-
Three year project.
Myself and my partner decided last October to set ourselves a three year project to either pay off completely or pay a lump sum off our mortgage. Our term ends in October 2010. At the minute we are paying a standing order to run alongside our mortgage payment to help it along. We are also putting £300 each into a medium…
-
Build a house to be mortgage free
I'm not sure if this is cheating, but does building a house count in trying to clear a mortgage? My financial advice is make use of any skills or capital that you have. I was left 1/2 acre of land when my father passed away. After 4 years of trying (N. I Planning service!) I managed to get a building site. I took out a…
-
final hurdle
just stumbled on this forum while looking for inspiration situation- mortgage alliance-leicester monthly fee free base rate tracker £23000 savings-alliance-leicester plus saver £23000 premier direct- £1500 debt free employment semi secure (who knows nowadays) dilemma- i love having money in bank but this is what i have…
-
Is now a better time to overpay??
Hi all, Not sure if this has been covered yet, if it has I apologise. Had a letter through the door this morning from Northern Rock, advising me that my SVR is coming down to 5.34% as of Jan 1st. I was wondering if it is better to whack big overpayments down now as oposed to when the interest rates were high. We have…
-
Happy Christmas
Hi to all my fellow MFWs just a little note to say Happy Christmas as I'm off on hols on Sunday so busy, busy, busy. I wanted to thank some brilliant people on here who have provided lots of advice, support and laughter. I also wanted to say well done for every extra penny paid off this year a great achievement whatever…
-
How to get out of a joint mortgage??
Hi, I'm gonna try not to waffle on and just get to the point? I have a joint mortgage: I really want to sell but my friend who I share the mortgage with really doesnt want to sell. We have tried remortgaging in just his name but the lender denied the application. Off course, we are in negative equity but that doesnt bother…
-
MFW Resolutions?
As we're approaching the New Year I wondered if anyone was planning to do anything different in terms of their MFW quest? Plans to raise your game, make some changes, anything really. We made a lump sum payment earlier this year and have been saving the difference between our old and new repayments, but thats been about…
-
Joining the club.
Now that savings rates have dipped so low I've decided that I'm better off overpaying the mortgage. I had a look at my spreadsheet and realised that 50K net debt will be attainable in the next 12 months, so that's my target. I made my first overpayment two weeks ago, putting £1007 into the mortgage. That's knocked £10 off…
-
overpayment question
afternoon. Having read lots of posts here i would like to use some of my savings to make overpayments on some of my mortgages (we have three!!:mad: ) we have fixed rate on our home for the next 18 months. they allow overpayments of £500 per month for free but put a charge of 0.0125% for anything overthat. on that basis, if…
-
Which part for lump sum..
In a similar vane to another thread ( But didn't want to hijack it ) - I have been thinking of paying off our mortgage for a while ( See here ), but things took a turn for the worst at work ( See here ) However, I enquired with A&L yesterday about paying a chunk off the mortgage. We have £20k in Interest Only and about…
-
Reduce mortgage or save for deposit?
I am in a bit of a quandary. I have a tracker mortgage of about £250000 with Natwest and slipping rapidly towards negative equity. Not a problem in itself. We are looking at moving to a larger/more expensive property in 2-3 years and will have to increase the mortgage considerably. I have considerable amounts of disposable…
-
Plan of attack. My journey begins...
After reading on this forum for over a year, I think it is finally time to start contributing. Before I go ANY further I must say "THANK YOU" to everyone who has given some very impressive advise over the past year. I just bought my first flat in Jan 08 and have been planning on overpaying since before I started! As it is…
-
Capital repayment
We have a 10year fix with Derbyshire (now someone else I think) taken out 2 years ago and fixed at 4.94%. It is split £83000 interest only and £70000 repayment. We can repay by 10% each year and are considering making a capital repayment shortly. Does it make any difference which element of the mortgage this is offest…
-
Sons Bankruptcy
Our Son is thinking of going bankrupt but he pays us £400 per month for a debt we took out in our name for him. He always makes sure he pays us this money before anything else because we could not afford to pay it ourselves. If he goes bankrupt does this mean he will no longer able to pay us anything or can this be covered…
-
Can you negotiate with Providers?
I'm currently looking at paying the ERCs(10k) to get out of my 5.69 5yr fixed deal. However I can get onto a 4.69 5 yr fixed which will save me 2k a year, which means no benefit to the change. What i am wondering is if anyone has managed to renegotiate the ERCs, its a long shot but worth a shout?
-
Offset tracker mortgage where savings balance mortgage loan... What should we do?
Hi, [Just realised I posted this on another forum category but meant to put it on this one.] I'm having a strange day today and can't for the life of me figure out what's the best thing to do so hoping to get some good advice from my fellow MSErs. The Facts* We have a lifetime offset tracker mortgage at BR +.79, so as of…
-
Still worth paying off? Interest rate cut/house price fall
Hi What do you think? As my house is now worth 10% less than it did last year and who knows what it it will be worth next year,still a good idea to pay off?
-
Tips on recovering endowment shortfall with only 4 years remaining
I would welcome help on working out the best way to take advantage of the low interst of 3.25% on our £64000 interest only mortgage (increased payments are allowed) while trying to recover the shortfall of approx £5000. Not sure if we should transfer to repayment, increase monthly papments or save in an isa? Maybe there's…
-
Woolwich overpayment advice
Hi Unfortunately we are on a fixed rate mortgage (not offset) so not benefiting from the decreases. We are however in a position to make overpayments and would really like to maximise our savings due to the decreasing saving rates especially due to the relatively high rate on our mortgage 5.69%. I have spoken to the…
-
10K down in 2009
Hi, I am posting as I would like to make my New Years resolution official!! Ok, so the facts are my mortgage is currently 166K interest only. I have a 10% scope for overpayment and am currently on a fixed rate until mid 2010. I feel that although this would be a large overpayment it is not totally impossible and I may be…