Anyone paid their mortgage off in 5 years or so ?

[mamatomany]

I really really want to get rid of ours asap.
Any good sites or advice please ?

As others have said look at your outgoings and then swap utilities etc for cheaper versions of the same product and put the savings onto the mortgage. save £50 per month

When you have done that you then also shave savings and get ride of a lot of products you really don't need. Look at insurance policies that you may not need or so much small print is it worth the money save £50 per month

Then cut your shopping bill by £5 for a week for 4 weeks then £7 for the following four weeks and then £10 for the following 4 weeks and then £12 for the next 4 weeks

save £35 per month

total £135 per month

then play with offset figure calculators just to see what you can gain by paying off £135 per month more

cos in real terms it maybe worth £160 per month or more..........

We're very lucky we can over pay our mortgage without penalty and take the overpayment back out if we need to.

who are you with cargirl, the nat west used to do this but we moved from them to get a good fixed rate :(

I have renovated 10 houses in 13 years and after house 7 was mortgage free!Not for the faint hearted though

I think you have to have the wind of the market behind you though which is certainly not the case at the moment.

I made most of it on teh design tbh and not the rising market.It helped me once I think but the £ was nothing remarkable.If you can cope with a REAL wreck it is very do able.

There are houses that have been developed locally that have been on the market 3 years and they aren't moving or dropping the price, the developers have moved in, which I don't blame them they are lovely houses but whether that was the name of the game or not I don't know.
One of them was a complete wreck, sold for £250k and they have it on for £475k, I guess that's the way to do it but as i say it hasn't sold since 2007.

I think trying to make that level of profit in one hit is very high risk!I have always lived in teh houses and swear that is why they sell

So you'd buy what you'd be happy to keep or live in anyway and then sell it for say £20k profit ? Or on a bigger scale ?

With the Co-op and again we can overpay and have it back if we want. As co-op SVR is currently 1% over base for our mortgage we are massively overpaying to make pain less when interest rates rise.

No more than that Always at least 30% profit once fees and renovation costs taken in.unfortunately I live in the south east so 5 or 6 50k profits doesn't buy much!

mamatomany - mine also had 10pc repayment restriction but here is how I got round it with GBP 100 penalty only:

you call them up and ask whether from say Feb you can reduce the term of the mortgage from say 20 years to say 1 year - they will probably charge you GBP 50 admin fee for doing this. This will mean that you will have massive repayments to make in Feb and March. After making these two repayments you run out of cash so you ask then to change it back to 20 years. This will cost you say another GBP50 admin fee......So you have, perfectly legally, managed to make a couple of capital injections without penalty. This is perfectly legal and within the lenders rules...atleast some lenders allow this e.g. C&G.

It is to do with the fact that they are happy if you change the term of the mortgage as long as the repayments are scheduled to be regular. It is just a technical loophole that I discovered and successfully used.

...you will need to find the right length of term to match your lump sum so ask lenders for quotes on 1 year, 1.5 years, 2years shortened term.

Also, you need to ensure that you give the correct notice for reverting to 20 year term length and not be caught out and end up missing a payment as this will not do your credit rating any good.

mamatomany- alternatively, some mortgage tie ins allow you the 10pc annual capital repayments + doubling your monthly repayments. Some of them removed the latter option recently though.

yes we're aiming to. maybe not 5 years but certainly 10 years, by the time i'm 40. we've got a lump sum i inherited then we're keeping the repayments the same plus additional overpayments when we can. so our payment is currently about £600 a month, the lump sum will knock this down to £350, but we're going to keep payments up to at least £750.

we're with nationwide, on their standard variable, so no overpayment limits or penalties. we can specify to reduce the term not the payment, which is automatic anyway with overpayments under £500. i also noticed in their t&c that we can underpay further down the line should we need to, up to the amount we've overpaid.

You won't believe this, am bumping in case this has happened to anyone else.
We called the mortgage company to ask if we could pay the £50 penalty and over pay, oh yes she says well you can pay up to £500 every month and not pay a penny.
I am hopping mad, we've asked before if we can make over payments and been told only in one month a year could we pay 10% of the balance.
So there you go, don't ask direct and obvious questions they certainly won't tell you :(