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Slow and steady wins the race (we hope!)
An attempt to remain accountable to the mortgage free by 50 goal as I have now been a homeowner for a whole year! A bit of background - bought a 75% shared ownership property in September 2017 . Mortgage of £135,000 fixed for 5 years at 3.19% (thanks to irresponsible ex ruining my credit score). Outstanding balance as of…
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Overpayments
Ive read on the site about when in the month to overpay and im a little confused, I thought the any overpayment would reduce the mortgage, we currently have £175,177 over 13Y and 1 month , payments are £1324 a month on a 10 year fixed with Barclays, we overpay by £300 a month so £1624.00 which comes out the same time as…
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What remortgage option to be early Mortgage Free
Hello everyone. I hope we all are keeping safe. I have a small house worth 155,000 with a mortgage of around 65,000 (under 42% LTV). In my household of 2 adults + 2 kids, my employment income is only source of income and hence we want to be mortgage free so that in case something were to happen to income (example…
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Was Mortgage Free until 52!!!
I was a lurker, but inspired by this thread to start my own diary and although my figures are positively small fry to some - its still my mortgage. A bit about me, took the plunge and bought a house age 50 plus:eek: by myself, everyone asked "Are you mad?" But thought - I can do this. Bought at auction, so got a bit of a…
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To pay off or keep??
My Wife & I, are considering paying off 2 small top up mortgages that we have to our main mortgage. 2 years ago my wife was ill, we were fortunate to have a good Mortgage life policy. This subsequently paid off our main mortgage to the tune of about £100k. We are now left with two smaller mortgages that were linked as…
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General opinion overpay v invest?
Hey! So I have hit a bit of an indecision point and would like some considered opinion. Being a middle aged duffer my mortage is now about 1 years gross salary. I have zero other debt and have enough money to throw at it to be mortgage free in about 3.5 years. However, that is time when investing could return greater…
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Paying mortgage vs liquidity of saving
Hello, after some advice please. Large mortgage, tracker rate (base+0.64=0.74%) but due to go 1.49%(ish) in September on fix (probably). No other debts. Savings (0.5-0.61%). I'm looking at paying off some of mortgage but wondering how much savings to hold back as emergency fund? (Outgoings in a normal month £3000, Covid…
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What is the most optimal way to become mortgage free?
I have a standard 25y mortgage with a 5y initial fixed period. Is it better to 1) overpay as max allowed by t&c every year 2) not overpay and put the savings down as a deposit on remortgage As I understand remortgaging, there's no limit to what you can deposit when you remortgage so would it make more sense to save as much…
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Daily interest calculation
Hi all, I know you are all excel whizzes- does anyone have a formula to calculate daily interest paid on a mortgage? My friend G00gle has confused the situation 😂😂 Thanks x
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Overpayments Query
I'm currently in a good position where I can make overpayments on our HSBC mortgage. Looking at the mortgage information, it states the following: As we re-mortgaged a few months ago, can someone explain what 'Loan drawndown' is? I can't find any additional information on the 'Early Repayment Charge period' on this…
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Started the road to mortgage overpayments with a but on the horizon
Hi all, A bit late to the party, i'm afraid. We have around 18 years left on our mortgage of 115k and started to plug some numbers into the overpayment calculator only to be knocked off of our feet. We found that by really concentrating our efforts, we can reduce our 18 years to around 6-7 ish...wish we had started sooner!…
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3653 steps to completion
I've enjoyed reading other people's threads on here so thought it was time to throw my hat into the ring and give myself a kick up the bottom with regards to my finances. Everything is manageable, just want to make sure I'm making the most of my earnings when they come in every month! Mid 30s, wife and two kiddles (8 and…
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Nationwide Overpayment Options Incorrect Online banking
Not sure if anyone else has come across this but we've found that the options showing in Nationwide online banking for mortgage overpayments arent necessarily correct. In your online account you can set the action to take for payments over £00, decrease payment, decrease term or leave as is. Ours are set to reduce term but…
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Can I pay off 10% before paying my Santander mortgage off?
Hi, I am in the position to pay off my Santander Mortgage early and I know there is an early repayment fee. I can also pay off 10% each year with no penalties , I was wondering if I pay off 10% just a few weeks before I pay off my entire Santander mortgage ( in the same year) Would this reduce my early repayment fee? or…
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BEST WAY TO SETTLE THE BALANCE ON MY MORTGAGE?
Two and a half years ago my wife and I changed our mortgage from Halifax to Metrobank. We took out a 10 year loan, fixed for 5 years at 1.99% If we repay the balance during the fixed rate period we will be liable to a penalty. It is our aim to be in a position to pay off the balance at the end of the fixed rate period and…
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Barclays Mortgage Overpayment confusion.
Hi All, I have spoken with Barclays on the phone a few weeks ago regarding overpayments but did not take full notes (memory not as it used to be). Hope someone on here can help with my uncertainties as I cannot get through to Barclays, waiting time seems to be over an hour every time I try and webchat is for current…
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Remortgaged a Mortgage Free Home
We paid our mortgage off in 2017, so are now mortgage free on our home, which is worth £200k. I have looked at various "remortgage" options and they all seem to have required sections for "when does/did your existing mortgage offer end" and "how much left to pay on the mortgage". I know things like equity release exist…
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Overpayment calculators
Hi all, I've started looking in to repaying my mortgage off early (I still have 20 years and £110k left on it!). My mortgage allows up to 10% of the outstanding balance as an overpayment. Now I've just been trying out some overpayment calculators - including the one from this site…
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close to mortgage neutral
I expect at the end of January to have enough money in various savings and car value to leave around 7k left on my mortgage (if all savings used to pay this off). The exact amount owing at the moment is about 99k, and I have 15k car equity (which I intend to sell soon and get a new car on PCP) and use the money towards…
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Pension and mortgage
Hi Is it worth drawing off pension to settle mortgage debts
