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Jul 2020
3:26pm, 10 Jul 2020
42,041 posts
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Lip Gloss
We got a small payment for a miss sold endowment and that helped us be mortgage free for a couple of years before my divorce. He bought me out of my house so he had to take on a new mortgage and has now 2 young daughters so god only knows when he will be finished but that’s what you get for having an affair  .The amount I got from the sale of the house meant I could buy a one bedroom and be mortgage free although I took a 10% mortgage to be able to do renovations to the property- payments are next to nothing although I have savings now so could pay it off but for all it is it’s not worth it. I don’t have an expensive taste and I get by month to month so will plod along for another 3 years till I’m 60 and then do a revaluation
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Jul 2020
3:30pm, 10 Jul 2020
59 posts
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Stander
Did you have same us issue as us trying to get a mortgage that small? I had a reasonable lump from the sale of my house and we brought the house my (now) wife had been living in using her right to buy discount (which she had the maximum of).
I very nearly had to buy the house with a personal loan because banks didn't want to do all the paperwork for just 32K! We did mange to get a short term mortgage in the end - just 15 years. We are nearly halfway through that already.
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Jul 2020
3:35pm, 10 Jul 2020
42,044 posts
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Lip Gloss
No to be honest Stander mine was straight forward and it’s only for 10k for 15 years ( I think ) and I’m 10 years in already so should really pay it off but I like the cushion of having some savings. My partner and I live together but no thoughts of marriage and we both have kids and I have a grandchild so provisions have been made by both of us for our own.
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Jul 2020
3:35pm, 10 Jul 2020
16,918 posts
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Bazoaxe
Stander - I did wonder if I was a small amount short when the mortgage is due, would I be allowed to either pay most off and then have a new smaller mortgage or would I be able to extend by another year.
I am in the odd situation in that my son is starting to look at buying his first place and is likely to be taking out a mortgage for over 50% more than the one I am about to pay off !
That said, my parents would have been in that very same position 30 years ago when I first ventured onto the property market.
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Jul 2020
3:38pm, 10 Jul 2020
61 posts
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Stander
I'm not a mortgage adviser Baz, but I would imagine that if you are only talking smallish amount that a personal loan might be possible.
I know some banks generally don't like giving mortgages to people that take them past retirement age so not sure if it is possible to extend or not.
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Jul 2020
8:09am, 11 Jul 2020
30,661 posts
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LazyDaisy
Paying off the mortgage was a day of real celebration for us. We took out a huge mortgage to buy our house in 1992 (at least, huge for the time) and as Stander says, for the first few years I had to budget very carefully indeed. Luckily pre-children I'd always been a saver in various long-term things and when they started coming to fruition we paid off chunks of the mortgage. Much relief all round
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Jul 2020
8:13am, 11 Jul 2020
47,539 posts
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Velociraptor
A few pages back I wrote, "I think our three remaining ancestors will live forever, out of sheer thrawnness." FiL dropped dead the following morning Typical of the old bastard, cutting off his own nose to get one over on you know, HER.
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Jul 2020
8:24am, 11 Jul 2020
42,080 posts
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Lip Gloss
V’rap you do make me smile
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Jul 2020
8:32am, 11 Jul 2020
11,793 posts
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SarahWoo
Perfect timing then 🙄 He knew, didn’t he?!
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Jul 2020
8:35am, 11 Jul 2020
47,540 posts
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Velociraptor
Probably. And it would be just like him to lash out on impulse without thinking of the wider consequences.
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