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And Baby Makes Three....
Good evening people in forum land I've been a long term reader of these, and dabbled a little in the advice I've read. However, times have changed, and I need to look seriously at our finances. We currently have a mortgage of £87k and have found out that a funlovinbabycriminal is en route to us in June. We are currently…
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redemption penalty or pay it off?
I have made a decision to sell my house. Sadly, I didn't make the decision 6 months ago, as I am now 6 months in to a 2 year deal. But nevertheless, my decision has to stand. Now, I have sufficient equity in my home to pay off my mortgage (owned it 25 years), and buy my daughter a much smaller property, and have a bit…
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Starting BEFORE I mean to go on
Starting off this thread initially as a way of venting frustration at the mortgage people. So to start: After getting full time work in my home town last Christmas I've been saving up for a car (not the right board for that so do bear with me) which I needed to get within 6 months as part of my contract. 5 1/2 months in…
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MissCreative's journey to financial freedom!
Hello! This is my first post on my first thread as I'm hoping to have some company over the next 10-15 years whilst I pay off my mortgage! :hello: I know you wouldn't really expect a 25 year old to be scrimping and saving to pay off her mortgage early, but here I am! :rotfl: So, some details about us and our mortgage: DH…
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Inherited Mortgage due to mature... options?
Hello, I am embroiled in an extremely complicated situation at the moment, and I am instructing legal services for advice but wanted a fresh perspective from other people. This may be wrong forum, maybe even website... If you can't keep up, I understand and please ignore my story lol My family home where I live belonged to…
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Whats your Safety Net Number?
Its great to be able to pay off the mortgage early if we can and its what everyone on here wants....but before we start lumping off wedges of our mortgage it makes sense to have some money in the bank as a reserve in case things go belly up....nothing new in that. But it got me to wondering....what is your "Comfort wedge…
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Excel guru help needed
Hi I hope someone out there is an Excel whizz and can help me. I've got a spreadsheet for my mortgage with interest rate, amount each day/month/year, payments and overpayments etc. What I'm after adding is how much interest each overpayment saves, and the length it shaves off the mortgage. Can anyone help?? I've got…
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nationwide overpayment
Hi. sorry if this has been asked before. but if I owe 100000 on my mortgage and pay 500 per month and wish to make an overpayment of 200 per month what happens to future payments and the balance of my account. nationwide website says this, but. don't understand what it means How overpayments work We calculate the interest…
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Unsure about overpayment rules
So my mortgage is £140000 I only took it out last month and already paid off £10k( I have posted about this already but this is a different question so bare with me.) The rules are I can make overpayments in year 1 of 10% of the original loan so £14k In year 2 I can do the same. I'm with Nationwide and when I called them a…
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My MFW Diary
I have decided to complete a diary in order for me to stay on track & to keep me motivated :) I am starting early with my over payments as only just completed - you guys must be rubbing off on me! Lol! STARTING FIGURES Date: 23.08.2018 Mortgage:£121,500 Term - 25 year /5 year fix Goal - pay off mortgage in 10 years -…
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Paying off a lump sum
Good morning, After some advice please. Due to an end of work contract bonus and receiving 4 months pay in one go, I am about to receive about £20,000. I have £4,500 on a credit card which I will pay off immediately, otherwise I have no debts (minus student loan). I currently make overpayments on my mortgage and have done…
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Longer term equals bigger overpayments
Hi everyone. Would love some input on something I can’t get my head around. I am currently looking to remortgage and looking at a repayment of 844 per month over 23 years. We are lucky enough to be able (and looking to) overpay up to £1000 (total). So this would pay £150 per month towards the debt. But....... this is where…
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Which is better? Overpay or Save
Hi. I'd appreciate your advice. Options are overpay mortgage by £300 a month where interest rate is 1.99% or; Put £300 a month in to a regular saver where interest rate is 5% (and use lump sum to overpay mortgage at end of 12 months) What do you think?
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HELP for Ex GMAC RFC now MAS No.5 victims
IF you are an ex-GMAC RFC customer who had your "mortgage" sold and you REALLY want to get your own back on the Cooperative Bank and MAS No.5, here's a way how! Check your GMAC "terms and Conditions", specifically Clause 5 which states; Oh, who give a !!!! what it says, it's NOT LEGALLY ENFORCEABLE! Goto…
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Overpayment question.
So,I'm on a 2 year fixed mortgage that allows me to over pay 10% in each of those 2 years. My mortgage is for £140000 so I can pay off 14k this year. I only started the mortgage last month and paid off 10k 2 weeks ago,in between then and now I had a mortgage payment go out,I was asked if I wanted to have the monthly…
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From Flat to Farmhouse to Freedom
I thought I would start a new diary as I feel very much on the next leg on my little MFW journey. :j I started by overpaying my little flat 6 years ago, managed to knock £30k off the mortgage and the value supposedly increased by £90k. I didn't really have an aim beyond the obvious - buy a massive house in the country with…
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Shared mortgage pay off split, options and calcs
Hi I'm not sure which mortgage forum I should be posting this into, but I'm hoping I could seek some advice on here regarding my situation. I share a mortgage with a couple of others with approx. £55,000 outstanding and 9 years remaining. The current interest is 2.25%. I am also a higher rate tax payer. I was think of…
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Make hay whilst the sun shines.
:wave: Hello. I have lurked for yonks and learned so many things from this forum and have now decided to take the plunge and open my own MFW diary. I'm a bit nervous (especially about the part where I reveal our mahoosive mortgage amounts) but every little step I make will help us later in our lives. Short history of…
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Moneymagic's mortgage and money ramblings
I have been a lurker on these forums for many, many years now and have always toyed with starting my own diary but continuously put it off. So now that we are approaching the finale of 2018 and with a whole range of goals for the next few years I thought “sod it, no time like the present!” This diary has a few purposes…
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Mortgage Free - What Now?!
Finally got there - and of next month mortgage free! :j So question is - what next? Where do I put that £750 I'm saving each a month? My wife and myself are 44, have our own business (just the two of us) and two little girls (10 and 8). So looking to the future we don't have a great pension or any other properties. That…