27 replies to this topic

[The Batman]

Can you do that?!!? Are they worth that much?! Who's wants to buy one?!

[jonnyboy]

I have a spare one if anyone is looking

[Tibbles Stryker]

Also with regards to overpaying you can adjust your term during your current deal with most lenders at any time for a nominal fee (35 quid), so if cash flow is good reduce it to a shorter term and if you find things tight you've always the option to increase it. Saves worrying about your overpayment limit.

[Tibbles Stryker]

If you think "that wont happen to me" think again. Our buyer from the house we just moved out of got refused a mortgage with Natwest. She's an airline pilot.       

She must've been a little naughty somewhere along the line or trying to exceed her borrowing limit to have difficulties with her mortgage application.

[jonnyboy]

Time in the country not sufficient apparently. Just a circumstances thing that could happen to a lot of people. I'd guess a first officer flying commercial jets is earning 6 figures? Our house was 2x annual for her so can't see it been a financial thing.

[Zoobeef]

First officers are about £24k+ flying bonus. Up to a max of about £60k

 

The over payments limit with HSBC are 10% of the overall balance per year. So would be about £9k for me at first.

[Pidgeon]

If you want flexibility in overpaying it might be worth looking as offset mortgages. Just shove all your spare cash in a linked account (and your main current account) and that is knocked of your mortgage for interest purposes.

 

It also means you can take the money back again should you ever be tempted to but that Evora 400

 

We've been doing this with first direct for the last 7 years or so and haven't paid a penny in interest for the last 5.

 

This.  I appreciate Paul and I are in a slightly different age group than your good self, but if you're financially responsible the flexibility of an offset transforms your finances.  No more loans, no more overdrafts, no more 'last week of the months'.  I think we pay BBR + .25%, although that was settled a few years ago.

[SteveA]

I fixed for 10 years last year with First Direct, unlimited over payments and the penalty for paying off early is around £3K.

 

Interest rates have gone down since then but I'm happy with the monthly payments and will be for the next 9 years regardless.