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Overpayment
Hi everyone, first time posting. I have 8 years left on my mortgage through overpayments. It’s a repayment mortgage at 2.77 percent. There are no penalties for overpaying. I can now afford to pay about £750 per month overpayment. I also pay an extra £133 per month extra as part of my direct debut from my mortgage…
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Can I make a lump payment without penalty between mortgage terms?
We're about to sort out a new mortgage deal for 2 or 5 years, rather than going onto a variable rate when the current deal ends in January. But I can't find an answer to this anywhere - can we make a big ole lump payment between deals without paying a penalty? I realise now that we should really have been overpaying by the…
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Overpayment query for two mortagages
Quick query I was hoping someone cleverer than me may be able to help with! I moved house in September and as part of this had to port an existing mortgage on a fixed rate (expires January 2021) as well as take out a new 'top-up' mortgage on a tracker product. This was to avoid early repayment charges. I therefore now have…
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Our journey to peace
Hi all :) what a ride this year has been! I was not expecting to be here, but here we are. A bit of background info. We had accepted an offer on our house, and we had had an offer accepted on a house. We paid for searches valuations etc, and then the owner kindly told us the house had had subsidence last year. We decided…
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How to split "The Iceberg"....?
Hi all. So, in brief we have a large mortgage. Like, big (£800k). We call it "The Iceberg". We pay it each month standing on our heads, but that's not the point here. The point is, it's big and crucially it's a giant chunk of debt with one lending house. This makes me nervous for multiple reasons: * a) we can't go through…
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Lump sum pay off mortgage on invest in SIPP (over 55)
I have a very small mortgage which will be paid off in 4 to 5 years, however I could pay a lump sum (inhertiance) which I am about to receive in to the mortgage (£43k) which would reduce the monthly interest from £143 to £91 per month saving and repaid in 3 years (saving£1872 in interest) However I also have an active SIPP…
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Started to overpay the mortgage indirectly.
I've done some number crunching and I have £46k left on my Santander mortgage and is fixed @ 2.69% to May 2025 (7 year fix I started in 2018 as I like stability) but has 7 years and 8 months until fully repaid. I had a small second mortgage which I paid off early this year and decided to contribute more to the now one…
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overpayment and ERC
I have just got access to a large pot of money. It was savings I had which may of been needed for a court case but now no longer needed. Lets say maybe 60k. I now want to overpay my mortgage but am limited to the 10% overpayment in each year without incurring Early repayment fees. I will do a payment in two parts so that…
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[New Diary] Mortgage Free wannabe before big 40! (2024) - new build
Hi Everyone! Long term lurker; not much poster. Been saving for a good 5-6years+ now to own our own place. Have always had a 'if you don't have the money to buy it outright; you cant have it' motto so a first-time buyer with a hefty mortgage is a bit outside of my comfort zone.. Looking to pay off my mortgage before I turn…
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BachSoon's mortgage mission
Hello :hello::hello: Long time lurker here. I read your diaries and have been inspired to create my own. I've been particularly inspired by MuseumWorker, Sellotape, ShanghaiJimmy, Beanylou, Waty, amongst many others! I originally had one, way back in about 2014 when I brought my house on my own, when I was young, free and…
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Overpayment question
Hello, sorry if this has an obvious answer but I’m flummoxed. I have 2 parts to my mortgage: original part (house purchase) on a low variable interest rate and a smaller 2nd part (for house extension) on a higher rate, currently on a 5 year fix. I want to get this smaller part paid off within the 5 year fixed rate, and am…
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Mortgage Free (or Mortgage Neutral)
So after years of strategic overpayments (to avoid any ERC), and lots of saving, as of today the amount in the offset matches the balance. I don't know if that qualifies as mortgage free, but there is still an ERC for the next few years so it'll be a case of %age lump sums for that time, but it still feels pretty good.
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Early redemption of a repayment mortgage - who is mad, me or HSBC?
Hello, First of all I realise these are difficult times and some people are struggling financially, so I hope anyone reading this who is in that situation is seeking any advice that is available and that you resolve any issues without too much anxiety. The central theme of my question is that intellectually I had always…
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What did you mortgage free heroes do with the deeds and the surplus monthly cash ??
Hi all, I am about to join the MSE Mortgage Free Club - not through great financial wizardry but more both parents passing away (but that's another story) - and had a couple of what, seem like, stupid questions for the existing members: * Presumably, once the mortgage is paid off - the lender will send me the deeds. What…
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Long time reader first time writer
Thought i would join in to keep up my motivation, My mortgage background, Bought my house in 2011 for £122,500 with a %15 deposit, I have remortgaged once 3 yrs ago which valued the house at a safe £146,600 Over the years i have more often than not kept a monthly overpayment up weather it 50, 100 or as now £150. My current…
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Mortgage free by 2028
I have been lurking on this forum for a while now and since I have just remortgaged, I have decided that I will start a mortgage free diary. We have been overpaying here and there for a while, helped by being blessed with decent mortgage rates for the last 12 years or so. Ever since we got a mortgage 14 years ago, we have…
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MFW_by_50's diary - here I come, 2029!
Hello! I’ve been a long time reader of MFW, and have meant to start my own diary for ages. I turned 40 a couple of weeks ago and am determined to be mortgage-free before I am 50, so this diary will help me keep on track, hopefully! I have 83K left to pay, and, all being well, I have a plan to pay it off in 9 years,…
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Interest Only Mortgage Query
I have an interest-only mortgage with 8 years left to clear. The balance at the moment is £126,000. My mortgage is currently £257.00 a month. I have two options: (a) Would it be better to overpay each month (I am not sure if one can overpay an interest-only mortgage, and does this reduce the interest or the capital), or…
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Mort's mortgage muzzling mission
The Mortgage. Mortgage balance £21,230, approximately 12 years to run on a repayment basis. About us. I am 53 and in full time work, Mrs. Mort is younger and has been out of work for a long time because of depression. My job is currently steady but in about 18 months when a current project is set to deliver I may possibly…
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Hazelnutty's New Start
Hi everyone :wave: I've been an MSEr for many years although on and off the forums (I was a total addict of the families board when I was expecting DD) A lot's changed in my life in the last 18 months and it's a new start in many ways so I thought I'd come back and start a diary to help me get me on course. I could do with…
