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Short or Long term fixed interest term (porting costs)
Hi all, So just to say, I have some time until I need to change my mortgage, and with rates where they are, I'm starting to think of fixing in for a longer term - potentially 5+ years rather than my current 2 year term. What I am struggling with, is trying to forecast any porting costs in the future should I decide to move…
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Mortgage overpayment calculator
Hi, we are come into a chunk of money and want to pay off our mortgage. However, we are just about to enter the 2nd year of a 5 year fixed rate mortgage (1.57%) so I'm trying to work out if we would save more in interest by paying it off in one lump and taking a 5% ERC hit or whether to pay a lump sum of 10% (free of ERC)…
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Half a House
Hello! I realised I hadn’t posted on my old thread for almost a year, so thought it best to start a new one, as things have moved on a bit since I started the old thread. Our situation: we bought a shared ownership house 3 years ago, buying 50% of the property and renting the other half. We were debating whether it was…
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Does an over payment benefit me?
Hello, Agreements with my current lender to borrow more have broken down and I may need to look at other lenders I have the cash to make a 10% over payment now, does it make sense to do that, will I then pay 10% less early repayment charge if I was to move lenders in 2 months time?
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My Journey to an exciting future!
Good Evening All, I have been an avid reader of this forum for sometime however have always stopped short of creating my very own thread. I find so many of the stories inspiring! A little context about me. I am a mid 30's man who is married to his childhood sweetheart, we have a 4 year old daughter and there are…
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Mortgage repaid, excellent credit score but unable to get a loan
I have repaid my mortgage, have an excellent credit history and score but am unable to get a car loan Any advice or ideas welcome
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Overpayment penalties
I have a question about mortgage overpayments. Provided my sale completes without issue I’ll have a mortgage of £1013 per month. I can afford to comfortably overpay £500 per month. However there are penalties for overpaying. 5% in year one 4% in year two 3% in year three etc. The current interest rate is 2.7% (mortgage is…
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Overpaying Mortgage or save for a lump sum?
Hi all, We have money in Premium Bonds and have been told the rate is being slashed. We recently bought a house and have a mortgage for 192k on a 2 year fixed rate and we can pay off 10% each year. In my mortgage contract it says 'The overpayment will reduce the balance of the account and the interest due will be…
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Early Repayment Charge - is it worth it?
So I've got £52k left on my mortgage, the current mortgage rate is 2.49% and unfortunately at the time in 2017, we took out a 10 year fix, so its due to expire in 2027. We have managed to save a lot over the last 3 years as well as overpaying max 10% of balance per year and my estimations show that I'm due to pay it off in…
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Squirreling Away Those Nuts
I have spent endless hours on this forum reading through countless people's diaries from start to finish, forever inspired by everyone's life goals, unexpected events and motivation to get those extra pennies knocked off their balance come month end! After much thought, I have finally decided it was about time to take the…
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Using ISA cash to pay Mortgage
useless....
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Overpaying with Free overdraft
Hi All, I currently have an arranged overdraft with my lender that by some mistake I don't pay any interest on. No matter how long I'm overdrawn for it costs me nothing. With this in mind would it benefit me in using it to overpay my mortgage by an extra £500 a month? I only have a few years left on my mortgage, would…
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Overpayments one off or monthly ?
I'm looking at overpaying on my mortgage, but cant work out if overpaying £200 a month or a £2400 one off payment a year every year is better ?. Calculators dont help with this 😩 so any help would be much appreciated.🤞
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Action after mortgage paid off
I can’t believe that we are close to paying off the mortgage, hopefully a few months away. After the final payment is made, what’s happening and what do we need to do to establish ourselves as a house owners without a mortgage?
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13 coronacoaster weeks to Christmas
Hi. I used to frequent the forum several years ago and managed to escape credit card debt mostly by doing debt free challenges and reading debt diaries. Things have changed a lot since then, in good and bad ways. I am now debt-free, except for my mortgage BUT I became a single parent since then :cry: I'm finding the 2020…
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Fixed rate mortgage - overpayments allowed?
Hi all, I have 10 years left on my mortgage and thinking of taking out barclays 10 year fixed rate at 1.99 percent. I would fix rate for 10 years and also take the mortgage term for 10 years. It says 10 percent overpayments are allowed. But if I pay 10 percent extra every year, the mortgage would be paid off early (7…
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Best time to overpay mortgage in the month
I have been told interest on my mortgage is calculated daily and applied on the last day of every month. My normal payments come out by direct debit at the very beginning of the month. When is the best time to make overpayments to benefit me? Or does it not matter? Thanks
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Halifax overpayment question
Hello, I have been enjoying the diaries on here and have a question for myself. On my online banking I can make a lump sum overpayment. Will this reduce the term of my mortgage or do I have to phone them for this to happen? Anyone here have a Halifax mortgage who could help? Sorry if this seems a stupid question but I am…
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Help! To clear or not to clear...
Hello, How does inflation affect whether you pay off your mortgage or not when rates are low?? I am in a bit of a dilemma. I have savings in cash earning between 1% and 2%. I currently have a mortgage of £65K at 3.8% which I can afford to clear or reduce. I have always understood the more you can pay off the better. I was…
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How does inflation affect whether I should pay my mortgage off?
Hello, I am in a bit of a dilemma. I have savings in cash earning between 1% and 2%. I currently have a mortgage of £65K at 3.8% which I can afford to clear or reduce. I have always understood the more you can pay off the better. I was going to remortgage reducing my borrowing to £35K keeping the remaining around for a…
