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Advice needed please?
Hi all, I'm just about to pay the 10% allowance of my mortgage but heard Martin say briefly on a recent program to always reduce the term not the monthly payments. I'm a bit confused because I've been reducing the monthly payments every year I pay my 10% so I have more disposable income each month but now I'm…
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Interest missing from January
Hello folks, Just a quick question, hopefully someone on here has had a similar experience. As at the end of every month , interest gets added to my mortgage statement and then on the 1st of every month my direct debit monthly payment comes off. However, in January no interest was added to my mortgage. Has the bank made an…
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Very small steps
I actually started overpaying on my mortgage around 18 months ago but I am new to this thread. I am buying a 25% share in a part ownership property so my mortgage is small compared to some, I have 15 years left to pay and the current debt is around 26k. I over pay by £30 which some may think is not worth doing but we all…
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A new chapter
So i was long time member and used to frequent the boards quite regularly however my circumstances have changed quite drastically. I have now split from the OH and whilst I was very close to being MF I now find myself with an additional amount of debt in having had to buy her out. I'll post a current SoA shortly but pretty…
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Motivation
http://www.bbc.co.uk/news/av/uk-england-42423615/early-retirement-our-road-to-financial-independence :beer: Fair play to them!
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2018 - The year to start seriously on the road to mortgage freedom!
Hi everyone, I have messed around over the last year or 2 slowly overpaying (£10 to £50 per month). I need to step up over payments from this year if I can, so any advice would be very much appreciated. My outstanding mortgage is £76165.22, I have 15 years 8 months (188 payments) left and I am currently on a fixed mortgage…
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Long Time Lurker.. 2.5 years!
Hi all, I've been reading this forum for a long time now and its great to see like minded people share inspiration. Its also comforting to know that others also experience 'life events' that impede us reaching our goals. We've been working hard to pay off our mortgage early after clearing our debts about 2 years ago. My OH…
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MFW - laying the groundwork on a single income!
Hi All. I've been lurking on here for about a year after deciding to buy my first house last December at the ripe age of 24. After less than smooth sailing I completed (on a completely different property) in August and was all set to try and start repaying as much as possible, but have had a string of serious bad luck with…
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Overpay or Regular Saving Accounts?
I need some advice please: Should I overpay on my 1.99% life time tracker mortgage or open up a regular saving accounts at 5% interest? I have £77k left over 17yrs on my mortgage? I can afford to overpay £250 per month, maybe a bit more.
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Is it a pipe dream?
Hi all just wondering if more experienced people can advise? Are there are ALWAYS ways to overpay if you have no debt other than the mortgage? I feel that we never have spare money at the end of the month and we don't fritter it away either! Other than cancelling the kids extra curricular activities I can't see anyway of…
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How long do OP's to Nationwide take to show?
Hi, Hopefully a quick question. I have just started OPing after a few years break. How long will small extra OP's take to show up on my Nationwide mortgage? They are going from First Direct but it has been a couple of days and the first trial one hasn't appeared on the mortgage info yet. I did OP a few years ago but can't…
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Interest and what date mortgage is paid
Hi, Our interest is calculated daily and the mortgage provider 'expect' the payment on the 15th of each month. We pay on the 22nd of each month but I'm wondering if we should move it to the 15th if it will make a difference to our interest amount. Can anyone help please?
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GUTTED! Overpayment to Bank of Ireland???
Can anyone help? I rang my mortgage provider today to make what I was hoping to be my first overpayment of £550. Before they took my payment I checked how it would be calculated and they said it would reduce the monthly payment. Of course as a MFW I said that I wanted to reduce the term but it appears very difficult and…
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Over-payment question
I have a fixed rate fixed term mortgage that allows up to 10% over payment per year. A while back I paid a small lump off it and the repayments were adjusted so the term remained the same (with smaller repayments). I am slightly overpaying each month. Will the repayments be adjusted due to this? Thanks
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Freddie Frugal's MFW mission
Hello all, I'm going to be using this thread as a way of keeping track of our attempts to be mortgage free. Mortgage: April 2014 £77,000 (Nationwide) 53% LTV Rate 2.59% fixed for 4 years Monthly repayment £348.94 Term 25 years - April 2039 We chose to overpay to make our total payment the same as our rent had been, so did…
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Mortgage free wannabe
Hi there I'd really like to join this team - I'm hoping to get mortgage free in the next 7 years or so - can anyone point me in the right direction as to how i get on the spreadsheet?
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7 Year MF Plan
With another year around the corner, and the current one disappearing barely noticed, I thought it about time to start to start being serious about being mortgage free. Currently I’m at £97,700 of a £112,500 mortgage, 21 years remaining @2.24% I’ve made a few overpayments so far, which have mostly been focusing at hitting…
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What constitutes a lump sum payment?
Hi all Strange question I know but how much constituents a lump sum overpayment? My mortgage provider only allows overpayments of £500 or more. I rang to make my first "overpayment" last week of £550 but was told I could only make an overpayment that would reduce the monthly payment and if I wanted to reduce the term…
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Should I pay off mortgage
Hi there, I am hoping for some advice on whether I should pay off my mortgage or not. I have 9 and a half years remaining on a mortgage for a property I used to live in, but have rented out for the past 6 years. I am now living with my partner in a property he owns. I have around £29K remaining on the mortgage and have…
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We could do it, so why not?!
A source of much argument, perhaps the MSE experts can settle a dispute in our house? In Nov 2017, we came to the end of our mortgage deal and took out a new 5yr fixed with First Direct. 2.48% and the balance to repay is now about £93k Totally unexpectedly, a dear relative has passed away and we are due to inherit circa…