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Mortgage-free wannabe

Archives for June 2009

It never goes down!
Hello, I've posted about my mortgage on here before... We have half a mortgage/half rent. The mortgage side was £95000, take off our 10% deposit and we owe roughly 86500. It is 6.1% over 40 years so its not the best mortgage deal ever... In nearly a year of having the mortgage it still stands at 86450. It just never seems…
best way to clear mortgage?
Hi, We have a standard mortgage for £25000 with the alliance & leicester. around 4 years ago we changed it to a 50/50 one as we had a letter warning our endowment may not cover the full cost. We had advice that even if the endowment gave it's worst forecast, the 50/50 option would still cover the mortgage cost. We now have…
first offer
Hi I viewed a house on Saturday and am going for a second viewing tomorrow. The house has been on the market for 4 wks at £127500. Assuming that im still happy with everything tomorrow I was wondering how much to offer first time. I do think that the house has been priced well and estate agent said there has been 20…
Mortgage paying off advice needed please
Hi I was hoping to get some advice on this 1... Our mortgage is currently £103k, its a lifetime tracker repayment with Woolwich, paying 0.67% above the barklays base rate (which has been the same as the bank of england base rate), we have no limit or penalties on overpayments and have been overpaying each months as much as…
Mfi in 100!! - My Oct 2017 challenge
I have been inspired by all the threads and diaries and have decided to set myself the challenge of being mortgage free in 100 months (following gallygirl's lead!!) This means that my mortgage should be paid off by 31 October 2017:j My first task this week will be to find out the current balance on my mortgage.:eek:
Continue to overpay or start to save?
My Wife & I are both in our early 30's. In 2007, we took out a £170K mortgage (LTV 60%) over 18yrs, fixed for 10yrs at 5.63%. Every year, we've made the maximum amount of overpayments (10% of balance) and also reduced the term down to 12 years. By Sept 09, our mortgage balance will be circa £123,500 and we intend to reduce…
Advice Please...
Hello All, I've been drawing on the collective wisdom here to overpay over the last few months. I have paid some off each mth, but lapsed recently resulting in a build up of a pot of around 4k in my savings account that I have yet to send over to the mortgage (guess I'd better do that soon). Anyway, I am on a tracker 0.83%…
Overpaying- trying to win £20K so i can overpay can you help me?
Hello, Sorry to beg here but i need help. I've been overpaying since Jan. I've managed to overpay by £2k this year. Now i've got a great opportunity to win a big chunk of money. I've been selected to be part of a competition run by cadburys I have a one in ten chance of winning £20k. I'll use £10k of this to overpay, pay…
Mortgage free or keep a tiny one?
Hopefully this time next year I'll be at the point where I can keep my over payments going and the mortgage will disappear, or I could ask to go down to minimum payment. This should be less than a fiver a month to keep the mortgage going. I am under the impression that this would make my credit check thing look good.…
C&G to Lloyds TSB does this mean new Mortgage contract?
I have 3 years left on a interest only mortgage, with a penalty of £2,000 for early payment, G&G soon to be Lloyds TSB, does this mean a new mortgage contract? meaning I can pay it off with no penalty? How can I find this out?:confused:
C&G to Lloyds TSB does this mean new Mortgage contract?
Having 3 years left on a C&G mortgage the penalty is currently £2,000 if I pay it off now, but C&G will soon be Lloyds TSB, does this mean a new contract, meaning I can now pay it off in full with no penalty? who can tell me this info?:confused:
new MFW wanabee
Hello Husband and I want to pay our mortgage off as soon as possible we took out a mortgage for £160,000 in june 2007 (house was £200,000 but had healthyish deposit) and were on a tracker that tracked 0.5% below the base rate initally this went up but we benefited hugely when it came down this deal ended last week and now…
Going to borrow 19000, salary 26000, will i be mortgage free within 2 years?
Going to borrow a mortgage of 19000 from the bank, as we have a reasonable deposit. we can afford up to 1000 a month, can we be mortgage free within 2 years?
MFW New Diary (wish I had started years ago...)
Hi I have been lurking round this site for nearly 12 months now, but have only just joined. I have a very small mortgage (approx £23,000) fixed at 6.3% until Feb 2011. This year we had a large bonus and due to the rubbish interest rates for savers, I decided to pay a lump sum off the mortgage. Having read alot of threads I…
Permission to Let
Having come here via a google search i have read a few similar threads, but none from within the last 6 months. My situation is that i own a property that i rent out. This is on a residential mortgage without permission to let and have been on standard variable for the last year. I want to go onto a fixed deal but may…
New MFW - have I become obsessed???
I'm a year into my first ever mortgage and decided recently to up my monthly payment to the maximum allowed on my current 3yr fixed deal to try and clear it asap. Felt great to have set this up and start to bring the remaining term down but since I've done it something weird has happened!! Whenever I allow my mind to…
Repossession.
Hi all, firstly we are new here, so hello to everyone :hello: Ok we have had our property on the market for the past 7 months, we are so desperate to move from here, and our last resort is repossession. The reason's behind the move, well there are a number, we are struggling to meet mortgage payments every month (on…
Putting lump sum onto mortgage
Hi, I'm thinking of putting a small lump sum onto my repayment mortgage, to knock down the capital in one go, and was wondering when the 'best' time might be during the month (if the timing would make any difference to the balance/interest)? My mortgage payment direct debit usuually comes out at the beginning of each…
Overpaying v Investment
I'm fortunate enough to be only paying 1% interest, as I'm on a tracker. I know this won't last forever but I've been overpaying as much as I can for about 2 years or so and it's gone well. Has anyone out there thought about diversifying into the stockmarket or other investments whilst rates are relatively low and have you…
pammyj74's MFW diary (or possible wishful thinking!!)
I didnt know about this thread but glad I found it. I am such a novice and have no clue about any of it other than the more I pay off the less interest and quicker I pay it off!! I dont understand how to work out the figures such as interest being paid etc either I have been overpaying my mortgage by about £100 a month and…

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Mortgage-free wannabe

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