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Mortgage - Overpayments dilemma
I have a bit of a dilemma but its a very nice dilemma to have! So, I'm in my early 40's and have 16 years remaining on my £127k mortgage. I should add that my husband is 50. I've just found out that I'm being promoted at work and I will be taking home hopefully £300 extra a month. We live comfortably on our current…
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The 17 Year Goal ....
Hopefully this forum will still be around in 17 years as it is a fantastic source of information and inspiration! I am a member of the armed forces, living with DW and have no kids (yet). We have just bought our first house and will move in the first week of November. We have got a 5 year fix mortgage at 2.14% of £235000…
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When is my money worth more in savings vs overpaying the mortgage?
I read an article not so long ago which said (without explanation) that your savings rate would have to be at least double your mortgage rate before it is worth while keeping it in savings vs paying off your mortgage. But I fail to understand why this would be? I can get a mortgage with a pretty low rate right now, and…
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I'm officially a MFW!
After getting to grips with my spending, got my savings in order I have just made my first ever mortgage over-payment:T Couldn't have done it without the help and advice from all on the site and forum - so THANK YOU! Mortgae due to end 2025 but I'm going to bring that date closer, or die trying :D
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The Big Adventure!
For the last week or so, I’ve been hanging around the MFW board, looking at peoples diaries, and adding a couple of comments here and there. One thing has struck me, that everyone is focussed on their goals, but is keen to be enjoying life while they are on their journey. I’m at a different stage of my life, as I paid my…
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Lump sum or monthly installments
we currently owe £75000 on our mortgage and have 19 years remaining. Our interest rate is 2.76%. We have savings of about £20,000 and we are able to overpay 10%. With this is in mind we are wanting to overpay. Would it be better to pay £7500 in one go or pay that amount over 12 monthly payments or do a mixture of both?…
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Simple, sustainable and slow: Glenda's MF marathon
I've been lurking about the mortgage and debt-free boards on here for a while, so decided it was time to start my own diary :) . Background: after a few rocky years due to kids and illness, I'm now in possession of my own home (finally, in my mid 40s) and a shiny year-old mortgage with a 25 year term. As I'd prefer to be…
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Almost Mortgage free at 35
Hello all, Im currently in a position where I will be able to reduce my mortgage to under 10k in the next 2 months. This will require a reasonable overpayment circa 45k ( no overcharges). Mortgage rate is 1.8%. Married, no kids yet. No other debt. I have enough saved, as expenses for 6 months plus after overpayment.…
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Accelerate My Mortgage - Does it work
Hi, just heard about this - essentially it’s a cashback site but the money is paid directly to your mortgage, thus reducing the interest. about 45 retailers signed up including boots and John Lewis. I would love to give this a go but hoping to hear feedback from this great community first to make sure it’s all on the up…
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Should i pay off my mortgage early even though i incur penalties
Good morning,just after a little advice.I have a mortgage with the Santander and have asked for a settlement figure but unfortunately it occurs a penalty on the account. I currently pay just shy of £500 pcm on a mortgage of around £70,000 but I am tied in with the product till December 2023,to pay it up early will incur an…
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should i take the hit on an early repayment fee on my mortgage
Good morning,just after a little advice.I have a mortgage with the Santander and have asked for a settlement figure but unfortunately it occurs a penalty on the account. I currently pay just shy of £500 pcm on a mortgage of around £70,000 but I am tied in with the product till December 2023,to pay it up early will incur an…
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Can I ever buy a property on 30k a year by myself? I am 36 years old
Hi Everyone I am 36 years old, I want to buy a property for around 170-180k, idealy a 3 bedroom semi house. I have a 20k Deposit, I have never had a pension or saved in one other than the government pension where you pay a little every month via salary, I earn around 30k a year Now im sitting here and wondering where I…
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CGT
I am think about hiring a house sitter, or asking
one of my relatives to sit the house. My queries lie in this; will I be able to
show this as an expense in capital gain tax. If I hire a relative, will I be considered as an employer
or would it be a good idea to pay them the amount and themselves be
self-employed.
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Pay off mortgage or invest dilema
Hi all after some advice regarding paying off my mortgage or not. I have 22k left to pay on what is now a Barclays base rate mortgage running at 0.94%. I have Santander 123 select account with 38k in it as it stands today. After reading about Santander 123 rate coming down to 1% I need to spring clean my finances . Im also…
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CGT - main residence
I have never previously owned
a property; this is the first time that I’ve inherited a property. My share is
only 35%. We have to sell the property
to receive my share. My question is: for capital
gain tax, is it possible for HMRC to consider my share of the property as main residence, to avoid paying capital gain tax on…
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Best date to overpay halifax mortgage each month?
Hi all. We've currently got a halifax mortgage which we've just started and only made our first payment. Our regular payments will now come out on the 1st of each month but I understand halifax calculate the interest daily so which day is best to set a standing order up. We don't bank with halifax so we have no online…
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Overpay monthly or lump sum
Removed thread
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Overpaying on Barclays Mortgage can somebody explain because Barclays can't
Hi All, I am hoping somebody can shed some light. We have contacted Barclays and they cannot explain why this is happening or refuse to. We currently have a Barclays Mortgage fixed rate and are paying £100 per month over the monthly direct debit. But the amount coming off the mortgage on a monthly basis varies??? I would…
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misscousinitt's MF Diary
Hi all I have posted on here before about becoming MF, but not alot was done as we had the wedding last year and that seemed to take up most of our time. We are debt-free, have savings and have a tiny mortgage compared to most (approx £19k) - but on a fixed rate of 6.29% until June 2012 - so not a huge scope for…
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Buying a house without a mortgage
Is it still possible, do you think, to aim for being mortgage free when you haven't actually got a mortgage? (I rent) Technically, that makes me, and anyone else in this situation, mortgage free, but it also makes us "home-less". So, when everyone on here is trying desperately to rid themselves of their mortgages, is there…
