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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…
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I want to break free
Evening all I'm a long time lurker and very sporadic poster on these MSE forums but the place I keep coming back to is Mortgage Free Wannabe! I'm fascinated by the idea of paying off the mortgage early but am still very much in a "how could I make this work" phase. A little about me... married & expecting my first baby in…
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i need help
Hi I am new to the forum so pls be kind. I have 16400 left on Mortgage with 19 months on term. I want to pay it off as the deal I was on has ended and they are taking an extra 105.00 a month off me in interest. I have tried re-mortgages and even speaking to current lender and no one seems interested in offering me any…
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Black Cat's Year
We actually hope to move house and increase the mortgage before paying it off early! Here's to a great 2016 :beer:
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Quick paying off question..
Hi All, I'm back in the mortgage game due to divorce...never thought I'd be here again but life has a habit of throwing us curve balls doesn't it ! My story is I have a £140000 mortgage on a £280k house, it's for 17 years and I have my first mortgage payment of £771 going out next week. I'm on a 2 year fixed deal of 1.99%…
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Pay off mortgage or invest in ISA
So I have a mortgage which should be paid off in four and a half years at 1.94%. I can reduce the capital as much as I like whenever I like, but it would make sense to run it out to its term even if I reduce it right down. I have received a large sum of money which I don't need for ready use. Question: Does it make more…
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Premature MFW
Hello one and all, if anyone actually reads this... My aim is for this to be a well updated diary with lots of posts, convos and tips being shared. Be nice as I have been reading diary's for a while with no intention of doing my own public diary but I'm spending a lot of time reading others and enjoying the long ones but…
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Mortgage neutral in 8 years!!!
I have been reading these diaries for a while now, picked up some great tips and very inspirational. We are just about to move to our forever home and taking on a rather large mortgage, so an ideal time to start our own diary. The rate on the mortgage is only 1.24% and we feel we can get a better return investing the…
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5 years to freedom?
My remortgage completed today, so it’s time to put in place a plan to pay it off. Unlike previous remortgages, I approached this one with the intention of it being my last, so I’d better put that plan into effect now. The numbers: Loan - £100,000 Term – 10 years Fixed rate – 5 years at 2.2% (or possibly 2.25%) Overpayment…
