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Mortgage Over Payment
Hi all I received an mortgage insurance payout last October. There was enough in the pot to cover the whole mortgage remaining balance. At the time, I was still on a fixed rate with an ERP. I phoned Halifax to enquire about the account and I got the detail of the penalties on each of the sub accounts for paying off early.…
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Mortgage Break / Overpayment
Hi, I have an idea to pay more off of my mortgage balance by taking a payment holiday (stay with me). I am quite new into a mortgage and therefore I can afford to overpay my mortgage (10%) without penalty. Lets say for instance my mortgage was £1000 a month (interest and repayment). If I took the 3 month break and paid my…
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Still a good time to pay mortgage balance off?
So 1 June 2020 has been a red letter day for me for the past 9 years. Why because it is the day I make my last mortgage payment and pay the balance off with savings. I just wanted a view on whether it’s still a good time to pay your mortgage off? Rule of thumb I always go by is that if your mortgage rate is higher than…
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Surveys
When buying a house would the estate agent and lender have done a survey of property and would they report on any discrepancies, i.e. if they found any issues on property?
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Overpayments vs increased monthly payments
Hi, I’m due to remortgage in 2 months time, am currently paying £390 pcm for my mortgage but do have the scope to increase monthly payments to £450 and then make the odd OP here are there. I’m just wondering, is it more cost effective to change my monthly payments, or keep paying the same and then make a monthly…
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Ready to get a mortgage
I am 40 years old & my partner and I are at the stage where we’ve got a deposit ready and want to apply for a mortgage. I have suffered with mental health issues since I was in my late teens, the last time I was signed off work with depression was roughly 8years ago. My depression got bad again and I continued to work but…
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Buying cheap
Hi peeps was wanting to know about buying property’s cheap at auctions the costs involved Anything to look out for any costs to consider as would love any advice at all Completely new to it all I’ve seen homes going for 30k at online auctions and was just thinking it’s a better investment then buying a 30k car And if I was…
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Panicking about mortgage end date approaching
Hi, I am 20 months off the end of my mortgage term, 8 years ago we hit hard times financially and health wise so I rang my mortgage company (lloyds) and changed my repayment mortgage to interest only. We have only now started to get on our feet and are fine financially. My problem is our mortgage is around £50,000 and 20…
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Trying to plan, with out a plan
Hi all Had a little sleepless night (due to kids, not stress/covid-19), so excuse the ramble. We have a 3 bed detached house in scotland, and two young kids. Wife had a fabulous job for a supermarket chain, me not so good job. So, we remortgaged 3yrs ago, to hopefully try and pay the mortgage off sooner, and probably…
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2 Part Mortgage. Which Part Do I Make Overpayments On??
Hi All, I have a 2 part mortgage both running for the same term but with different interest rates & amounts. Part 1 £22350 - 2.09% fixed til Jan 2023. Part 2 £30670 - 0.39% lifetime tracker. (BOE +0.29%) I want to make an overpayment of £100 ever month but I don't know which part to pay it off? As I want to decrease my…
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What happens when you make your final mortgage payment?
Hi I hope to have my mortgage paid off within the next 2 years. I'm wondering what happens once you've completed paying it off with regards to the deeds to your home? Are there any legal fee's etc, do you need a solicitor, do you physically get the deeds to your home? Sorry if this has been asked before and thanks for any…
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Is it possible to Pay 10% off the mortgage and then get an ERC on a lower amount?
Hi there, I am in a position to pay off my mortgage, however, looking to try and save money on how to do it. The mortgage is close to £150k, I pay about £300 interest a month on average and my current deal as about 18 months to run. I never make any over payments so I do know I have my 10% available to pay. My question is,…
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Second Time Lucky!!
Hi all - I started my journey to mortgage freedom a few years ago but didn't / couldn't keep it up due to redundancies and illness. I am looking to sell up my current property in the next year or two, to move to the forever home. However, I'd like to reduce the current mortgage just in case this move takes a while due to…
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First time buyer want to be mortgage free
Hi guys and gals I bought a house with my partner for 83,500 and a mortgage of 75,150. The mortgage is showing on my accounts page on nationwide and interest is accruing everyday but I have no letter yet informing me how much and when payment will be. My partner is furlonged and his pay will be drastically cut as his…
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Should I go mortgage free?
Can't make up my mind so thought I'd ask others opinions. Redemption figure is £6200 with interest at 2.29%. If i carry on paying normal payments (inc overpaying) I'll be free of mortgage anyway in approx 22 months, without overpayments it'll be about 3 years. I have £7000 in savings currently earning 1.2%. So if i pay it…
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Money and Life - my journey so far
I was on this forum when I started my MF journey a few years back and it has been a real help to me in the past. I haven't been on here for the last few years, but I have never stopped overpaying. My mortgage started in 2013 with a balance of £145k. Today the balance is approximately £15,500. I should have it paid off by…
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The light.... I hope it's not a train
The year was 2004, a fresh faced Roger Red Hat in his very early 20's placed a shaky foot onto the property ladder along with the 19 year old Ruby Red Hat. Our mortgage was £90,000 and for a couple earning £22k (COMBINED!!!!) the thought of having this paid off seemed a long way off. Well, it seems we were right. 16 years…
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Wishing on an ickle star
After lurking on other peoples diaries for a year I've decided to see if having my own diary will make a difference! Our circumstances have changed over the last few months which is making overpaying a whole lot more tricky but that's part of the fun....isn't it? I'll explain more about that later I'm sure - don't want to…
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My big financial challenge to mortgage freedom
I've been avidly paying off as much of the mortgage as I could for the last 8+ years, only...it wasn't my mortgage. Now we are parting ways and I'm ready for a new challenge. I need to get a mortgage-in the throes of, as we speak. Once I get it, I need to pay it off ASAP. It's more than 3 X the size of my ex partners…
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What would you do? Support needed...
Hello everyone, I'm faced with a decision and wonder if some of you might comment on what you would do in my situation. I'll tell you my thoughts - please feel free to comment or suggest other alternatives. Thank you in advance.... Current position ... I have a £69k mortgage at 4.74%, monthly payment £420 I have Ccard debt…
