Over Paying A Mortgage

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HABA87 said:
Atom bank are doing a 5 year fix for 1.29% - £900 fee and need 60% LTV though.
That's suggesting no expectation on a big shift in interest rates for the next 5 years.
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I don't think it really suggests that, bit of a loss leader imo. Didn't they pull it canny quick too?
 


Pop said:
Hijacking this thread.

Are there any benefits to using a mortgage broker?

First time buyers with good credit ratings. Only potential issue I can see is the wife has only been in her current job for two months.
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I've never seen the point.
It's a bit daunting but it's pretty straight forward
 
shogun1904 said:
I prefer the relatively safer investment of getting rid of the huge debt of a mortgage first.
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Safest bet you will ever make. Bar a few minor blips quickly corrected house prices have been on a steady upward trajectory for generations.

But more importantly the future factors, birth rate, people living longer, ever decreasing space to build new ones will mean they continue to rise as demand will inevitably increase.

Bar the highly unlikely scenario of overpaying or needing to sell in one of the rare downturns they are still a safe bet.

People often need to get over the psychology of having a large mortgage debt
 
Epping said:
I've dropped my price locally. some lovely stuff around if you can raise 1.5 million. you can pay a million for a bog standard house round here. you can get that extra half you can get into superb houses.

mental money though but plenty seem to have it

http://www.rightmove.co.uk/property-for-sale/property-59853620.html

http://www.rightmove.co.uk/property-for-sale/property-55170844.html

dropping further... another 200k knocked off

http://www.rightmove.co.uk/property-for-sale/property-65079044.html

donw to 1.3 million.. canny pool room

http://www.rightmove.co.uk/property-for-sale/property-61716431.html
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Chezza's gaff is up for grabs
http://www.zoopla.co.uk/discover/property-news/for-sale-or-rent-cheryl-s-5m-hertfordshire-mansion/
 
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monkeytassle said:
That's a one way bet on the housing market. That's not clever
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He's an IFA.

A lot to be said for not having a debt on your home. We've been over paying ours by double eac month for last 5 years. We're not mortgage free yet but it's covered by savings so, at last, we're back in the black so a bit more relaxed.
 
MonkeyLove said:
Safest bet you will ever make. Bar a few minor blips quickly corrected house prices have been on a steady upward trajectory for generations.

But more importantly the future factors, birth rate, people living longer, ever decreasing space to build new ones will mean they continue to rise as demand will inevitably increase.

Bar the highly unlikely scenario of overpaying or needing to sell in one of the rare downturns they are still a safe bet.

People often need to get over the psychology of having a large mortgage debt
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It could be argued that you don't have exposure to the housing market at all if you only have one home.
 
Whilst the interest rate is so low anyone with any spare cash should overpay on their mortgage. I overpaid the maximum amount permitted under the terms of the mortgage each month and was in a position to pay off a 25 year term within 8 years.
As has been previously said, it is amazing how quickly the term reduces. If I had put all the money into savings I would have earned very little in interest over the same period.
 
Gene Hunt said:
Whilst the interest rate is so low anyone with any spare cash should overpay on their mortgage. I overpaid the maximum amount permitted under the terms of the mortgage each month and was in a position to pay off a 25 year term within 8 years.
As has been previously said, it is amazing how quickly the term reduces. If I had put all the money into savings I would have earned very little in interest over the same period.
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There are better investments than savings though (higher risk of course). You could be 'debt free' (i.e. The extra money from investments balance out the mortgage debt plus more) quicker by not over paying your mortgage while the rates are low. It is a cheap debt.
 
MonkeyLove said:
Safest bet you will ever make. Bar a few minor blips quickly corrected house prices have been on a steady upward trajectory for generations.

But more importantly the future factors, birth rate, people living longer, ever decreasing space to build new ones will mean they continue to rise as demand will inevitably increase.

Bar the highly unlikely scenario of overpaying or needing to sell in one of the rare downturns they are still a safe bet.

People often need to get over the psychology of having a large mortgage debt
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Lagging way behind inflation in the north east over the last 13 years.
 
better to pay off mortgage than hoy it into a savings account IMO.

depending on the deal you might get a bit more with the bank but its way too easy to spunk it on cars and holidays. better put the spare cash into bricks and mortar.
 
AndrewP said:
Max of 10% of initial advance here. It's a bit constrictive, but still works out OK.

Some right squares on here like.
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Aye me too, with skipton building society. It is a bit restrictive but after the 3 year term Im hoping to take a larger lump off.

I do miss Streaker on these posts :cry: do we have any IFA's on here ?
 
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HANDSOME_DAN said:
better to pay off mortgage than hoy it into a savings account IMO.

depending on the deal you might get a bit more with the bank but its way too easy to spunk it on cars and holidays. better put the spare cash into bricks and mortar.
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if you're a spender aye, if you're a saver then nor (if you can get a savings rate better than mortgage)
 
Geronimo said:
Easy to swerve if you have penalties.

You pay it all off except the last £1.
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That rings a bell actually. I'm sure I had to do that with my Britannia mortgage

Pop said:
I'm just concerned I fuck up an application and mess up my cultivated credit rating as a result.
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Compare The Market and Uswitch etc have good Mortgage comparisons. Get on there and you'll not need to bother with a broker
 
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