-
Should I Clear my mortgage
I have a current mortgage of just under £70,000 and am on a fixed rate tracker until December 2010 with a % penalty for paying it off, 3% in the 1st year, then 2% etc etc. Due to the unfortunate death of a relative I should receive somewhere in the region of £85-£90,000. Now should I: 1. Clear the mortgage and incur any…
-
help needed please
A bad day at work and looking at all your posts has inspired me to start overpaying on our mortgage - im 38 and want to be retired at 50!!!! The thing is i have no idea how to go about it. Some months i could manage extra other monthe not as much - do i have to agree to a regular monthly sum or just bits as and when. Is…
-
Day interest is calculated.
Hi there, If my mortgage interest is calculated on the last day of the month, when is the best time to make an overpayment or does it make no difference? :confused:
-
we would love to join
hiya we have currently a £97000 mortgage with currently 22years to go. really hoping to reduce this!!!!! Quickly!!!!! luckily able to put £10000 this week as bonus time. does the full amount come off making the total £87000 or does sum go on interest? cannot reduce term as would affect rate currently base+0.25 thanks in…
-
desperate mfw
hi i'm new to the site and wanted to see if anyone had any ideas on how i can reduce my outgoings. the aim is to pay off my scary mortgage debt within the next 10yrs if possible. i finally paid all my other debts this month and have my wedding in sept all budgeted for. i owe £147,000 on a flexible discounted deal that has…
-
Morgage free??
There are four years left on a morgage of £40,000 plus an endowment. I pay £260 a month. I have inherited twice that much. Do I keep paying the morgage and invest the inheritance. Or pay off the morgage and invest some of the remainder. Thank you for your help.
-
Yes Yes Yes ohhh Yes!
Ohh yes oops you may be thinking i am having a "when Harry met Sally" moment but noo. This is even better i have just checked my mortgage account and its empty its finally been done all my overpayments have come to fruition and paid it off. And its showing i owe nothing its finally been paid off. Feels so good right now i…
-
Deliberately not paying off the last bit
A few years ago I moved our £52,000 mortgage from the Nottingham Building Society to the Royal Bank of Scotland's current account mortgage. Since then I have managed to pay off £42,000 of the debt. I could easily pay off the last £10,00 but (and I don't really understand this) because I try to ensure that there is always…
-
mortgage help
Ive got 7 years and 7 months to go on my mortgage the figures are: amount borrowed £64000 interst only £35000 monthly payment £537 interest rate 5.64 discounted rate until end of term I want to reduce the interest only part by £5k to start with because I've got a crappy endownment that wont cover the £35k. is this the best…
-
One Account - Question
I've got an offset mortgage with the Newcastle. I haven't actually been offsetting, just making overpayments but it's .5% + BOE so it's ok. All the calculators confirm that if I maintain my overpayments I'll be mortgage free in 3-4yrs. I just looked at the OneAccount Mortgage Shrinker web site and the bit where it says:…
-
Overpayment Question
Hi, I've been paying £1000 over my regular payment for the last 10 months. I've been allowing the payment they charge to me to drop by the few pounds it is each month. Does keeping the payment the same after overpayment make a big difference? If I instead just added the equivalent to the overpayment, that does the same…
-
Woooohoooo The end is in Sight
Just wanted to let everyone know that I intend to be mf by July this year, I am cashing in the endowment, and some pensions we have and paying off our mortage in full, well except for £300 which we need to leave outstanding until the end of our current deal. I am sick and tired of all the speculation about how the interest…
-
Nationwide Mortgage Overpayments
I have a Nationwide mortgage and would like to overpay. Just wondered if anyone had done this and had subsequently needed to "borrow" back the overpayments. I am planning on leaving a healthy amount in my savings account, but I would also like to see the mortgage balance going down. But if I ever need the overpayment money…
-
Lessons & Surprises from the First Year of MFi3
The first year of the MFi3 challenge has been quite a learning experience. I thought it would be interesting to see what people had learned, realised or been surprised by during their first year. * I was surprised to find I had cash I had rather forgotten about, languishing in poor investments (sadly they were only small…
-
Nationwide mortgage
Our mortgage rate went down a couple of months ago from £972 approx to £942 approx. I called Nationwide to up our DD to £1000 pcm from this month. Will it be obvious which is the regular amount ie £942 and which is the overpayment on our statement and online? Should we have left the DD the same and made separate…
-
Should We Pay Off Our Mortgage?
Hi, I'm a new poster here but have been lurking on the forums for a long time and love all the help everyone gives eachother. Anyway, down to business. Hubby and I have just come into some money which we weren't expecting, and it's making our heads hurt trying to work out what the best thing to do is. :confused: We have a…
-
Changing from interest only to repayment?
I have an interest only mortgage with HSBC that is due to move back to capital repayment in 2010 (Remortgaged onto a re-start last years, as I had to find a way to keep my house while I sorted out my divorce...!!) Its not a bad deal - 5.79 fixed until end 2009, and split into two parts £112,000 (my original mortgage amt)…
-
Should i be a MFW..
Hi all, im new so please bare with me.. Im 33 and have a shared interest-only morg with my brother. We both have seperate endowments covering our own half of the morg. I have saved enough up to be morg free. However, if i do pay off my half where does this leave my situation reguarding getting another morg etc? Would i be…
-
15/05/08 What Small MFW thing have you/ will you do today?
When you start paying off your mortgage, there may be some quick wins you can do, such as cashing in premium bonds or clearing out a savings account. As the months and years pass, it is easy to lose motivation a bit as overpayments become a bit of a grind, especially in the current climate of increased fuel and food costs…
-
50+ Mortgage free wannabe, any advice?
Read quite a lot of posts but most people seem to be quite a bit younger than me (56). I am divorced and have a mortgage of £105k which at the moment is over 15 years. 30k is interest only and I should have the money to pay that back in 2011, I really want to pay off the mortgage early but not sure what the best way to go…