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Ace-ic....


DJ Jo-D

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If it's coming off from your payslip, they won't stop unless you've already contacted them before the tax year, as the money doesn't go to them each month, it gets pooled and paid to them in April, so they most likely won't have noticed that you've overpaid. That's no bad thing tho, because you can then get a chunky rebate in the spring which can be a springboard for your savings or treating yourself!


 


Good to get off a crappy mortgage deal too. We did ok with our first deal but I know of a tonne of people who are on horrible rates because it's all they could get and are desperate to get onto something that will dree up some cash each month!


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6.29% is some serious mortgage action! Glad to hear you've got away from that. Are you getting the property re-valued with the new mortgage to take into a ccount any increase in property value? We got our flat for below the valuation on the home report, but since the mortgage only takes purchase value into account, you get shafted on the LTV until you can get it revalued in remortgaging. At the moment we're overpaying monthly and gonna re-value it when the fixed rate comes to an end to try and drop into the next LTV band, which will probably be roughly in the time for the rates starting to rise nationally, so should offset it.

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Stroopy - without sounding like an old man (I've noticed that seems to happen every time I post on AbMus nowadays - I used to be cool!) you should dig out the paperwork and check out the details. For most people, it's the singest biggest financial commitment that they will ever have so you want to make sure you're not paying any more than you need to.

 

Check a few things out - what type of mortgage are you on (typically either fixed which is the same rate for a set time or a tracker/variable which goes up and down with the base rate) and check the term of the mortgage and when that term ends. So you might find you have a 2 year fixed rate, or whatever. Once you know that stuff, you're in a good place to consider when you need to be shopping around :-)

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