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Mortgage free 20/20/20
Hi everyone, I've just got an Offset mortgage with Santander at 3.19% above BBR. My long term aim is to pay off our mortgage before 2021, giving me just under 10 years! Or my OH 40th birthday (I say mine because my OH would prefer to spend the money now;)) We've remortgaged for £182K and have £10K on credit cards at 0%.…
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MFW Single or Married Poll.
My first thread and I thought I would gauge the question of how many of you are single vs. married. I suppose I could add more options, but for now just thought I'd limit it to these two choices. I would venture to guess that most MFW are single.
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All the small things - tell me what you have done to be MF today
Over the past few weeks i have been noticing more and more in diary threads the frustration people are feeling trying to find overpayments when so many prices are squeezing our budgets. We've done the big stuff, sold our unwanted things, changed suppliers, slimmed the budget, but we still don't feel it is enough. I'm…
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Overpay or save
Hi, Looking some advice from the more experience peeps on here.. I bought my first home last summer. Half my street are private owners but the ones down my end seem to be mainly housing exec. I've had problems regarding very noisy neighbours from the house next door. This is another story but I'm trying to give an overall…
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Overpay on mortgage or credit card?
Hi everyone a genuine question of which i thought i knew the answer to. This month will be hopefully one of many where i will have a little left over to overpay. my situation is this, mortgage 99k over 19 years on a base rate plus 0.5 i also have 4000 on a credit card interest free with 15mth remaining. Now i always…
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Not sure if I qualify for MFW
Hi I have a mortgage with First direct taken out Dec 2010 (70K) over paid each month and now owe 46K. I am off setting 46k with FD so I don't pay any interest and just transfer 1k each month to pay the mortgage. I feel mortgage free but I have the knowledge that if need be I can tap into this offsetting when my 20K saving…
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Why mortgage free?
I've just come across this forum and can't help but wonder why everyone wants to be mortgage free so badly? Sure, I can see it being a good feeling to be debt free and own your own home outright. But given such low mortgage interest rates over the last 18-24 months and a recovering stock market it surely made more sense to…
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Overpaying mortgage with LLoyds TSB?
Hi Is anyone else overpaying their Lloyds tsb mortgage? (Cheltenham and gloucester?). I've just called up to check what effect the overpayments we've been making over the last year have had, and am bit disheartened. I had a fancy spreadsheet and assumed we'd be saving on interest for the rest of the term, but it looks like…
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Boe interest rise
Hope someone can help clarify things for me. My friend has asked when the BOE rate rises, say she is currently on 2.99% and the BOE rate rises 0.25% will that mean her rate will rise to 3.24% or does it just depend on what the bank feel like rising it to? Hope this makes sense. Thanks
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Wishing your life away?
Hi Folks, I have been lurking for a while and been watching countless threads about mortgage free journeys. After I get married next year I am also going to start my mortgage free journey. I currently do not have any debts and ive never been a frivolous character. It seems the norm for people on the board to OP their…
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been given a cafe. How do i fund it becoming a house?
Hello, My mum has a cafe which has been shut down and she has spoke to planning department who have said there shouldn't be any issues around getting it changed to residential. Problem is, I dont really want to stay in this property. My children are settled in a fantastic school. we guess it will take between…
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Pay intrest yearly or daily
I have write a similar msg on DFW board by mistake but not been moved so will try again. My intrest is paid yearly and it says that if making OP's that the balance will go down but intrest won't go down till the following year which will be dec 2011. I have rang and they say I can change to a daily intrest, would this be…
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Mortgage Deal Fee?
My first post! I have 123,915.15 remaining on my mortgage ... I am tied into my current 6.59% fixed rate deal for another 40 months. This is at £761 a month with only £90 being paid off the capital!! Bahh!! SO....I am thinking of buying myself out of this product for £5000 and going onto a different fixed rate mortgage of…
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Overpaying Capital on Interest Only or Switch to Repayment, Help!
Hi, sorry new to this so apologies if i've posted this in the wrong place...question about overpaying mortgage. I have a 140k Mortgage on variable rate - interest only, currently paying approx £300 p/month... Later this year my situation should change so that I can either switch to repayments or continue making the…
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Pay it off or not?
I have £16k left on my mortgage and my 3 year deal finishes in a couple of months. I am able to pay it all off and be mortgage free if i want to. I have been advised by a family member to carry on with the mortgage but reduce the amount owed to £1. They said the bank would then keep all paperwork/deeds etc for free for as…
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Newbie needing advice please.
Hello everyone, i've been viewing this site for along time but never got round to registering. I need advice with the following matter please. I've been on a 5 year fixed rate mortgage at 6.49% (yes i know, i missed out big time with the recession,:() that is due to end in July this year. I'm already overpaying by £85 a…
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Capiyal Gains advice needed please
Help needed! This is a long story cut short...My dad has a property in another city to me he helped me out 7 years ago and brought a property for me (as i couldn’t get a mortgage) by remortgaging his property for a further 85k, we don’t think he will get an extension on his mortgage this year as he has reached the age of…
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pay off mortgage asap!
When our fixed rate finishes at the end of June we will owe £60,000. We have been using our savings to overpay and will have about £15,000 left which we want to keep for any rainy day emergencies. Can anyone advise me whether we should have an offset mortgage or should we just make overpayments to get it paid off asap? Our…
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Feels like an impossible task...
Hi everyone, I have been reading the forum posts here for over a month now and have decided to take the plunge! Ok, this is my situation. My husband and I brought our first home in September 2007 for £250,000. Minus our deposit, our mortage was £212,500 for 25 years. We are 28 and 29 years old with no other debts (so far)!…
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Mortgage porting math & overpayments
Hello - I've been merrily overpaying my mortgage this year. Having just talked through "porting" with the bank, something we'll probably want to do around 7-8 months from now, I`m not so certain I should continue overpaying. Fresh pair of eyes appreciated :beer: Background * Current mortgage £180,000 @ BoE + 1.49 (tracker)…