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advice please on what to do with my spare offset mortgage cash
got a first direct offset mortgage and after all my bills are paid inc personal spend i have £500 pounds left, now i need your opinions what to do with this spare cash, should i overpay my mortgage by this amount every month or put it an a first direct savings product and offset it against the mortgage. numbers are £112k…
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Mort Overpayments question
Hi I'm hoping that somebody can answer my query. I am currently on a fixed rate mortgage with flexibility to make overpayments. I have made some in the past but i've started to make more regular overpayments with aim to paying off mortgage much sooner. My question is does it make any difference to overpay now (whilst on…
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Officially beginning our Mortgage Free journey!
So peeps, it's official. We are debt free and now starting our mortgage free journey in earnest. A bit about me/us, we took on a gargantuan mortgage of £175000.00 in 2007, at the height of the market, at 95% on a three year fix. We were on a repayment initially, but a job loss caused us to drop this down to interest only…
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Who wants to move into my MFW - MSE street?
I want to live in a street with all you lovely MSE peeps. We could all go to Cosco and Makro and do bulk buying and share the costs. Lewis Lane:money:is the name of this very unique street. There is a lovely country pub that serves reasonably priced delicious food about 3/4 mile away.:beer: A bingo hall three streets away…
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It's Simple To Be MF
It really is common sense really, but are you prepared to do what I did ? There is no easy answer to becoming MF - just sacrifices for long term gain & happiness... 1. Purchased a house 15 years ago for £64,000 with £25,000 deposit. 2. Saved for the next 6 years - no holidays - no nice cars - no nothing - just worked hard.…
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should i overpay on my mortgage or save?!
hi, looking for some advise! my husband and i both have cash ISA's paying 2.5% AER, and our interest rate on our mortgage is currntly 2.5%. Having read martins guide, it would suggest that we should fill up our isa's before overpaying on our mortgage, however as they are at the same rate and interest rates are likely to…
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My MFW Long term aim
I used to post on this board a year or so ago and eventually became mortgage neutral that is that we had savings greater than our mortgage which were earning a higher rate than we were paying. Skipping forward we've now moved house and have a fairly large mortgage of £200k with an offset with First Direct and currently…
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MFW DannyG's MF Diary!
Hello Everyone! After well over a year of lurking and reading random MFW diaries, I have finally plucked up the courage/motivation to begin my own diary to push myself & hopefully gain help from the lovely people I have come across on these forums so far. :T I am going to over the next couple of days explain where I am at…
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housebound and very down
I'd really appreciate any advice on offer - our situation has spiralled after both leaving uni as mature students in debt, then due to promotion and unavoidable house move, taking bigger mortgage without taking our debt levels into account. Partner not able to find work straight away (OK now) and were already living beyond…
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1000 Ways to Pay,Pay, Pay
Inspired by others, and nagged by one or two on my diary thread:) Here I am reporting for MFW duty. I owe £125000 on a property worth (I dunno) because it was bought as a three bed,one bath and will end up a five bed, two bath - but here is where we (me and my two boys) aim to stay so its academic really. I have an offset…
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I am obviously a thicko...
Hi there, Just new here, wqs having a quick browse thru the site and was so blown away I had to join. The info and support here is gerat! I am really interested in looking at paying an extra €100 a month on my mortgage, but I am so thick I can use any of the claculators. Can anyone give me the most simple one out there? Do…
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Question about overpaying
Hi all, Im looking for some advice on overpaying on my mortgage each month - how do i do this? i currently pay £567 via direct debit,but could comfortably overpay by around £50 each month whilst still keeping some aside for emergency savings. im with Dunfermline building society with an outstanding mortgage of approx…
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Mortgage free by Dec 2019...we shall see.
I joined the mfi3 challenge and I have been thinking about doing a diary for a while to try and keep me motivated. Bit of background, we got the house in 1997 for 62500, since then we extended it and put the money onto the mortgage. I think it would be worth about 180,000 if we sold it today...not that I want too., the…
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having clear title is a bad idea
I heard of a guy who paid off all his mortgage and had a celebration with some friends Barely 2 months later some girl that had worked with him 10 years ago made a rape allegation, no doubt encouraged by greedy lawyers who hope to get a share of his house So is it really a good idea to have all your wealth tied up in a…
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Interest Only Mortgage
Ok guys, 1st post, so please be gentle with me! Have an interest only mortgage, and as our credit rating is beyond help for a while, so remortgage very very very doubtful for some time yet, just wondering what advice anyone can give us regarding paying off our mortgage early? We experienced unplanned events 4 years ago,…
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Mortgage V Tax
Maybe i am clueless even thinking this but my dilema is that I am payed just below the higer tax band and I am worried if I pay off my Mortgage the rent will be added on to my wage as earnings pushing me above the upper tax bracket . Would it be more cost effective to keep paying my mortgage or get the rent as earnings?
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New to Mortgage Overpayment - Advice Please!
Hi I am thinking about making overpayments to my mortgage, partly to reduce the term, but also considering moving in a couple of years so want to reduce mortgage if I can. I have: * 148,000 lifetime tracker @+0.79 BOE with unlimited overpayments term left 19 years * 84,000 2yr fixed rate @3.89 ends Aug 2012 can make 20%…
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Advice Needed
Need some help please. My wife and I have a Mortgage in negative equity. Our mortgage is £1000 a month My wife has been given the opportunity to study a course in Barcelona for 5 years. The course costs £50,000. for which there is a loan available to cover this cost. I would like to move to Barcelona for the duration to…
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Mortgage overpayments
I have two mortgages for the same property a repayment and an interest only (covered by an endowment) I have paid off money each month for the last two years but on questioning been told that only the repayment sum had been reduced and the interest only sum remained the same, and if I wanted to pay off some of the interest…
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Some wise words are needed
Our current situation: I have a £85,105.53 mortgage with Nationwide with an agreed redemption date of January 2036 (I’m 29 and the wife is 27). My original fixed rate has ended and I’m now on 2% above base which today means I’m paying 2.5% interest. The house at estimation is worth £110,000. The only other debt we have is…
