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Overpayments resulting in unwanted recalculation
I am on the homeward straight and on a low interest fixed rate. I have been making annual overpayments with the intent of reducing the term. In previous years made the permitted 10% overpayment and a quick phonecall to request that the overpayment was applied to end of term. I wanted the monthly payments to remain the…
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Nearly, nearly there!
We are very nearly there with paying off our mortgage, hopefully in the next 6 months! However, I do have a question. Is there any benefit to keeping a very low balance on the mortgage? We used to have a mortgage where you could borrow back your overpayment at the same rate as your mortgage but don't have this on our…
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Mortgages After Probate?
Hello, I'm just needing a little advice really. My mother passed away in November and last week I was (finally) granted probate on the estate. I thought the mortgage would be a simple matter of just signing it over to my name and carrying on paying as I have but I have been told that it will count as a remortgage and I…
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Remortgaging after a title split?
Hi Everyone, So I have planning permission to split my house into 3 separate apartments. My house is currently on a mortgage. wanted to ask if anyone knows if it could be a simple process of legally preparing everything with Land registry and then just simply refinancing all 3 properties on 3 new BTL mortgages, if a lender…
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Paying mortgage bi monthly instead of monthly
Hi, So I saw some info that stated if you divide your monthly mortgage payment and pay it bi-monthly instead of the whole amount at the end of the month then it will reduce your total amount and that you can pay your mortgage off earlier. Probably a myth so a simple yes it will or no it won't would be great. Thanks
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How much balance to leave??
So I'm opting to clear my mortgage (bar a tiny bit) in July after my fixed rate ends. My HSBC mortgage adviser agreed it's a good idea to keep the mortgage running when it auto switches to a SVR rate of 6.99% until its end date of April 2034. But how much to leave in? Will £100 be ok. Just don't want it to end itself…
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Pay down mortgage or invest in an ISA?
Hello Everyone, I have fixed mortgage with an offset facility fixed at 1.84% until feb 2025. The mortgage is £200,000 and the money in the offset is circa £100,000, currently im reducing the term by using the offset savings. My question is, should i invest the offset savings in to a stocks and shares Isa instead (with the…
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Better to save or pay off some of mortgage.
Hi. Our mortgage is half repayment half interest. In total still owe 65k . On repayment side we have Isa to hopefully reach £41k target. Target time fast approaching. However I don’t know if it’s best to put the £41k into a high interest account 5%? and don’t touch it for 2 yrs building a nice bit of interest or would I be…
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Does a long mortgage term matter if you’re saving a good amount?
Hi all Please can someone tell me if I’ve gotten the wrong end of the stick here: I’ve just refixed my £700k mortgage at 3.89% (Santander product transfer). There are 32 years left, and I could comfortably overpay around £60k lump sum (currently earning c.5% interest in savings). If my savings interest is more than the…
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Leasehold Mortgage
Hi all,A few years ago I bought my current home, A two bedroom Coach house. After moving in I worked hard to get all my finances in order - Paid off all other debts, raised a six month emergency fund (saved in an easy access ISA) and regularly contributing to a Stocks and Shares ISA. My next goal was to pay off my mortgage…
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Conflicting feelings about working to mortgage freedom - or increasing borrowing
Ive struggled to decide whether to post this, but its been on my mind for about a year now. Some backstory - We are a late 30's couple with 2 young school age children outside of the expensive nursery years. We both work with a combined income of £90k. (this may only increase slightly from now on as we've both had…
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Calculation Formula Reuired
Good Evening Apologies for the message, I am currently 1 year into a 5 year fixed rate of 4.57% current balance £225,000. I have been making small regular overpayments. However I want to shift focus to get my mortgage payment lower (short term goal). I understand repaying capital is better So I spoke to Nationwide and they…
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Should I pay off my mortgage
Hi All, Currently, I have a fixed mortgage at 1.39% until May 2026. I also have ISA and cash savings for emergency and other short-term goals (see numbers below). With the interest rates on the rise, I am thinking of paying off my mortgage in full when my current deal ends with my ISA investments. What would you do? Are…
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Which Mortgage to Pay Off
I have three mortgages/loans all on fixed interest deals due to renew in 3 years time: 1. £100 k, 1.49% interest rate 2. £70 k, 3.69% interest rate 3. £30k, 4.29% interest rate. If I received a significant lump sum payment I would like to use it to pay down the mortgage debt. Would I be better off paying off the smallest…
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Pay off mortgage
Hi, need some advice, I have £55000 balance left on my mortgage with 2 years 5 months left on my fixed rate at 1.5%. I have received £50000 and put it in my savings account at 4%. Should I use it to clear the mortgage this month or not. There is an early repayment charge of £2000. Please advise.
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Advice needed on which way to go
Hi All, I wasnt sure where to post this, so picked mortgages as i think its the key subject. I would like advice on the best way to turn with regards to clearning my mortgage early and ramping up the pension. The situation: I am just coming to the end of year 3 on a 5 year fixed 1.49% mortgage but am going to be in the…
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Overpaying but monthly interest doesn't seem to reduce?
Something has been bugging me for a while about my mortgage and despite my best efforts I can't work out what is happening. I've overpaid my mortgage pretty often over the years (there are no penalties) but my monthly interest never seemed to go down. At first I thought it was because the overpayments were so small…
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Advice for clearing £99,000 mortgage in next 5 years
Hi all, I know there have been countless threads looking for advice around clearing a mortgage, but I couldn’t find one which quite answers the questions I have, so here goes: I’m looking for advice on how to plan to efficiently pay off a mortgage in the next 5 years. My wife and I are due to re-mortgage our deal in August…
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Barclays overpayment options
Can someone help me work out which option saves more interest out of these two? I assume it’s the reduce term option (pay less than 3 times usual payment? https://www.barclays.co.uk/mortgages/existing-customer-centre/overpayment-underpayment-explained/
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Overpay mortgage to maximum
I have a mortgage with Nationwide where I am allowed to overpay by 10% of the original borrowed amount each year. In my account there is an option to choose whether my monthly payment amount is recalculated and reduced each time I make an overpayment. At the moment the option is selected to keep the payments the same and…
