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nice dilemna - about to get a mortgage...
Hi All, OH and I are about to get a large mortgage (just under 3x our combined salaries!) but this is the house we plan to have kids in, so it's worth it. We've also got what I hope is a bargain the surveyor certainly seemed to think so... ... anyway we had a mortgage all agreed and had then worked out a plan of how much…
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what do you think??
I currently have a 5 year fixed rate (5.83%) interest only mortgage of £105,000 with Nationwide with 18 years and 10 months remaining. My mortgage payment is £512 and my ISA payment is £125. According to my latest ISA statement from 3 days ago, i have lost £600 since the previous statement 6 months ago. My goal is to lower…
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This is Sad but Motivating at the Same Time
I used Karl Jeacle's excellent mortgage overpayment calculator and did a copy and paste of the monthly table showing the mortgage reducing through the years till it gets to zero. Then I put the .txt on my phone so if I feel a bit p*ssed off I can remind myself that something in my life is going in the right direction. :o
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What would you do??
Hi, I would like some opinions please. I am 31 and my wife is 30 and we have paid off our mortgage on our our £195,000 3 bed semi. The dilema is do I remain mortgage free for the rest of my life and spend/enjoy as well as invest the extra money. Or do I get a mortgage for around 80,000 to purchase a 4 bed detached worth…
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Pay off part of mortgage or not?
Hi there. I need some advice please on whether to pay off part of our mortgage or not. Our situation is that we have absolutely no extra money so overpaying is out of the question. However my mum would like to give us an amount towards the mortgage (£20,000 I think) because she thinks it would help us financially (we are…
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Advice please -due to remortgage.
Our 2 year fixed rate is up in July.We will have around £26000 left to pay and 7 years of the term. When we remortgage I would like to reduce term by a year or even two if we can afford it. Its a repayment mortgage as we previously had interest only but cashed in endowments and used them and compensation from misselling to…
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Finding it a bit difficult at the mo...
Can I grumble a bit please? I committed to overpaying by £200 per mth, but am struggling with it. Yes I hit Aprils target but that was only because I used what money I had saved to put into the overpament. I've been a SAHM for 2.5 years and have recently gone back to work. After nursery fees (which will go down a bit in…
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New morgage advice needed
Hi there, I would like to ask the advice of anyone who could give it?? I am looking at purchasing a house for my daughter to live in, (with her daughter), she is a single working mum and is privately renting at the moment. She pays £600 pounds a month at present and would put this into the new property, I would put in the…
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Overpayment Question
I have seen some posts on here regarding application of any overpayment to the capital or interest on your mortgage. I have a repayment mortgage and have made overpayments over the last four months although was unaware that I could specify whether these went to pay off the capital or the interest. Can someone please tell…
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Fee charged to reduce term - Is this usual?
We've recently been fortunate enough to be able to pay off 10k of our mortgage as a lump sum. As we can afford the current monthly payments we wanted to keep the monthly repayments the same but reduce the term by 2 years. However my BS said in order to "formally" reduce the term they will charge us £50. That to us seemed a…
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Paying it all off - what about house deeds and stuff?
Apparently in the old days people used to leave £10 mortgage outstanding so that they never actually owned their place and had to be responsible for various legal docs. Paying for storage etc. Is there any truth in this? Do I need any legal advice when I pay it all off? My place is freehold (150 years) does this make any…
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mortgage advice needed
My current mortgage deal ends in September. My husband and I are quite keen to change to a mortgage that will allow us to pay off our mortgage within 5 years, the current balance is £80000. Would anyone be able to advise me as to what provider would be a good choice please. Many apologies if you see this question all the…
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This is us so far..but what now?
Sorry posted in error.
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New and not sure how it's possible!!!
Hi Everyone, I've just found this website today and have a feeling I'm hooked already! I've recently got married and the wedding made me realise how much money me and hubbie spend each month! So now there's no wedding to pay for I figure we can focus and pay mortgage overpayments instead. Our mortgage currently stands at…
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How to live without savings?
Hi everyone, I have been reading your posts and am full of admiration for you all doing so well at reducing your mortgages.:j I have had a bit of a doh moment realising that my "savings" are actually "losings" compared to my mortgage.:o But I still don't quite understand.. This seems like a stupid question, but if all your…
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What next??
Have been mortgage free and totally debt free for several years and have a lovely house we have extended and done all we can to.. However something has come on the market that is just what we would like.. I have enough savings to add this to our sale and buy this outright but that would take all our savings.. Should I take…
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Mortgage pay off or overpay ?
Hi all Finally jumped to this forum after being in the mortgage/endowment one for advice over the last month, and good advice given there :T So on to the last hurdle, here's the situation. Mortgage interest only settelment fig £26480 at varible rate with 40 payments left. Penelty for paying of early £1300 with a £250…
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Confused
Can anyone help with this dilemma? We have a mortgage on the house we live in for £193,000 ( house valued at approx £650,000).We would like to clear this within the next 10 years so we can stay in our home after retirement.We cannot afford to pay any capital off the mortgage at the moment, it is on interest only.We own…
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Newbie with Nationwide mortgage
Hi, I have been overpaying on my mortgage for a while but only small amounts. Have a fixed rate with Nationwide. Do small amounts make any difference as term is not reducing, would I be best to save £500 and then pay that off?? Any help on best way to approach overpaying would be gratefully received!! Mortgage £55,698.23…
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Mortgage to Rent
Considering the Scottish Mortgage to Rent Scheme as can't afford mortgage. However I really don't like the thought of having to be threatened with Legal Action from lender before I can apply. Can anyone advise. I have managed to borrow from family to keep up payments recently. maydledoodle