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30 small steps
Hello. After making OP here and there and being on track life has thrown me a few curveballs. I am now married and have a little boy which has lead us to converting the loft. Savings have paid for half but the remainder has increased the mortgage by 30k hence the diary title. I want to make some small OPs whilst I build up…
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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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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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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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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…
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Change term Vs lower monthly payments
I'm finally making some inroads to be MF and have almost made the 10% op this year and the bank have reduced the monthly payment to compensate for this. My understanding is that we should call the bank to reduce the term rather than reduce the monthly payments as it pays off more interest. I called the bank to reduce the…
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Barclays not letting me pay off my mortgage
Is this a known thing that banks do? I asked for a redemption statement in May, and kept asking until I finally got one in August by which time of course I had an additional 2.5 months of interest. I've been arguing this with them ever since and variously been told I would be sent the correct redemption statement, received…
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It's "mortgage-free" a redundant statement? If you don't want a mortgage then don't borrow money
It's "mortgage-free" a redundant statement? If you don't want a mortgage then don't borrow money and just save up. If you have a mortgage and dont want one then pay it off. If you have £80 month extra you can either pay it off the mortgage or enjoy a full gym membership for the next 25 years, but that's a lifestyle choice…
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More come off my overpayments than expected
Probably wrong forum of the 2 apologies if so. I've been making overpayments to my 10 year fixed a few times over last couple of year's. Usually lump sums of £100-600 where I can. Anyhow last couple of months have been tight, so I set myself the goal of over paying a smaller amount... Usually enough to round down the total…
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Need an advisor
Hello,everyone .Trying to find mortgage advisor but everyone around me is using only around 50 lenders or less and they charge fee starting from 300£ some want 500£.The problem is not so much the fee, but I would like to find someone trusted who work with more lenders.As a first time buyer any advice will be helpful.Thanks
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Anyone good at maths? Overpaying my half of the mortgage (while partner doesn't do extra on his)
Hi everyone I am hoping that there is someone here who is much better at maths than I am. I want to overpay on our mortgage, my partner doesn't. We have paid half the mortgage each each month for the last 10 years. He is happy me overpaying to get my half paid for early. But we are stuck on the calculations of this,…
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The Trilogy
This is my third diary, or the final book in the series. -- The first one (May 19) saw me settling into my new life, having started over a few years before, and clearing debts. -- The second one (November 19) saw me saving every penny, quite literally, to get my deposit and associated fees. I'm keeping it going as I'm…
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Mortgage free and Help to Buy Loan free by 2023
Hi everyone, Sorry another new diary. I have tried in the past to maintain MF diaries and life has always got in the way, but I'm determined to keep this one going :) A bit about me and my situation. I'm a SAHM to 4 DS's aged 2 to almost 8 <3 . DH works part-time for a large company. We don't have a particularly big income…
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Santander Follow On Rate?
My fixed term with Santander finishes on the 2nd September, would I be right in saying that once the mortgage goes onto their follow on rate, that I can pay off the mortgage in one final payment and apart from transaction fees, there will be no early repayment charges? Is there anything I should be aware of, if I am right…
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Thinking about a journey to becoming mortgage free
Hello I was a MSE forum member 10+ years ago now, using all the great advice to pay off my debts. I became debt free in 2009 :smile: Bought my first property on my own in 2013, a 1 bed flat in the suburbs of South East London. Bought for £180,000 with an £18k deposit; I consider myself incredibly lucky to have managed to…
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Slowly slowly catchy mousey
I've wanted to do this for a while but my plans keep changing. I've always repaid more than due each month which has left us in a fortunate position although still paying a mortgage. I've always been careful with money even at uni I was working in nightclubs instead of paying to get in. Now with two kids and a husband,…
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Mortgage free but when?? and against odds.
Two years ago tomorrow, i moved into a final home. I am 42 years old . i am more looking forward and like many people circumstance and our own behaviour made mistakes money wise but look forward. In September 2015 I had couple of strokes. I was fit and healthy and done triathlon a couple of weeks earlier. I was driving in…
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The 4 year rule
Hi I am so desperate to try and beat the system and get away with a small eco dwelling in some woodland and claim the four year rule. Has anyone got any info regarding how to get away with this and prove you’ve been living there and how long for and how to not get caught! Is it possible to still claim the 4 year rule if…
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Should I stay or should I go?
Hello, I’d love some help making a decision about my home life. I’m a single person (aged 38) who currently owns a four bed house with two lodgers. I bought the house cheap and renovated it and have ended up with more debt than I had planned (mortgage, bank loan, credit cards and borrowing from friends) The house isn’t…
