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Is it REALLY worth it?
My mortgage is £46000 with 22 years left, 2 years of that is 6.24% fixed rate. Would you say it is really worth a TINY overpayment per month and i mean tiny......all i could maybe manage was £10 over payment P.M Thanks rigs
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Opinions please
I've read this board for a few months now and have loved the inspiring mortgage free tales. Our own story is nowhere near as exciting. Current mortgage £190k (£60k repayment, £130K interest only). On a good two year fixed rate deal. Work is going well and I should be able to pay off £15k-£20k per year. My overpayment track…
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Sarah's morgage free diary.
Hi money savers, I have been a fan of this site for many years but never thought about coming hear. A little about me, i'm 28 And have 2 pre school age children. I had a My first morgage at the grand old age of 21, we had that at intrest only for 2 years. Looking back it was a risk but it ws a risk that paid of for us. Our…
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Help with calculations please
Hello. I'm relatively new here and as I'm moving house and it's the start of a New Year I want to get organised and get my mortgage paid off as soon as possible. As I'm currently on a fixed rate mortgage I'm transferring my exisiting mortgage when I move, the mortgage is for £55,035 for 18 years at a fixed rate of 4.99%…
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Downside to paying off mortgage
I'm in the lucky position of being able to pay off my mortgage. I have an offset account with EGG (which has been fantastic and saved me a fortune). The balance of my mortgage has now come down to pretty much the same as the savings I have been using to offset interest. So in theory I have no mortgage. I have no need for…
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Persuading partner to budget more
I'm a determined MFW, having remortgaged last year to save on an extoritionate mortgage with Leeds BS to one of First Direct's cheap mortgage (1.69%+Base rate). As a result, we are now bringing down our mortgage balance by £1k a month with 44 months left. That's the good news. However, my partner is a little less involved…
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New wannabe, cant wait to get started
Hi All MF Wannabe's Im new to this part of the site, but i've really been enjoying reading what other MFW's have been up to...Its quite refreshing that there are other like minded people out there wanting a MF life. A little background info - Promise I wont drone on, but do have a tendancy to waffle -Any whoo !! I live in…
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The Plan (pt2)
:eek:,The Plan (pt1) began in Jan 02. After buying Transforming debt into (my bible)I developed a whole new attitude to money. We snowballed our way into paying off £9k on cards and began saving for a hoped for baby and time off work. I had lots of lovely budget sheets and worked out we could pay our mortgage off in seven…
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Save Up Which First
Hi Folks K, which is better to save up first? The deposit (target £7k / £15k) Pay off the £2k mortgage left? Endowment £8.52 + £65/wk on tracker at 4.75% (ish) Thing is, I would love to move this year if possible. We can borrow a little bit of an advance off my inheritence from mum, so it could be achieveable - aslong as…
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Fixed rate ending soon
We're on a fixed rate with C&G which finishes in June this year, we currently pay about £780 with me overpaying by £70 each month, so £850 in total. When this ends in June, we should be paying about £650 a month according the the BOE base rate at present + any overpayments I set up. My question is, do I sign up to another…
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Tiny steps, might sound stupid!
Hi, New to this board ( I love this site! ) I have 48k left. have been making 99ppm over payments for last year, had to stop due to OH maternity and cashflow. Now I have 2k on the hip and was gonna chuck in in as another lump sum. Quetion is my mortgage goes back to SVR at the end of the month. Would it be wiser to pay…
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Dahlia's Mortgage Free Journey
Hi all, After being a lurker here for some time, decided to take the plunge and register. I have decided that 2011 is going to be the year I re-group, re-focus and take control! :T We have an offset mortgage, and bumbled along in 2010 without really paying anything off it:eek:. Not good! We also have an old policy due to…
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Peonie's journey to smart money management
I am starting this diary to document our journey to saving money to pay off our mortgage early and to increase our rainy day savings. We bought our first house in 2003 in the middle of the property race, as house prices were rising quicker than we could save a deposit we took out a 100% mortgage to the sum of £77,000. Two…
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Halifax Mortgage Overpayments
Hi all, very new to the forum in fact this is my first post. I have a mortgage with 21 years left. I want to start making overpayments of £200 p/m as this should bring the term down to just 10years! I have just registered so that I can access my mortgage online, I have the account number and sort code and would like to set…
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Overpay or savings account?
Hello everyone, After a bit of advice. We (partner and I) have just bought our 1st flat and already I'm thinking of how to overpay the mortgage! Here's the stats: Flat bought for: £140,000 Mortgage: £119,000 Mortgage rate: 4.39% fixed for 2 years We can afford to overpay the mortgage by about £100 - £500 a month and the…
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10 year plan
Decided to become mortgage free before i bought our new house back in September last year, i owe 200k over 30 years which equals £1100 a month.. I also put down 20% deposit I'm 31 and have worked out this can be done by the time i'm 40 :eek: which people say isn't possible which spurs me on even more. At the minute i am…
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Excited about fixed rate mortgage ending this year!
Hi all, I am new here and just wanted to do a new post as i am so excited about my 6.9% 3year fixed rate mortgage that is coming to an end this july. It means my monthly payments of £232 will drop even lower (as rates are so much lower at the moment) and i will be able to start saving more although i might decide to…
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MF, then what?
So I reckon it's possible to clear down what I have remaining in 2-3 years time (assuming I can stop impulse buying :) ) Realistically I have everything a guy could want but 2-3 years feels like a long time. Anyhow I'll be 33 then and my 2 bed flat will be worth about £160,000. What I'm wondering is 'what next'? £160,000…
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one small step for sushistar...
So... I'm an occasional lurker, and I need some advice, and I figured all you wise people were the ones to give it! We are selling a property and hoping to buy another. Our mortgage will hopefully go down from £213k to around £198k because we are moving to a cheaper part of the country. We will port accross our existing…
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Sepa seeks freedom
I bought my little flat in South London in May 2007. Although I bought pretty much at the top of the market, it was before the Credit Crunch, so I was fortunate enough to get an off-set mortgage tracking the base rate + 0.49% through N&P, with a repayment period of 34 years. Although I'm always very careful with my money,…
