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Mortgage help!!!!!
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I am in a position to pay off my outstanding mortgage. Called mortgage company and asked if I reduced my mortgage term from 20 months to 2 months, would I still incur the early repayment fee. I was told I would incur this. I am confused. If I pay to have my term reduced, surely that would make my mortgage term 2 months, final?!?! No early repayment as I am not paying it off early?!?!?
Help?!?!  |
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By (user no longer on site)
over a year ago
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Really depends on the specific terms of the mortgage you have. Best to show it to an independent mortgage or financial advisor to figure out the cheapest way you can pay it off.
Pm me if you don't have one |
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By (user no longer on site)
over a year ago
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Maybe speak to someone else as they may have misunderstood. It's still possible that changing from 20 to 2 would incur costs that include early repayment fees. |
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By (user no longer on site)
over a year ago
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"Some companies won't allow you to pay more than a 10% overpayment without charges. "
Some do check your terms and conditions?? Call them to verfy the above x |
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By (user no longer on site)
over a year ago
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"Maybe speak to someone else as they may have misunderstood. It's still possible that changing from 20 to 2 would incur costs that include early repayment fees. "
This. Be careful when getting mortgages in the future. I don't know your circumstances, or how mortgages generally work in the UK, but when I got my mortgage I wouldn't agree to anything that included certain fees, including early repayment fees. |
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Used my friend Google and have a better grasp of the early repayment policy and the like. Called to get a redemption figure and I would be paying £1k for the privilege of paying it off early (this includes a few other incidentals) so now have to weigh this all up.
I was just a tad confused. Thanks to all for your comments  |
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"Maybe speak to someone else as they may have misunderstood. It's still possible that changing from 20 to 2 would incur costs that include early repayment fees.
This. Be careful when getting mortgages in the future. I don't know your circumstances, or how mortgages generally work in the UK, but when I got my mortgage I wouldn't agree to anything that included certain fees, including early repayment fees. "
As with all things new, it's a learning curve and another lesson learnt. Next mortgage I will be better informed and like you, will negotiate better overpayments/early repayments |
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By (user no longer on site)
over a year ago
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"I am in a position to pay off my outstanding mortgage. Called mortgage company and asked if I reduced my mortgage term from 20 months to 2 months, would I still incur the early repayment fee. I was told I would incur this. I am confused. "
Well erm... yes you are paying your mortgage off early  |
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By (user no longer on site)
over a year ago
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"Used my friend Google and have a better grasp of the early repayment policy and the like. Called to get a redemption figure and I would be paying £1k for the privilege of paying it off early (this includes a few other incidentals) so now have to weigh this all up.
I was just a tad confused. Thanks to all for your comments "
.
If you've only got 20 months left I presume you've not got alot outstanding anyhow, most mortgages allow a certain amount extra to be paid off per year, say £500.
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
Have you thought about lowering your mortgage as little as possible say a few thousand left and then extending it for another ten years, that way they keep your deeds for you and the interest might be less than paying to hold the deeds yourself?? |
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"Used my friend Google and have a better grasp of the early repayment policy and the like. Called to get a redemption figure and I would be paying £1k for the privilege of paying it off early (this includes a few other incidentals) so now have to weigh this all up.
I was just a tad confused. Thanks to all for your comments .
If you've only got 20 months left I presume you've not got alot outstanding anyhow, most mortgages allow a certain amount extra to be paid off per year, say £500.
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
Have you thought about lowering your mortgage as little as possible say a few thousand left and then extending it for another ten years, that way they keep your deeds for you and the interest might be less than paying to hold the deeds yourself??"
I have no idea what I am going to do at the moment. I would like to remortgage on a buytolet mortgage and buy myself a property to live in. Too many options is doing my head in, just thought getting rid of the mortgage would be a good idea as I would be able to use the monthly payments that would have stopped as away to start 'clean' saving as I would have no debts. I am just confused full stop |
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By (user no longer on site)
over a year ago
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"Used my friend Google and have a better grasp of the early repayment policy and the like. Called to get a redemption figure and I would be paying £1k for the privilege of paying it off early (this includes a few other incidentals) so now have to weigh this all up.
I was just a tad confused. Thanks to all for your comments .
If you've only got 20 months left I presume you've not got alot outstanding anyhow, most mortgages allow a certain amount extra to be paid off per year, say £500.
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
Have you thought about lowering your mortgage as little as possible say a few thousand left and then extending it for another ten years, that way they keep your deeds for you and the interest might be less than paying to hold the deeds yourself??"
If she's registered on the Land Registry, why would it be costly to hold deeds? |
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By (user no longer on site)
over a year ago
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"Used my friend Google and have a better grasp of the early repayment policy and the like. Called to get a redemption figure and I would be paying £1k for the privilege of paying it off early (this includes a few other incidentals) so now have to weigh this all up.
I was just a tad confused. Thanks to all for your comments .
If you've only got 20 months left I presume you've not got alot outstanding anyhow, most mortgages allow a certain amount extra to be paid off per year, say £500.
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
Have you thought about lowering your mortgage as little as possible say a few thousand left and then extending it for another ten years, that way they keep your deeds for you and the interest might be less than paying to hold the deeds yourself??
If she's registered on the Land Registry, why would it be costly to hold deeds?"
.
Well you can bung them in the kitchen draw if you want? |
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By (user no longer on site)
over a year ago
|
"Used my friend Google and have a better grasp of the early repayment policy and the like. Called to get a redemption figure and I would be paying £1k for the privilege of paying it off early (this includes a few other incidentals) so now have to weigh this all up.
I was just a tad confused. Thanks to all for your comments .
If you've only got 20 months left I presume you've not got alot outstanding anyhow, most mortgages allow a certain amount extra to be paid off per year, say £500.
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
Have you thought about lowering your mortgage as little as possible say a few thousand left and then extending it for another ten years, that way they keep your deeds for you and the interest might be less than paying to hold the deeds yourself??
If she's registered on the Land Registry, why would it be costly to hold deeds?.
Well you can bung them in the kitchen draw if you want?"
May as well if it's all stored with them. No point paying high fees if unnecessary. |
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By (user no longer on site)
over a year ago
|
"Used my friend Google and have a better grasp of the early repayment policy and the like. Called to get a redemption figure and I would be paying £1k for the privilege of paying it off early (this includes a few other incidentals) so now have to weigh this all up.
I was just a tad confused. Thanks to all for your comments .
If you've only got 20 months left I presume you've not got alot outstanding anyhow, most mortgages allow a certain amount extra to be paid off per year, say £500.
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
Have you thought about lowering your mortgage as little as possible say a few thousand left and then extending it for another ten years, that way they keep your deeds for you and the interest might be less than paying to hold the deeds yourself??
I have no idea what I am going to do at the moment. I would like to remortgage on a buytolet mortgage and buy myself a property to live in. Too many options is doing my head in, just thought getting rid of the mortgage would be a good idea as I would be able to use the monthly payments that would have stopped as away to start 'clean' saving as I would have no debts. I am just confused full stop "
.
Well it's all about the repayment size really for me, having a mortgage could be better for your credit rating than not?, my repayments are £11 a month |
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By (user no longer on site)
over a year ago
|
"Used my friend Google and have a better grasp of the early repayment policy and the like. Called to get a redemption figure and I would be paying £1k for the privilege of paying it off early (this includes a few other incidentals) so now have to weigh this all up.
I was just a tad confused. Thanks to all for your comments .
If you've only got 20 months left I presume you've not got alot outstanding anyhow, most mortgages allow a certain amount extra to be paid off per year, say £500.
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
Have you thought about lowering your mortgage as little as possible say a few thousand left and then extending it for another ten years, that way they keep your deeds for you and the interest might be less than paying to hold the deeds yourself??
If she's registered on the Land Registry, why would it be costly to hold deeds?.
Well you can bung them in the kitchen draw if you want?
May as well if it's all stored with them. No point paying high fees if unnecessary. "
.
Some people like the paper deeds, it's still proof perse of ownership |
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By (user no longer on site)
over a year ago
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"Used my friend Google and have a better grasp of the early repayment policy and the like. Called to get a redemption figure and I would be paying £1k for the privilege of paying it off early (this includes a few other incidentals) so now have to weigh this all up.
I was just a tad confused. Thanks to all for your comments .
If you've only got 20 months left I presume you've not got alot outstanding anyhow, most mortgages allow a certain amount extra to be paid off per year, say £500.
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
Have you thought about lowering your mortgage as little as possible say a few thousand left and then extending it for another ten years, that way they keep your deeds for you and the interest might be less than paying to hold the deeds yourself??
If she's registered on the Land Registry, why would it be costly to hold deeds?"
If the property is registered (as most are), then the title deeds are of no value. |
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"Used my friend Google and have a better grasp of the early repayment policy and the like. Called to get a redemption figure and I would be paying £1k for the privilege of paying it off early (this includes a few other incidentals) so now have to weigh this all up.
I was just a tad confused. Thanks to all for your comments .
If you've only got 20 months left I presume you've not got alot outstanding anyhow, most mortgages allow a certain amount extra to be paid off per year, say £500.
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
Have you thought about lowering your mortgage as little as possible say a few thousand left and then extending it for another ten years, that way they keep your deeds for you and the interest might be less than paying to hold the deeds yourself??
I have no idea what I am going to do at the moment. I would like to remortgage on a buytolet mortgage and buy myself a property to live in. Too many options is doing my head in, just thought getting rid of the mortgage would be a good idea as I would be able to use the monthly payments that would have stopped as away to start 'clean' saving as I would have no debts. I am just confused full stop .
Well it's all about the repayment size really for me, having a mortgage could be better for your credit rating than not?, my repayments are £11 a month"
Yes, that would be ideal if I were staying at this property, but my plan is to buy my forever home, but try and keep hold of this property as it is a great pension plan, if I can afford the extortionate new fees that have been introduced for 2nd property purchases (another thing I have to get my thick head around) |
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By *ugby 123Couple
over a year ago
Forum Mod O o O oo |
"
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
?
"
It is all digital. If you are on the land registry as being the owner then it seems you don't need a hard copy. |
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By *ugby 123Couple
over a year ago
Forum Mod O o O oo |
"
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
?
It is all digital. If you are on the land registry as being the owner then it seems you don't need a hard copy. "
I say that with a touch of " you fuckers robbed us of the bit of paper we thought we would get at the end of the morgage and ew didn't get one" . Well peed off  |
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By (user no longer on site)
over a year ago
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"Used my friend Google and have a better grasp of the early repayment policy and the like. Called to get a redemption figure and I would be paying £1k for the privilege of paying it off early (this includes a few other incidentals) so now have to weigh this all up.
I was just a tad confused. Thanks to all for your comments .
If you've only got 20 months left I presume you've not got alot outstanding anyhow, most mortgages allow a certain amount extra to be paid off per year, say £500.
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
Have you thought about lowering your mortgage as little as possible say a few thousand left and then extending it for another ten years, that way they keep your deeds for you and the interest might be less than paying to hold the deeds yourself??"
paper deeds are no longer of any value, it's all on land registry computer now. so you can keep them in the bottom drawer as they are only of interest value.
OP you have 20 months interest to pay or save, and a settlement fee to pay early. consider the possibility of investing the lump sum, earning interest over 20 months and calculate which would cost you the least. if you are going to pay off early target the last payment to coincide with a birthday make it a dual party |
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"paper deeds are no longer of any value, it's all on land registry computer now. so you can keep them in the bottom drawer as they are only of interest value.
OP you have 20 months interest to pay or save, and a settlement fee to pay early. consider the possibility of investing the lump sum, earning interest over 20 months and calculate which would cost you the least. if you are going to pay off early target the last payment to coincide with a birthday make it a dual party "
I'm an April baby and my son is a March baby so that's not quite going to work, great idea though. Bugger see now you just reminded me talking of birthdays my son and his gf (birthdays 9 days apart) are 30 next year (feels another grey hair growing)   |
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"Used my friend Google and have a better grasp of the early repayment policy and the like. Called to get a redemption figure and I would be paying £1k for the privilege of paying it off early (this includes a few other incidentals) so now have to weigh this all up.
I was just a tad confused. Thanks to all for your comments .
If you've only got 20 months left I presume you've not got alot outstanding anyhow, most mortgages allow a certain amount extra to be paid off per year, say £500.
Now if you pay your mortgage off completely you'll have to hold the deed yourself, this can sometimes be costly in itself.
Have you thought about lowering your mortgage as little as possible say a few thousand left and then extending it for another ten years, that way they keep your deeds for you and the interest might be less than paying to hold the deeds yourself??"
Deeds are all available online now through The Land Registry. My mortgage company sent mine back to me & they are in a filing cabinet.
The mortgage company are charging early redemption fees to make up for lost interest. For the sake of 20 months I'd carry on as normal. |
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By (user no longer on site)
over a year ago
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read a few more posts now... OP get yourself a 5 and 10 year plan, then see a financial advisor and discuss options. Paying off debt is not always the best way to achieve longer term goals. |
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