I would just like to say

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Beneagles said:
Different lenders obviously may have different rules. I am with the TSB with 7 years to run, and am currently on a 5 year fixed. I can overpay up to 10% of the balance as of the 1st of the year at any time within that year without incurring penalties. This way I will have almost nothing left to pay at the end of the fixed period, but may also opt to pay off the full balance early and pay a premium for doing so.
:)
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This is all very interesting. Wifey and I cannot imagine paying mortgages with such low interest rates, when we paid ours off I think the rate was about 8%. So long ago now we are neither of us very sure. But we were part of the many who can remember the day it went up to 15%. We had the two houses we bought off our exes when we both got divorced. We changed mortgage companies several times to get better deals and avoided early redemption penalties by giving them the notice required to avoid them. I think it was about 3 months. At the time it was common as peeps would sell one house buy another and take out a different mortgage unless they had an endowment mortgage. We had one of them and another ordinary repayment one, or ones.

And at the time, knowledge of the "australian" style mortgage was not common. (Mortgage companies didn't want peeps to know about them, obvs!) Interest took up such a large proportion of each payment that it made sense to do this, you could then keep the payments up and thus increasingly pay off more and more of the capital, which meant, as you say, being able to pay the mortgage off early. Which we did.
Hippo said:
Intrest be cowculaytid each wurkin day.
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So this means Hippo is doing this already.

Anyway, all this enabled us to be able to buy the land in France and build on it, so it really is worth working on it. But we aren't clever or anything, wifey had an interest only mortgage for 7 years before we "found out" about it! Taken out before I met her. That set us back a long way. Money down the drain.:mad::mad::mad:
 
kevstar said:
Morning ev-body..

Stunning morning here I hope all is well :)
Only noise was a Jewson lorry delivering up the road & some kids off to school
& NO FKN SEAGULLS :D:D:D:D:D

Got a msg from a mate says his car has failed its mot on a wee bit of welding, I did warn him not
to put it in before id looked at it I jacked it up about 6 months ago to remove the exhaust heat shield
as it was hanging off & I could poke the carpet from underneath lol
View attachment 217754

I did laugh at the major defect repair immediately, a misaligned headlight wtaf o_Olol
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Wonder if it will break into bits on its run to the scrapyard?;);););)
 
DanClarke said:
Morning All :D
What a lovely day! nice & quiet here ;)
Not a great night had by my lad & family as they are living out of cardboard boxes still. :)
Meltdown by the grandson as the new bed he was told about has NOT materialised.:eek:
But all quiet here at Clarke Towers. :D
Gym in a little while. Have a great day! :D
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So happy for you!:):):)
 
Facing massive amounts of fruit picking here today, picked a crate and a bit of damsons yesterday, rest are so high up int tree will need a ladder to get em off. Decided to leave it and go for the other tree. One fell right into my eye yesterday, as if shot there! Thank God for the blink reflex!

Wifey says. "As a recession is deffo gonna happen, the interest rate is bound to rocket, first thing to happen. So, her advice, pay off all loans and credit cards as fast as you can, IF you can." We still have children with mortgages. Next four months will be vital before the no deal Brexit kicks in and causes mega-inflation.

She is a whizz with dosh, usually, (interest only mortgage was a panic decision taken so she could keep a roof over her head, and the kids heads, when ex was being a right barsteward, worked though, she just forgot about it:rolleyes:), and I do listen to her when it comes to it. I just don't make the time she does to invest her dosh. Son inherited this skill and has been able to retire in mid forties as a result. How DO peeps do it?
Me, i'm too busy playing with stuff!:(:(:(
 
Stanleysteamer said:
...
So this means Hippo is doing this already.
...
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Yes, although eye set my repaymint low to try to enshor it was affordable if there wossa problum. Eye facturd int the 10% over paymint eye cud do wivvoat charge. So that brings it up to er normul level. So eye sort of had the option ter pay less than normul if needed. But then reel-eyes'd eye cud put down the 10% at the beginning of the paymint yeer rather than spred over the yeer. Interest is cowculaytid on a daily basis so yer save on interest the sooner additionul paymints is made. Eye havva big spredsheet which cowculaytes the outstandin balance, intrest addid each mumf and can sea wot eye save on intrest if eye pay mor oft soona. Mad but gives me control ova wits appenin.
 
@Stanleysteamer
Wot was the Australian morgig type? Repaymint of loan and intrest int sted of endowlmint meffud?

8% wud beer killer on terdays morgig sizes due ter property prices being high. 8% addid ter 100,000 sovs morgig wud cost neer 700 sovs er mumf just ter pay oft the additional int trest.
 
Hippo said:
Yes, although eye set my repaymint low to try to enshor it was affordable if there wossa problum. Eye facturd int the 10% over paymint eye cud do wivvoat charge. So that brings it up to er normul level. So eye sort of had the option ter pay less than normul if needed. But then reel-eyes'd eye cud put down the 10% at the beginning of the paymint yeer rather than spred over the yeer. Interest is cowculaytid on a daily basis so yer save on interest the sooner additionul paymints is made. Eye havva big spredsheet which cowculaytes the outstandin balance, intrest addid each mumf and can sea wot eye save on intrest if eye pay mor oft soona. Mad but gives me control ova wits appenin.
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Not mad at all!
Wish our middle daughter was like this. Depsite being a part trained accountant she and her husband are forever getting near to being in deep doodoos. We have had to bail them out quite bigtime, with papers giving us a claim on their house if it went t!ts up the whole shebang.
They got out from under that one but they do pay interest on their credit cards which they sometimes max out. And neither of them is a big earner. Tis worrying.

(Our golden rule is to never pay interest on a credit card, they must hate us!)
 
Hippo said:
@Stanleysteamer
Wot was the Australian morgig type? Repaymint of loan and intrest int sted of endowlmint meffud?

8% wud beer killer on terdays morgig sizes due ter property prices being high. 8% addid ter 100,000 sovs morgig wud cost neer 700 sovs er mumf just ter pay oft the additional int trest.
Click to expand...
The australian mortgage was where they calculated interest on capital outstanding on a daily basis, rather than leaving it to the end of the month or whatever suited them.
Inevitably if you paid the capital off faster, each payment was making more of a dent in the capital as the interest was shrinking day by day, a vicious circle that works in your favour, less capital => less interest=> more of each payment pays off more capital=> . Provided you kept the payments up at the same rate.
So I think you are doing that already.
https://forums.moneysavingexpert.com/discussion/1702479/flexible-or-australian-style-mortgage explains it, eventually!
 
Shimsteriom said:
He did the right thing!

I don't think MM should return to MotoGP as the races are far more fun without him. :)
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Oh he did, but it’s making that decision at 140mph, then step off:eek:, and do all that in a split second.

felt a bit sorry for young J Mir though, think he would have got that.

From what’s being said don’t look like MM will be back for a couple of months I think they said. So this season is gone for him.

J
 
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