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Mortgage Overpayment advice
Hi folks, Just looking for some feedback on my current situation, I have a 70,000 outstanding mortgage with the Halifax. I went into the branch yesterday to make an overpayment of 4,000 hoping to reduce the term and not the monthly payments!!! This is also the only overpayment I have made this year (allowed 10%) When…
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The final countdown
well were now slightly over 3/4 of the way to completing this challenge Chapter One https://forums.moneysavingexpert.com/discussion/3071580 Chapter Two https://forums.moneysavingexpert.com/discussion/3688361 Chapter Three https://forums.moneysavingexpert.com/discussion/4473857 Chapter Four…
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What to do with an extra £25k available to me this year
Got 25k coming my way this year (shares saves / savings). My mortgage comes up in Nov and it will be approx 120k outstanding balance. I am on 1.89% fixed and pay £533. 23 years remaining in Nov. I am single and plan on that being the case forever so its my salary vs the world. Im torn between either putting the 25k against…
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Advice please
This isn't really about mortgages but since you're were all so lovely last time I was on here... Having paid off my mortgage with the help and encouragement of people on this forum, I have now been a mortgage free homeowner for a while, so this summer I am trying to take advantage of my long teacher holiday to do something…
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15 Years left on the mortgage, aiming for 10 MAX!
I'm just about to move my mortgage to another supplier to get a 5 year fixed term deal given where we are with the economy, etc. As I was say with the mortgage advisor at the bank she put the details into the computer and it came back saying I could pay it off in 5 years if I paid £930 (ish) per month, as I like having a…
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Half a house
So we're applying for a mortgage for a shared ownership. IF it goes ahead I want to try and overpay a little every month and save up for the deposit for the 2nd half. If it doesn't go ahead I want to save up more deposit. Either way I need to try and stay accountable! I was thinking of dividing our spare monthly cash in 4…
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Ageing MFW.... Lol...
Hi everybody Another newbie here trying desperately to get our mortgage paid down as quickly as possibly to try to take some of the pressures off growing older!! I've spent aaaaaaaages reading all of your MFW diaries and they are so inspiring and full of great ideas. I hope to be able to recreate your enthusiasm and…
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Time to cut back and overpay!
Right, We moved last year, and went from being mortgage free (bought first house outright) to having a mortgage, having a reduced income due to both being part-time (for childcare reasons) and recovering from two years of single income (I took a career break until DD was 2). Despite the fact that we have a good income…
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A 2yr fix isn't a 2yr fix
Afternoon. I will try and explain as simply as I can but have been at work since 5.30am, so hopefully it will make sense and thank you for reading. I can now review my mortgage current fixed rate of 1.79% balance outstanding £59,809 we have had mortgage since 2011 initial balance was £149,000 Fixed rate ends Oct 17 can…
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Adding value before making over payments
I’ve spent a couple of weeks lurking around other people’s diaries so thought starting my own might help me (and in turn my partner) stay on track with reducing outgoings and saving money. Our situation is somewhat different to most of you that post on this board. Currently, we don’t make over payments on the mortgage,…
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MFW starting out and being inspired
Hi all! Bit of an odd one I guess as I am about to exchange on my first property on a 35 year mortgage! I hadn't even considered overpaying on my mortgage until I met a mentor of mine today who said it was the best bit of advice he could give me. I said well first I need to save for some renovations I'm planning in 2/3…
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Interest vs Loan apr
Hi Folks I am new to the forum and thought I would take the bold step of asking some advice from the MSE comunity. I have been a mortgage payer since 97 and what was originally a 42k endowment mortgage in joint names became mine after my ex wife did a runner in 2003. It increased to 74k after I payed her out since she had…
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Waddling towards the flight of mortgage freedom
Having lurked for a few weeks, I have been so inspired by others' diaries...so thank you.....and I am determined to succeed with my own - have some focus on this journey! A bit of background, currently mortgage is at £136900 with just over 22 years to go, with 3 years left on a 2.54% fix. We had a lightbulb moment last…
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Looking to have a simpler life .......
Hello you lovely lot!! It's been yeeeeears since Ive been on the forums ..so much so that I've forgotten my old username!! Anyway, new start! ....;) So I've been playing around with MF dreaming for a few years now but really knuckled down when it came to thinking about our re-mortgage plans at the end of 2017...the first…
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Mission Possible - first step deposit and mortgage, second step 'Mortgage Free'
:j Hi everyone! I have been lurking ‘un-registered’ for around a week – and WOW, you guys have inspired me :T – I will come out of the darkness and will soon start commenting on your diaries, but I thought first off, I would introduce myself and tell you about the journey I am now embarking on! I am not quite as advanced…
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Mortgage overpayments - To remortage first?
In about 4 months after i've cleared my final credit card, I want to then make overpayments off my mortgage. Current mortgage - £63,000 outstanding - £363 mortgage payment per month - 18 years, 8 months remaining - 3.74% Interest rate - House value aprox £140,000 Been with the Halifax since 2005, was on a 5 year fixed…
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Time to take stock
We are about to move in to what feels like a new chapter in our adult lives and I thought writing it down might give me focus. I'm afraid I do go on a bit, sorry. We've been in significant debt for 15 years. At the peak and without counting the mortgage, the figure was around 100k. Quite scary, isn't it? Mainly built up…
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Small overpayments
Just a quick question- to those who make regular very small overpayments from tidying their other accounts, do you put that straight off your mortgage or do you pop it aside and make bigger payments annually?
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Overpayment Question
Probably a silly question, but I will ask anyway. Say you owe £150,000 on the mortgage. When you make the regular monthly mortgage payment of £500... it seems only about half of that comes off the actual debt figure owed, due to interest. If you made an overpayment of £2000 out of the blue, would it be the same…
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HELP! 10% Over Payment Without fee per year - How does this work out down the line?
Hi All, We are looking to over pay our mortgage as much as possible Looking to change it to a 5/10 year fix in January, 15 year term and hopefully pay it off in 7 years or so - using MSE Over Payment Calculator - http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator But, does this take into…
