, is this 10% of the starting value of the mortgage or 10% of the decreasing value? Also is the 10% inclusive of your normal monthly repayments or is it on top of your usual payments? eg.…
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Overpay, or invest?
Hi, new to the forums, but this dilemma has been playing on my mind for a few months now. I was lucky enough to get a fix on my mortgage until Feb 29, with an interest rate of 1.8% It's a 30yr mortgage, so I was expecting to overpay to bring the term down if nothing more. Now that interest rates have gone up, I made the…
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Advise on fixed or variable please.
Hi. I owe £22,670 left on mortgage over the next 4yrs 4 months. I am in discussion with my lender ( West Brom ). I have the option on staying with the variable rate which is currently 6.49% or going over to a fixed 5.04% for a 2 yr period. I do have the option to over pay on both if we are able too. At the end of the day I…
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Pay towards mortgage (2.6%) or save (5%)
Hey guys, We've got a mortgage of 18 years, but fixed at 2.6% for the next 5 years (we did a 10 year fixed mortgage in 2019! We know how fortunate we are!!). We'd been overpaying every month (£625 to £850) as we hope to pay it off by 2029 with a lump sum... however when the interest rate rose for savings we stopped…
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What is the most efficient way to pay off my mortgage?
Currently if I overpay I'll be subject to early repayment charges. My current mortgage ends at the end of August. Will I still be have fees to pay if I pay when my current mortgage expires? Any suggestions \ links to info would be helpful.
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Dilemma on where best to spend savings
Hi, My dilemma is a privileged one, but one for my family nonetheless, and any comment is appreciated. I have around £95K in savings (from an inheritance), 30k of which is in an ISA and the remaining in a high interest account at 5% which is paid monthly. I get around £350 monthly in interest, which I leave to compound and…
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How to tackle my mortgage
Morning! After a bit in advice about my mortgage. we have a property currently worth about £320000 with an outstanding mortgage of £148000, and we have 20 years left on it. I'm 55 and my OH is 52. The current fixed interest rate is 1.89% and we have two years remaining at this rate. We gave up stressful jobs and both work…
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Making mortgage overpayments
Morning all. We have a mortgage with the Halifax which currently is just over £41k, which we want to get cleared sooner rather than later. Our monthly payment is £1,117.30 paid on the 28th of each month. Interest rate is 5.56% We started making overpayments a few months back of £150 a month. I know there is a limit on how…
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Starting deposit again- advice needed.
I separated from my husband last year and unfortunately had
to use most of my savings for a deposit and months rent up front on rental
property for me and the kids, plus a months nursery fees for my youngest 2 in
advance. I have had a difficult 12 months after separating from my
husband, but have been saving again since…
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NatWest overpayment
Hello I am currently on a fixed term mortgage and allowed to overpay by 20%. If I make a payment by debit card, less than 1k reduces the mortgage term and the DD remains the same. If I pay 1k or more, the term remains the same but monthly mortgage DD payments are reduced. What will happen if I ask them to increase my…
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Overpaying or Saving ?
Hi all, I have been overpaying on my mortgage for years now and I had a revelation this morning that this might not be the best way of doing it. The over-payments are taken off the term of the mortgage, so the monthly amount stays the same. Here are the details of my mortgage. Mortgage balance: £106,884Interest Rate: 5.99%…
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Keep saving towards mortgage or buy a motorhome
I just need some sense, we have 136k in savings (in a higher interest accounts than our mortgage) and 203k of mortgage. Our current super low mortgage rate doesn’t end until August 2026. I am so tempted to spend half of our savings on a motorhome which unfortunately cost loads at the moment. We’ve got a basic cheap vw…
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ATOM mortgage overpayments- Does this sound right?
Hi all, hope you can advise if this advice from Atom CS sounds right. My daughter is one year into her mortgage journey with them and I’m encouraging her to overpay a little each month. (Overpayments are permitted 10% a year) She phoned Atom and was advised that as her next monthly payment was due the following week that…
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Paying Off Mortgage legal process
Hi, Hopefully will be paying off my mortgage this year. I was just wondering what the legal process is around it, if any? I don't know what happens to the deed of the house, do I get it or does it have to go to a solicitor? Also if I want to add my children to the deed so they can become inheritors etc Thanks
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Halifax reducing monthly payments on a mortgage
Hello, Not sure if anyone else is experiencing this but I regularly overpay every year on my mortgage with Halifax. This year they have decided because I have overpaid they are going to decrease my mortgage payments so that my mortgage will still last the same amount of time. I am on a fixed rate mortgage and I feel like…
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Overpay mortgage or put money into pension?
I am a very late starter with my pension. I'm in my 50s and only started paying into one about 5 years ago. I'm self-employed and contribute on an ad-hoc basis. There is around £15k in there. I have a flexible mortgage which I really like because I can draw down money if I ever need to (roof repairs, new car etc) without…
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Best overpayment tactic
Hello, I'm hoping for some help. I'm on a mission to pay off my mortgage asap. I have used the MSE calculators, have looked at my income/ outgoings and have settled upon overpayments averaging at £900 per month, allowing me to be mortgage free in 6 years. I am aware of the 10% overpayment limit (currently £8533 for 2024).…
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Downsize to be mortgage free in 3 years
Hi, we're in our late 30s and we're thinking about downsizing our 5 bed to a 2 or 3 bed (we don't have any kids). Our current mortgage is £140k and about £60k on the help to buy. We originally purchased the house for £220k 5 years ago and is now worth £300k. Minus what we owe, we are looking at about £100k profit that we…
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Using inflation to eliminate your mortgage
Hi all. I'm sure this has been done to death on here but I was wondering if anybody could document an example of the simple economics of eliminating a mortgage debt using inflation. I'm going to provide some example figures and would really appreciate a reply which can complete the picture. I'm not great with maths so this…
