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So close to being mortgage free!!

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

Replies

  • beanieloubeanielou Forumite
    83K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Forumite
    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?
    What is in your original offer?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • savingholmessavingholmes Forumite
    23.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    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.
    Target 1) Prioritise health & social connection 2) Write regularly 42,993/70,000 words Book 2 and 10,787/70,000 Priestess book 3a) Get to £10K EF/Savings Now £4,533 3b) £1.6K Savings for DD Car (Achieved) 4) MFW starting at £201999 Nov 21 with 264 250 payments to go. Now £192,959 5) Mortgage neutral progress via pension £1,887 invested since Nov 21 6) Declutter 7) Invest in fun and frolics - and not just future self! 8) CC Debt free April 22 (now stay that way!!)
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