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Mortgage-free wannabe

Archives for March 2011

Would like to be a MFW
Hi There I'm really trying to be a MFW, but hubbys not for it, can't see the point, even when its staring him in the face about how much we could actually save in the long run. I've already overpaid some of the mortgage, but with OH's help I know we could do better, anyone else had this problem and how did they get their…
ISA, or mortgage overpayment?
Apologies if this one’s been asked before, or whether it’s better off on the savings and investments board, but maybe someone can offer some thoughts as to my current dilemma of ISA vs overpaying the mortgage.... I’ve currently got 2 years worth of ISAs (so c.£7k) with Santander, now out of their bonus period, and…
Determining ratio of interest vs capital in a monthly payment
Can someone explain why BS and banks seem to structure mortgages so you eventually are paying capital only. I can understand it if you are on a fixed deal and are tied to your lender. Other than that specific case, my simple take on the situation is that a larger debt equates to higher interest being earned. Thus, never…
How do you overpay?
This may sound like a really daft question but how do you overpay on your mortgage? I know I am allowed to overpay up to £500 a month with my nationwide mortgage and my plan is to overpay whatever I have left in my bank account at the end of each month. Do I have to set up a direct debit with nationwide which will be…
Drip drip drip feeding the mortgage
Yes, it’s another MFW diary.!! I have been a sporadic lurker over the last few months and have periods of being inspired and then periods of hopelessness, wondering how I will ever make a dent into our mortgage. So, here’s our story and hoping I don’t bore anyone to tears. A little about me and Mr tjp70. We are living in…
Newbie MFW
Hi everyone. Read this board with great interest and finally find myself in a (hopefully) good position, said with a big hope I'm not tempting fate! Anyway, my journey will start on 1st May when I move my mortgage to FD - I've taken a new 5yr fixed rate deal of 3.89% (wanted the piece of mind of a fixed deal, which I've…
Keeping motivated in real life!!
İ have set myself a target of 3 years tough saving--i am 48 and have spent my life denying myself 'extras' and i am getting to a point in life where i am lacking techniques in my day to day life to keep enduring the slog!--Can anyone pass on some practical words of advice for living a fullfilled life while watching the…
Made it! \o/
I never really officially signed up for the list of people here wanting to pay their mortgage off but I was always there in spirit. :A 7 years after getting this house, I've turned a scary £83K mortgage with 16K savings into a 44K mortgage with 44K savings. So I am now (technically) mortgage-free! :j I've been very…
mortgage free by april 2014
İ have finally decided that i want to be set free from having a mortgage! i have been saving but funds have been getting diverted into a second home i have abroad but now i must stand firm and get to the bottom of my principle residence--55k mortgage on 2pc svr IO--i had an endownment mature a year ago which has provided a…
Mortgage free by 2014--the first step!
İ have finally come of the fence and want to be free of uncumberment of a mortgage by mid 2014--so far in the normal scheme of things i have been able to save 22k at a rate of about 1k pcm--just another 32k to go til i am able to clear the total amount--i have a svr 2pc mortgage but currently get 4pc less tax on my…
Agile's quest to be MF - The journey begins
Hi all, Have been lurking on the forums for some time and get great inspiration from reading other diaries. I'd like to start my own one - hopefully when I look back through my diary I will have made some progress to clearing our mortgage down. My wife (24) and I (27) bought our current home for £116,000 back at the height…
My Mf Journey
Hi All, I love reading all your posts's at the weekend, and know we could do more but i love travelling and dont want life to have passed us by and spent my time saving every penny am i on my own ?? Here's my story and bit towards being mf First home bought 1990 £38000 endownment (claimed 4,500 misold) interest only…
mortgage advice
hi, just doin some calcs and lookin at figures... need some good advice... lookin to move in the next 'four' years... will be debt free under a year if all goes to plan...so to get a better chance of house would you part save and part overpay to reduce your mortgage outstanding to have money saved to put towards the new…
Over payments when on a fixed
So at the moment we owe £206,800 and are on a fixed rate :( of 5.45% which comes end in March next year. By complete accident we discovered in January this year we could have been over paying by £500 a month for the past 4 years :( but we have done so ever since. So when the fixed rate comes to an end we'll be £400 a month…
Advice pls: which way to drive a windfall?
Hi all, Bear with me, on this. I am heading for a windfall of almost £30,000 :kisses:. Probably for the first time in my life, I have decided to do the right thing and look at my debts. I have two houses. One is in London, 135,000 mortgage, which due to work circumstances, I have had to rent out. Income is apr 300 after…
What have you done / plan to do after you become MF?
Just thought it would be a good idea and inspirational to hear from people who have managed to become Mortgage free and what they have done with their new found financial freedom!? or What you plan to do when you become Mortgage free? :D [threadbanner]box[/threadbanner]
Perkipsie Diary of MFW
I’ve been a long time lurker here at MSE, following many peoples tips, ideas and diaries and have finally kicked myself in the bum to not only get on an deal with our finances but attempt to document to keep myself on the straight and narrow. About us : My husband and I have been married 4 years, have one child between us…
I'm in a Muddle... To Save or to OP?
Query no longer applicable.
Advice please ....
Hi All, I am currently paying off all my debts and trying to repair my credit. By the beginning of May I will only have one outstanding debt. A loan which ends in Feb 2012, at 2.5% interest 450pm. I have a BTL mortgage with Chelsea BS interest rate 5.8%. It is off the fixed rate and on variable now so payment is 759…
Newby with question :-)
Hi peops! Have been following posts on the debt free wannabe section which spured me on to clear a £6k Halifax cc debt I have held foreverrr. Now nearly at the end of that road :j so I thought I would turn my attention to becoming a mortage free wannabe! Basically would just like to pose one question to you and it is as…

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Mortgage-free wannabe

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