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My MFW Thread
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Advice on overpayment of Nationwide Mortgage
Hi to everyone. New to the overpayment idea and like the idea of working less in the future. We have three Nationwide mortgages 53,675.02 40,346.06 5318.04 Just got it down below 100K! Yippee I know that I can overpay by as much as £500 a month on each one if I have the money. But if say for example I have £700 in total,…
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Creditor Refused Dmp
Hi Everyone Three weeks ago I wrote to my creditors ( 8 creditors , I have a £76K debt amongst them) proposing a DMP which CCCS helped me with. Up to now, one card company has accepted, and one has refused now threatening to refer to a third party for recovery. I haven't heard yet from the other six. As I have no…
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Changing Providers
A bit of advice please Folks. My wife and I have three subs to our mortgage. We have just signed a three year fix on one of these subs which will see it finished. The other two subs which make up the huge majority of the mortgage are on a deal with the same provider (Cheshire BS) which ends in March 08. My question is can…
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Should we mortgage just to save tax?
I have been mortgage-free for many years now and have always felt comfortable with this. Some time ago however, I strayed by accident into this Mortgage & Endowment forum and having read the various dilemas posted by members and the many helpful responses, I am beginning to wonder whether I really am the useless git I…
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Would you recommend overpayment?
Hi, Having recently become debt-free, I'm now looking at my next options. In January, I can pay up to 10% of my mortgage off which would amount to £5,500. This will be in addition to the £499 overpayment that I am making the other eleven months of the year. This would obviously bring down my repayments in the future but I…
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New MFW saying hi...
Been on other threads on the forums for a while, but as I completed on my house yesterday, I am now joining the MFW brigade!! Am hoping my mortgage account details will be added to my online banking so I can see the effect of overpayments, but not sure if that happens or not? But regardless.... the more I can do to pay it…
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Pay off mortgage or keep it to keep away the taxman?
Hi all I have £23,000 left on my mortgage which is due to be completely paid off in November 2011 without over paying. I'm on 5.75 per cent fixed rate for two years. I am overpaying £500 a month so it could be paid off in two years. I will eventually rent out my house, should I be paying off the mortgage or would it be…
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6 weeks before first mortgage payment
Hey all, got a new Offset Mortgage from IF last month, the balance owed appeared in our account mid November, then got a letter stating first payment would come out of our IF current account on Jan 1st 2008. Thought nothing off it until today when I realisied I'll be paying interest for 6 weeks on the full amount rather…
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Should I pay off my mortgage? How do I calculate?
I've got a mortgage for approx £65,000 on a fixed rate of 6.05% until September 2009 (21 months). I will soon be in a position to pay this off. The redemption penalty is 1.5% + £90 if I repay the loan before that date, which is about £1000. I can make overpayments of £500 a month without penalty, which is £10,000 total…
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Hi All! is it possible?
Hello, Another newbie here:j I have just bought my first house with my boyf. We have a mortgage with Alliance & Leicester for 30yrs at a fixed rate of 5.39% untill June 2009. I'd love to be able to pay off extra lump sums (i think we are allowed to pay off up to 10%) But we are just about living comfortably at the moment.…
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Confused by Abbey overpayments!!
Hi I hope some of you knowledgeable folk can help. I have a mortgage with the Abbey and would very much like to make overpayments. I am allowed to make a maximum of 10% per year (won't be anything like that much unfortunately). However, I have phoned them today and they say the minimum one-off overpayment is £500, but that…
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Should we clear out our ISAs?
When we re-mortgaged recently, our mortgage balance was £46,800. Our interest rate is 6.78%. We have 21 years left on the mortgage. We've made a lump sum overpayment of £15,200, reducing our mortgage to £31,600 - temporarily. The £15,200 was additional borrowing to fund a loft conversion. Our mortgage deal allows us to…
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What will I save ?
Hi, I'm new to this so apologies if I am asking something that has already been covered, but I can't find any info on exactly what I need. I will be chagning my mortgage in April when the fixed two year term is up and want to look at my options for over paying. I intend to move in a couple of years so I'm planning to get…
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Abbey started redemption process without my approval....
(sorry if this is on the wrong thread, i've also asked the question on the regular mortgage thread. Mods - feel free to move!) I'm like a lot of people and have left under £50 in my mortgage account so the title deeds are being kept in the 'safe' care of my lender (ie Abbey) and in case I ever want to re-mortgage etc..…
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Need some capital info
Hi all...My OH and I were talking about our goals for next year and we want to buy a house. The question is... can you get an interest only mortgage an pay lump sums off of the capital? The idea is, get interest only, pay off lump sums of capital every 3 months (at least what interest/capital mortgage would be) but put the…
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Best way to overpay mortgage - Weekly or Monthly
Currently I am overpaying our mortgage at £30 p/w, what I would like to know am I best to keep paying this or just transfer £130 at the beginning of each month and do the one transfer instead of 4 at £30? Which would pay the mortgage off quicker?
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How much of my flat is mine visual motivator!
With special thanks to Weezl74 for the idea http://forums.moneysavingexpert.com/showthread.html?t=568391 I currently own 35%. Each square is 0.25% and I have to pay off £875 to colour in a square. I'll update from time to time if I have anything interesting to say regarding my goal to get my outstanding debt (with savings…
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Trying to decide what to do and need advice
Hi Everyone I talked to CCCS this afternoon and could do with some advice from you guys (these thoughts cropped up after I'd finished talking with them) At the moment I am unemployed hoping I shall find work in December. The advice was to talk to my creditors straightaway to stop anymore payments being taken out of my…
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Should I pay off buy-to-let mortgage?
This is a bit early thinking about this but I have only just bought a buy-to-let property with a mortgage on it. We have put quite a bit of deposit it on it. We paid off our own mortgage and wondered if it is worthwhile doing the same with this. Obviously there are the income tax implications on this but I think surely we…