Mortgage-Free Wannabe Welcome and Explanation

1679111224

Comments

  • techmax76
    techmax76 Posts: 120 Forumite
    This thread is really interesting. I can learn from the topics and their experiences. I can even relate to some of them.
  • techmax76
    techmax76 Posts: 120 Forumite
    Reading this phrase is like a music into your ears. "Mortgage Free" . Being optimistic is the right attitude when your currently paying your mortgages. Its a good motivation.
  • I am a big believer in living when alive, not when i am too old too...

    for this reason i only have an interest only mortgage...

    its hard to go through life without having some sort of debt against you...

    i dont believe in paying off my mortgage as in 25/30 years time i hope it will be a fraction of what it is actually worth.....if its not then there was no point in paying it off anyway......

    i can see why people do pay off the mortgage, its the least risk and chances are it is going to be worth something in 25 years time....

    but me, well ...i will stick to interest only.....the extra few grand a year i dont pay allows me to have a nice life and that what its all about....

    live for today not the future...

    regards
    chris
  • pammyj74
    pammyj74 Posts: 3,290 Forumite
    I have a question - (again!!)

    If you reduce the term do you have to do it by a full year? or can you do 6 months? ie in feb I will have 21 years left but was thinking of ringing and asking if they can reduce it by 6 months today. does that make sense?
    MPs left feb '08 276- Dec 13 36 :T MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 :eek: NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!! :j
  • Floxxie
    Floxxie Posts: 2,852 Forumite
    Combo Breaker First Post First Anniversary
    pammyj74 wrote: »
    I have a question - (again!!)

    If you reduce the term do you have to do it by a full year? or can you do 6 months? ie in feb I will have 21 years left but was thinking of ringing and asking if they can reduce it by 6 months today. does that make sense?

    Call your mortgage lender. The best way might be to ask to increase your direct debit to £x amount and they will then do the calculations to tell you how much this would decrease your mortgage term.
    Mortgage start September 2015 £90000 MFiT #06
  • pammyj74
    pammyj74 Posts: 3,290 Forumite
    I think i might do that, thanks. If I just add £50 onto my monthly payments which I know I can afford and that way I have extra leaway to pay o/ps
    MPs left feb '08 276- Dec 13 36 :T MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 :eek: NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!! :j
  • I am new to forums so excuse me if i am posting in the wrong place! Did Northern Rock waver early repayment charges when they were nationalised? I am not sure if this is the case but i am about to end my fixed rate with them and wil have to pay a £250 Admin fee. I do understand this is the norm but feel sure thay wavered this as they no longer offer competative products? Any help would be apprehiated.
  • misselvis
    misselvis Posts: 285 Forumite
    Energy Saving Champion
    am currently focused on being a DFW - target being May 2010 for my credit cards and student loan. my current fixed rate mortgage payments are £1070 and from August 2009 it reverts to the SVR which will be about £450 and am aiming to throw the current payments at the mortgage so am looking to severely reduce my mortgage. just reading the threads have been really inspirational so many thanks:j
    misselvis proud and in motion - dealing with her debts step by step :)DFW #107
    challenge pay off 6.5k by the end of 2017~ £388/£6500 challenge 1% challenge = 6% of debt cleared; challenge - build up 3 months emergency fund- £0/£6000
  • Wonder if anyone can give me a quick answer here. I have a mortgage where £40k is interest only due to be paid back in July 2011. The rest is due to be paid off by 2020. I have a lump sum that can pay off the endowment portion now or I could pay it off the capital. Which is best??
  • RosieTiger
    RosieTiger Posts: 863 Forumite
    I am a big believer in living when alive, not when i am too old too...

    for this reason i only have an interest only mortgage...

    its hard to go through life without having some sort of debt against you...

    i dont believe in paying off my mortgage as in 25/30 years time i hope it will be a fraction of what it is actually worth.....if its not then there was no point in paying it off anyway......

    i can see why people do pay off the mortgage, its the least risk and chances are it is going to be worth something in 25 years time....

    but me, well ...i will stick to interest only.....the extra few grand a year i dont pay allows me to have a nice life and that what its all about....

    live for today not the future...

    regards
    chris

    Then find another forum buddy !
    RosieTiger - Highest £242,000 Feb 2004 :mad:
    Lightbulb Dec 2008 £146,000 by March 2026:eek:
    MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
    Current Position-Fully off set by savings since March 2013
Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards