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Can a mortgage term be extended?
I am paying off my mortgage early with overpayments, but I would like to know CAN A MORTGAGE BE EXTENDED? If someone lost their job and had no insurance and could not keep up their mortgage repayments, couldn't they just extend the term of the mortgage in order to bring the monthly payments down to an affordable amount?
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Should I save or overpay? please help
I have £12,500 in my isa earning me about 4.5% interest each year. However I am now thinking I might be better off paying the £12,500 as an overpayment from my mortgage. I have made overpayments of £500 in the past and they have typically cut 3 months off my mortgage term each time. My mortgage rate is fixed at 5.88% a…
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Interest only overpayment calculator for maths idiot?
Hello everyone, I am an utter utter maths idiot, numbers make me go 'huh?' and I can't work out the calculators at all. My situation is I have an interest only mortgage of £111,899.00 at 4.490%. The term is 25 years. My current payment is £417 per month. I've done an awful lot of budgeting (still working on the giving up…
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Overpayers beware!!!
I was happily making regular lump sum overpayments to my mortgage with the intention on paying off the mortgage in about 5 years time. However, just this week, I found out that even though I'm the sole owner of my property, if my husband and I were to divorce, he would be able to make a claim on 50% of the property,…
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Pay of the Mortgage or Re-invest?
Hi guys, first post and all that! Right, I've been made redundant recently and I've had a reasonably decent pay out. With my savings I've managed to accumulate about 35K. I'm currently living with my girlfriend and have rented out my house. It's been valued at 160k and I owe 50k on the mortgage. I'm paying about 380 a…
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when is realistic?
Hi All I've been posting in the debt free board for a few months and can't believe I am even thinking about paying my mortgage off. I'm sure I'm not ready yet, but I am paying £250 a month off a debt (and any extra I can pull together) and hope to be - no I will be clear - in a year. I may need a new car soon after then,…
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Interest-only mortage. Unemployed
Hi I was wondering if anyone could give me advise relating to my mortgage and outstanding loan and how this or my credit rating might be affected if I wish to claim unemploymant allowance. I took a £30000+ loan while employed to invest in business/property. I was made redundant very shortly thereafter and have decided to…
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Will sell flat after 3 years - will i get interest back for payments already made?
hi people need your help... I brought a flat with 154k mortgage in sept 2004. I will be returning back to study in october 2007 so will be selling the flat. Now assuming the flat hasnt gone up in value (it hasnt as far as i can tell!), i was wondering if i will get any money back from my mortgage that i have already paid.…
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Overpay, offset or regular savings?
Hi all, My mortgage is 5% I can offset savings or overpay this (totally flexible) OR A building society with 8% gross for a year (6.4% ish). Interest paid at end of year then close account Would I be better using my 3k (£250 mth) for the year in the building society or paying into the mortgage account reducing interest I…
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20 months to go what can i do?
Got 20 months left to pay at £153 to go untill mortgage paid off this is down to paying redundcy money and money from my late sister. Been reading and trying to use the calculators on this site, wondering if anyones got any ideas say paying another 1000 off or even try the idea of putting it on a 0% credit card. Thanks
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Should I save or overpay? please help
I have £12,500 in my isa earning me about 4.5% interest each year. However I am now thinking I might be better off paying the £12,500 as an overpayment from my mortgage. I have made overpayments of £500 in the past and they have typically cut 3 months off my mortgage term each time. My mortgage rate is fixed at 5.88% a…
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£10,000 loan or add to mortgage to be mortgage free?
Hi I have been offered the opportunity to purchase a relatives house at 1/3 of its current value but am £10,000 short. The deal is the relative lives in the house rent free for 6 years then moves out (in 6 yrs they will be moving away after an investment matures, there is no question of them changing their minds) then the…
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selling endowment policy?
This is only a rough idea of things as i have to check out the details on the policy. ok...... we have an endowment which has been running for approx 12 yrs now at £140 pm. So we have paid in approx £20k so far. if we were to surrender the policy either to the ins comp or sell it, what would we get back do you think. Would…
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can anyone advise? morgage
hi I wonder if anyone can advise me what to do I borrowed money of the morgage company to pay off my car £8,500 as the rate was cheaper than a loan, but were I thought it would go onto the morgage its a separate loan, so together with the morgage i now have this loan too, am eager to pay off them but no idea how? we have a…
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To pay off part of the Mortgage or not......
I have a WP Standard Life Bond which has reduced in value since I bought it six years ago. The general view seems to be that things are not going to improve with Std Life WP products in the demutualised world and may even get worse. I've heard rumours that they may sell off the WP parts of the business. I'm 52, my job ends…
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Lump sum, Offset or carry on saving
I've read several threads on offsets and lump sum payments but still can't decide what to do for the best. We took out a mortgage of £120K 5 years ago and have been offered a 1% discount by my BS as an incentive to stay, bringing the interest rate down to 4.9% (not fantastic but pretty good for the long term). We now owe…
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How do I make the most of my ISA to pay off Mortgage?
Here's the situation Mortgage for £35k with Abbey Abbey Stocks and Shares ISA meant to grow enough to pay off a pre-detrmined date. By my estimation the current growth as indicated by the number of units I hold climbing at the approximate same rate and the same approximate rise in value of the units then I will achieve the…
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Offset savings or pay off mortgage capital?
Hi all, I know this has probably been asked many times before and the banks say there is no difference between the two but is this really true? Why would they make is harder to pay off the capital than to build up savings in "their" account? Has anyone got the formulas for this? I have an Abbey offset mortgage @ 5% (0.5%…
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Overpayment has reduced standard monthly payments!
I have been overpaying my mortgage by £100 pcm for the last year. This year I decided to increase this to £130 pcm, so the mortgage lender wrote to me, confirming this. In the letter they stated that my standard monthly repayment is now less than my original one (by £30 pcm), which worried me that they had reduced my…
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mortgage reserve , is this the best way to do it ?
Hi Ihave a mortgage with UCB Homeloans .fixed for another 3 years 81,000 5.99 apr. I have been reading other threads about how overpayments work, and they mention overpayments reducing payments or capital/term.I undersand my repayments cant reduce payments as they are fixed. Any overpayments i make go into a seperate…