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Debt agency refused settlement - advice please.
Hi there, apologies if I'm on the wrong forum. This is my first ever post so please bear with me. My husband pays off some debts (left by his ex wife but in his name) through a DMP that he has been paying off for over 10 years. We recently were gifted with a small aount of money so we are keen to pay off these debts. His…
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Overpayment Vs changing the term of morgatge
Hey folks Any advice on what would be better approach to laying of the morgatge quicker. Is it better to just over pay the allowed amount each month and save a lump sum for the end of each fixed tearm. Or can it be more beneficial to change he length of the morgatge currently 4 years into a 30 year morgatge not making over…
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Mortgage Overpayment Strategy?
Hi Guys, What with so many different thoughts an opinions over a huge number of different form posts/blog style entries, I thought I'd try to get some concise ideas for over paying the mortgage. What strategy do you use? Do you 'sweep' certain amounts of 'change' to the mortgage on a daily/weekly basis? Do you work…
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Making 2 payments in a month
Someone told us about seeing if you could make 2 direct debit mortgage payments a month, so you're only paying the same amount but paying half of it earlier. They told us that this could save a lot of interest, and I've tried to google it but have only come across US articles and I've no idea if it works the same way here.…
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MFW - All About the Future
Hi All, I've been reading this forum on and off now since my partner and I moved into a newbuild property as first time buyers on 28th October '16. I feel now is the right time to begin a diary so i can keep track of overpayments and help to keep me focused. My partner and I are both 27yrs old and we bought our house for…
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Gift to pay off mortgage
My boyfriend of 8 years has offered to give me the cash to pay off my 23.000.00 mortgage. He is happy not to make any legal agreements as in putting his name on the deeds or wanting the money back:undecided. What are the pitfalls of this?
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Planned attack: Less Than 10
Mortgage balance of £77000 10 years left. 7 years till I am 50. Eek Those are the facts Would love to be mortgage free by 50.... or sooner Current deal 4yrs left of a 5yr fixed at 2.18% Any hint, tips or cash would be greatfully received... FLC
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Income tax on sale of current home
Hi, If I have a property which is my main home and if i wish to sell it without wanting to invest in buying another property would i need to pay income tax on the amount from the the sales proceeds? Also are there any exemptions with HMRC rules that i could avail for this purpose?
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Porting a mortgage with a Lifetime ISA?
Hello, First post so thanks in advance for your help. My partner and I are looking to buy together and I'm currently researching the best way to approach things. I have a lifetime isa (as a first time buyer), and he owns the home we live in now. He remortgaged approx 6 months ago to a much better rate. The mortgage he has…
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Time, energy, money
Hi all! Sooooo I made the first overpayment today of £550 - we are on the way! :T I am doing, (and have been doing for at least 2 years), a lot of money juggling to pay off our (me and my partner's - my partner is happy for me to take charge!) debts and get us into a stronger financial position. It's been a slog and I have…
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Mortgage and debt free before we are fifty?
We've bought our first home just under a month ago, a 1980's three bed semi that has thrown us a few things to fix. It's just me (23 tomorrow) and DH (26) and we've a 5 year fixed rate mortgage with a 40 year term so our (slightly ambitious) goal is to pay it off early whilst balancing having some other financial…
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To Freedom...
Hello folks, Been lurking around here for a while and wanted to start posting. My OH and I have been paying a morgage since we were 18 and finally paid it off this year. We found it hard going in the early years and would often joke about being in our early 40s with no morgage. However, moved house a few years ago to a…
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Should Be Mortgage Free This Year With Help From Nationwide
I took out a 2yr tracker rate with Nationwide last December with the aim of overpaying each month in order to clear the mortgage by December 2018. I'm on track to do this and will not have paid a penny in fees or interest to Nationwide thanks to their free survey and £500 cashback which, incidentally, hit my account before…
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Wife's parents offering to pay off our mortgage.
Hello. We have around £45k left on our mortgage, and my wife's elderly parents are offering to help us pay it off. Their situation is that they have around £70k in savings, own their own house outright, and are content with their private work & state pensions - they don't really need for anything. Whilst we would obviously…
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Confusion with overpayments....
Hi I just called my bank to increase my monthly mortgage payment and they asked whether as a result of the overpayments do I want my monthly repayment amount reduced or the term reduced. They won't advise me which to do because they are not allowed but I can't get my head around which is the better way of doing it? I…
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Barclays part redemption limit
Last week I was in a position to pay 19k off my Barclays mortgage in one go. I expected this to be an overpayment but apparently its classed as a part redemption and thus reduces the payments not the term. Does anyone know what Barclays limit is for overpayments to become part redemptions? Having spent 40 mins on the phone…
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The Scariest Thing I Have Ever Done....
So, I'm being a little premature by signing up here. I am on the verge of exchange as a FTB, and while I know that I still have many hurdles to cross before I actually start paying the mortgage, I have already made the decision that I want to be mortgage free as soon as is humanly possible - even if the powers that be are…
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Should I pay off mortgage?
Hi there, looking for some advice! I have £27000 remaining on a mortgage which has 9 and a half years left. I am paying 3.99% interest and have been over paying for some time. It is for a property I do not live in, I have it rented out and live with my partner. The property was my first flat and in good standard but not in…
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You'll remember me when the west wind moves upon the fields of Bali
Right, I'm back at it. This time with a bigger mortgage! This will be my third time of going for mortgage free and the biggest yet. We've spent the last few years buying and extending our current house and other than the garden it's just about finished. House value £525-550,000 with a mortgage of around £243,000 come…
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Mortgage Free Journey
Well last year I moved and had to take out another mortgage after becoming mortgage free. Then my children moved out (they are late teens) and so I am left in a 3-bed with my partner and dogs and occasionally SS eow. Anyway I am now mortgaged until I am 70 ... ugh. Getting married next year so at the moment I have decided…
