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sharesave / payoff mortgage
I have been reading the mortgage free threads with interest and I was looking for some help / opinions on the following. At present I have 20 years left on my £80,000 C and I mortgage paying roughly £500 pm on a 5% fixed rate. I usually shop around every 2 years for the best product on offer and swap. Myself and my partner…
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Hoping to pay off mortgage sooner- any advice please
Hi My husband and I have a 20 year mortgage which comes out of the tie in period next January :j We will then have 17 years left on a mortgage of £56,500(next years figure)- we pay capital and interest. We both had credit problems(various issues but mainly through both of us been divorced and debts etc) and therefore the…
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Future relocation and reducing mortgage - anything we should be looking at now?
We're dreaming of moving to Lincolnshire where we can get (what is to us) our dream home (2-3 bed cottage with lots of land, near the sea). We'd love to do this now, but realistically are looking at a couple of years time. We can only do this by reducing our mortgage as there is very little work up there, and even less in…
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Renting out your own home?
I was thinking about the 'Pay off your mortgage in 2 years' programme, and one of the ideas they seem to push is to rent out your own home, and to rent somewhere cheaper for you to live, and to put the difference into the mortgage. A couple of them seem to have considered it but not really followed it through - is it…
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Mortage V Pension
Should people only consider overpaying a mortgage if they can pay a decent amount in to a pension. Where should the priority lie? I know this will depend on individual circumstances. I am approaching 42. Should I pay more into a pension now to take best advantage of possible growth or go more towards the mortgage where…
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Paying Off or House Improvement? Please help.
Hi. This is my first post and I'm not sure if it's in the right place, but here goes. We have a 163,000 mortgage on a house worth about 400,000. The house is liveable but needs renovation including stuff like rewiring, kitchen, boiler, drive etc etc We have 3 boys aged 4,9,11 and we have 3 double bedrooms and a bedroom you…
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Do you go for a reduced mortgage term OR pay more off the mortgage we have????
Hello, wonder if anyone has any suggestions on what is best. We're in a position where we can pay quite a good amount back on our mortgage per month, but when we come to renew the mortgage next Jan do we just opt to reduce the number of years or do we carry on paying overpayments as we are now? HELP!!!! :confused:
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mortgage free - advice most welcome...
we have 77,000 mortgage after buying our council house just over a year ago. although we pay 493.00 on this a month, we are saving 1000.00 in a separate account ready to add to the mortgage when our 2 year fixed rate is up in december 06. we brought the house for 95,000 (had an 18,000 deposit saved) with the council…
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Paying mortgage off - what to look for when moving mortgages - help required
I cut a long story short, I like most on here want to pay my mortgage off earlier than the original 25 years. I'm 7 years into a 25 year term and currently in a second introduction rate that finishes in Oct 2006. I'm sure (but will check) that I can not overpay during this period so am currently paying what ever extra cash…
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To Pay off or not pay off?
Evening, Just noticed this board what an excelent idea, I have been thinking of doing this for the last 2 months. My morgage is 16,680 ish by july I should be £1000 shoft of paying it off, my morgage is an offset and i have the facility to withdraw overpayments and reduce the cost instead of the term ( Currently set to…
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Mortgage-Free (soon) advice please
We are about to come to the end of a 7 year capped rate term, we initially borrowed £52k so think that the balance will be approx £44k. We are looking to pay off £30k off the balance and are looking for advice as to which is the cheapest and quickest way to pay off the remaining £14k? Any help and advice will be greatly…
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Hello!
Thought I'd get things going. Unfortunately I don't have a mortgage so this will probably be my last post. I am renting by the way, I have not paid one off!
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Overpayment on Endowment or Repayment
We have a mortgage of £96,000, £75,000 is on an endowment basis and £21,000 is on a repayment basis. Interest rate is 5.49% on both. We have £7,000 to make an overpayment. Can anyone advise whether it would be more efficient to pay off capital from the endowment or the repayment. Or does it not matter?
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Loan Amortization in Excel
A good tip for those that want to investigate the effects of overpayments and interest rate changes is to look at the 'Loan Amortization' template in your copy of excel. This will reveal that doubling you payment will cut the repayment time to 1/3. Also, £2k spent in the first year would save you ~£5000 over the 25yr…
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Pay Off Mortage - Which Account?
I would like to pay off my mortage early as I have an extra £500 per month available. I am unsure which account to pay the £500 into or doesn't it really matter? Main Mortgage - £15600 - 5.49% - Ends 6/2011 - current payment £287 pm F Adv - 10400 - 5.89% - 3/2012 - £177 F Adv - 7000 - 5.49 - 10 /2011 - £122 The two 5.49%…
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Mortgage annual repayment calc broken down into monthly repayments
Hi, I am looking for a decent calculator/spreadsheet to show mortgage repayments over a year - broken down, each calculation shown: example: £95000 x 4% = £3800 divided by 12 = £670 (£316.67 interest, £353.33 capital) so, £95000 - £353.33 = £94646.67, and do the same again to work out monthly repayment. and so forth for…
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Capital growth v mortgage debt
We took a mortgage of £105,000 out with A+L in May 2004. This is half repayment and half interest only. We have friends provident endowments on previous mortgages which were to cover £45000 (who knows what we'll get) and are due to finish in 2012. We have inherited shareholdings which were worth at best £65000 in May 2004…
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Any threads that should be moved here?
As this is a new board some of these discussions have probably taken place elsewhere on the site. If you know of any threads that would better fit here. Please can you post a link in response to this Martin :)
