-
REDUCE TERM OR OPT FOR REDUCED MONTHLY PAYMENTS
Hey All, Just spoken to Santander about over payment's on my existing mortgage. I've been told I may be asked to either choose to reduce my term on the mortgage or reduce monthly payments on my fixed monthly mortgage payments. Slightly confused :/ not sure which to choose. Any help will be appreciated Thanks
-
Debt-free, Stress-free now Mortgage-free Wannabe!
Hello all! We became debt-free at the end of January 2020 shortly
before the pandemic hit – phew! It was a right slog but we got there. We are now onto the next phase which is paying down the
mortgage. We are due to switch to a tracker mortgage with Nationwide in July
2020 at a rate of 1.69% unless of course the base rate…
-
Chipping away one day at a time
Hello! After having a good lurk on these threads I thought I'd join (I'm hoping having somebody else reading might make me more accountable! I took a mortgage out on a two bed semi detached house in July 2018. I took a mortgage of £99,000, over 25 years with a five year fixed rate of 2.14%. I was really frightened about…
-
Can the mortgage rates be negotiable?
I'm learning a TON about the mortgage game. There's so much that goes on behind the scenes with mortgages being bought/ sold, etc. With all this craziness, I just had the thought, are mortgage rates negotiable? texttospeech.onl I've called around a bunch the past couple days shopping for the best rate. I've been quoted…
-
Flexible/Offset mortgage with repayment penalties still worth it?
Even if there are penalties for a flexible/offset mortgage, is this not still a better option in the long term as once your balance reaches the debt on the mortgage you are mortgage-free?
-
Mortgage free or saved cash?
Good evening, Hopefully I’m on track to have enough cash saved to pay off my mortgage when the fixed rate comes to an end in just over 3 years time. However, I’m undecided as yet whether I’d like to stay where I am and be mortgage free or whether to move on to another property, but I’m unsure if there’s any…
-
Never to early to start looking at being mortgage free
Hi Everyone, So after spilting up with my wife a few years back and renting for the last few years i've finally saved up enought to get back on the property ladder and hopefully hearing this week about a moving/complention date at long last. Some of the good things i've learnt from saving the depoist is keeping an excel…
-
Longer term mortgage paid off early or shorter term paid on time?
We're getting a new mortgage after renting abroad for the last few years and are trying to decide the best way to organise our repayments. Would getting a 20 year mortgage paid 5 years early or a 15 year mortgage paid in 15 years, on average, work out any different? I've seen the article that advises to balance the…
-
Taka's journey to freedom
Right… another try at this diary lark! When I started the MFIT challenges (MFiT mark 1 - over a decade ago!) my target had been to get rid of my mortgage by the day my 1st mortgage would have ended. That day is just under a month away and… it is not going to happen by then. Well... I could pay it off but it'd mean…
-
£100,000 in 5 years
So yet another new diary ,hopefully this time I can stick with it ,I don't seem to be very good at updating sadly ..Anyway due to selling several items that we had inherited years ago plus a small amount of money that we had managed to save this year we now have around £100,000 left to pay . we have approx. five and a half…
-
Pay down mortgage or save for now?
Looking for some advice. I bought a shared ownership flat (35%) 12 months ago. I can comfortably manage the mortgage payments and I am fortunate to be in a position where I still have over £1k a month that I can save and over the past year since buying I’m managed to save a further £11k (after all my savings went on the…
-
Planning to pay off small mortgage this week
I've never made an overpayment to my mortgage. I have two, the main one form the property purchase from 2003 and a second secured loan I took out in 2004 to help fund a new bathroom and kitchen. The balances are approx £48k and £2.7k. This week I plan to clear the smaller balance in full. Financially I've had to count the…
-
Buying now, mortgage free or not?
I've sold my last property and am looking for a new home. I have enough equity to be able to buy a smaller property (1 bed flats) outright, or can get a mortgage of say £50K to buy something larger. I'd love to be mortgage free, less worry about job security etc., but then again should I get a better property and mortgage…
-
Advice for young mortgage owner!
I bought my house just before my 23rd Birthday. It was worth 70K and I put down 10K and have been paying it off over last couple of years. My roof has been leaking and so now need to have a new roof placed as well as possibly a new bathroom. I am worried that I am going to end up paying out more than my mortgage was worth…
-
Advice re overpayments or savings
Evening all, I currently have a mortgage of 57K (3 year discounted/flexible deal @ 4.94%), house value is approx 145k. I have 6k in 2 ISA's and 4K in a 4.75% savings account. I can make overpayments (as much as I like as long as it isn't redeemed in full) but would it be sensible to make such overpayments (as much as I am…
-
Selling House To Buy A Cheaper One
Firstly: I want to reduce my mortgage considerably. I have 29 years left of a 30 year mortgage with First Active (bank of england tracker, currently 4.something%). To save money, I will overpay by £50 per month, and ask if I can do something bi-weekly/monthly (not sure if they allow this?). I would like to sell my £135,000…
-
I have a bigger deposit than my partner plus i want to make overpayments?
Hi, I intend on getting a joint mortgage with my partner, as it stands i have a fair bit more saved than he does. How will this work when getting a mortgage and secondly, i intend on making over payments, im unsure how this works on a joint mortgage - well i am unsure how a joint mortgage works all together. Please can…
-
Young mortgage-owner wanting advice from those experienced!
Hi everyone! I am 26 (just turned🥳) and I will soon be completing on my purchase. I will have a 25 year mortgage at 133500. Now I have always been ambitious and hard working in every aspect of my life and I want to pay this mortgage off ASAP. Our house will need decorating and we will also need some furniture as this is…
-
Should I stay or should I ...swap?
Hello! I have a dilemma and hope you will be able to help me out. I am on lifetime tracker mortgage with Santander - 2.19% above the rate = 2.29% right now. Capital repayment. Have around £71k left on it. Monthly payment £479 but I do overpay a lot and should be able to comfortably pay it off latest in 3.5 years (42…
-
5 years and counting...
October 2020 is the d-day and I am looking to make it even less. This isn't exactly a diary but some reading has made me post here. I am going to look at other posts and add here if it might be of any interest.
