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So close to being mortgage free!!

grecianite
Posts: 51 Forumite


I took out a 5 year fix with Nationwide in November and a matter of weeks later I inherited some money and these funds are now in my bank and can clear the mortgage.
I've had a quote from Nationwide for this, but it includes 100% of the interest over the rest of the term! This year I've made the max overpayments I can make, but was wondering what you guys suggest I might do on this? To me the only option is making the max overpayments I can each year and just annoyingly pay all the interest?
Thanks,
John
I've had a quote from Nationwide for this, but it includes 100% of the interest over the rest of the term! This year I've made the max overpayments I can make, but was wondering what you guys suggest I might do on this? To me the only option is making the max overpayments I can each year and just annoyingly pay all the interest?
Thanks,
John
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Comments
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grecianite wrote: »I took out a 5 year fix with Nationwide in November and a matter of weeks later I inherited some money and these funds are now in my bank and can clear the mortgage.
I've had a quote from Nationwide for this, but it includes 100% of the interest over the rest of the term! This year I've made the max overpayments I can make, but was wondering what you guys suggest I might do on this? To me the only option is making the max overpayments I can each year and just annoyingly pay all the interest?
Thanks,
John
Will the interest decrease over the term?
ie will the amount you pay as an early repayment decrease each year?
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Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Can you put the money in high interest savings and keep paying the mortgage in the meantime? I know it is frustrating but I would earn more from savings than my mortgage rate... You may as well earn interest while you wait or talk to a financial adviser about investing. Someone who has a good track record of safe investments and can teach you. Don't invest anything in something you don't understand.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.1/£127.5K target 24.4% 15/8/25
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.8K updated 29/7/250
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