Here’s an interesting tool I found while trying to find out which mortgage product reduced the overall debt by the most over a certain period.
> Mortgage Balance Calculator <
How to use the calculator:
This calculator produces ‘amortization’ tables for the mortgage which show the remaining balance at the end of each year.
If you are looking at a 5 year fixed offer, you must put in the entire term of the mortgage eg. 25 years then look at the tables to find the end of 5 years.
The rate you input is used for the entire term but if you are considering a 5 year fixed mortgage, the table will show the mortgage balance at the end of 5 years.
If you are looking at a variable rate mortgage, any calculation will not reflect any changes in the rate but if you want to know how your mortgage will be affected by changes simply put a higher or lower figure for the rate and calculate again.
When calculating don’t forget to add any fees onto the amount you wish to borrow for an accurate calculation.
For example if you are looking at a mortgage with a 5 year fixed rate and you wish to borrow £150,000 but the lenders arrangement fee is £1500, (unless you are paying this upfront) the total borrowing will be £151,500.
This way you can easily find out if a Fixed rate mortgage with an arrangement fee will leave you better off at the end of the offer period than a mortgage without an arrangement fee.
To find out your current mortgage balance, your lender will be able to give you an exact figure.
Squatters rights in the UK allow someone to apply for possessory title after 10 years and provided the registered owner does not object in the following 2 years the squatter effectively becomes the owner.
But what happens if a mortgage lender ‘delays’ repossession proceedings for 15 years?
Well, a High Court ruling has recently allowed Mr Djabar Babai of Heaton Mersey, Stockport to keep his house after being declared bankrupt in 1993 and having not made any mortgage payments since.
Natwest ‘delayed’ proceedings for so long they could no longer repossess the property!
‘because 12 years had elapsed so the deadline for enforcing the mortgage had passed and Babai had squatter’s rights to continue living in his home.’
Read the whole story: Man Keeps Home Despite 15 Years Defaults
Would you attempt to drive 1500 miles across Europe in 4 days in a car worth under £500?
If it was for charity, of course you would! Wouldn’t you?
Well that’s exactly what a couple of my friends are doing from April 3rd to 7th in a Nissan 100NX dressed up to look (a bit like) the car from Smokey and The Bandit.
To add authenticity, one of them (The Bandit) has been growing his moustache and will be dressed in a full ‘Bandit’ regalia for the entire trip!
Their route will take them from Calais to Paris then on to Munich, Prague and finally Amsterdam.
The 1500 mile round trip will be raising money and awareness for the Hampshire & Isle of Wight Air Ambulance.
The event is known as The Coyote Rally (2008) and comprises over 100 teams (some tbc). It’s sold out this year so unfortunately if the thought of taking part gets your interest then add the site to your favourites and make a note in your diary!
You can also visit my friends website Shothit.co.uk to find out more about their plans for the Nissan 100NX!
There you will be able to send the guys emails or sponsor their efforts online!
Or you can sponsor them here.