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saving £100,000 ten years to utopia !!
Having revived my old user name and password I am going to begin the process of paying of my mortgage in ten years. The way im doing it is perhaps a little bit different to over paying I have decided to save along side my mortgage Being mortgage free by the time im 41 would be a dream but i hope an achievable one. Heres…
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Pay off mortgage or not pay off
I am in the lucky position to have some cash spare. I currently owe 151k on my mortgage and have about 80k available to spend. My House is worth 180k. Im thinking of moving and using the cash plus equity to upgrade house to approx value 270k. My current mortgae deal runs out in March 2012 with early repayment charge of 3k.…
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Best way to turn £10k into £50k to pay off my mortgage?
I have managed to save £10k over the last few years and hope to pay off the £55k left on my mortgage and become mortgage free. The problem is I am currently £45k short! I am looking for ideas to turn my £10k into £55k!! Currently got it in shares, I have dealt in shares for over 15 years so know what I am doing but feel…
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Help me figure this out....MFW
Hi Folks I read all the posts on here with great interest - basically here is my situation: Mortgage outstanding circa £42,900 with a term remaining of about 10.5 years. Current mortgage payment is £427 per month as I am on a tracker rate that comes to about 2.79% - this finishes in September at which point I would imagine…
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Claires MFW diary
Been so inspired by other people diaries, have decided to post one of my own! I like the idea of getting rid in 100 payments, so that's going to be the target. Next month will be month 100, then I can count down after that. To do that, I need to overpay around £675 per month - eek! Doing well so far, but have ended up a…
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New Member to thread!
Hi everyone Have been lurking for months now, so thought it finally time to post. We took out a mortgage in 2007 for £241K over 35 years - yes I know a very long term, but we planned to pay a lump sum off quickly once our house sold....however we were victims of the property slump and it took almost 2 years and a big drop…
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Am I doing the right thing overpaying please
I have a £95000 mortgage with nationwide on 2.5% bmr. I have just upped my payment to £1000 from regular payment of £497. However this has left me with regular outgoings and £250 for regular savings i.e xmas/car maintenance and only £100 to go into a cash isa. Should I have built up my savings first or maximise payments…
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Who holds the deeds on a mortgaged property?
Hi peeps, On Monday DH & i will be going to the lenders branch to pay off the balance owed on our mortgage :j:j The question i have is who is holding the deeds? I assumed that it would be the lender but they tell me that it would be the solicitor who dealt with us during the sale. I am aware that everything is done…
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New MFW
HI all, I have used this website a couple of years ago and since have had a crazy couple of years, having had a spinal fusion June 09 and am still not back to work as having a few problems with back issues!! So my husband and myself have had a rough time of it with money etc, but we dont have loans or credit cards etc, so…
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Seafarers_Wife's MFW Diary
Hiya Well I finally get to join in properly on here :D We have had an offer of 60K accepted on a house that needs loads of work doing to it, re-pointing, central heating being installed and lots of other bits. We are hoping to do most of it ourselves with family and friends help but will be getting the professionals in…
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What should be the average age of being MF
What should be the average age of being MF? Am 31 and still got 24 years left on my mortgage but am hopefully making loads of over payments so that should bring it down
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What to do??......I'm confused!!!
Hi, I have read some of the threads on here with interest, and thought I would look into overpaying on our mortgage, whilst we wait to move home in approx 3 years when our DD has finished GCSE's etc. Both myself & OH work full time in secure jobs & looking at our household expenses I was playing with the idea of saving…
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Interest Only to Repayment...my rights to cancel, if any?.....
Hi I have been on an interest only mortgage for the last 3 years, of which my fixed rate has finished and I'm now on the SVR. After paying over a quarter of my loan off in one lump, I decided it was best to go onto a repayment mortgage, I had to sign and pay a fee to do this. 24 hours after doing this in branch, I realised…
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What to do?
Slightly off topic but I currently have a smallish mortgage of £36,000 on a property valued at £260,000. The mortgage has 14 years to run and is on a tracker rate. My current replayments are around £290 per month. The mortgage package allows me to pay off what I want with no penalty fees and I can clear the mortgage as…
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Viola's MFW Adventure
Hi everyone, Firstly, thanks to you all for inspiring me for the past year to be MFW - particularly cha97michelle, earthgirl and courgette. I have been reading this forum daily and could not have achieved what I have so far without being encouraged by everyone on here. About me: I am 29 and I live in a house with my…
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Am I being thick
Right I must be being stupid or missing something here... I have huge mortars £172k and 15 years to go. Married, twins and reasonable income. Just moving to nationwide 5 yr tracker which you can over pay and leave at any time so really flexible! If I pay in all my bulk savings when we move to Nationwide in May 2011, say…
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My brand new diary...any help welcome
:jmy current mortgage is £95000 on nationwide 2.5% bmr. For the past 6 months I have overpaid the regular amount of £497 up to £700 month by regular payment. I was going to put my full isa allowance away for this next financial year but have decided to increase mortgage payment to £1000 month from next month (I find this…
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Mortgage Overpayments
Hi I've just been reading the small print of my mortgage and it says about overpayments: During each FY you can make lump sum and/or regular overpayments that will not incur an early repayment charge or an admin fee providing that (1) each lunch sun overpayment is not less than £500 and (2) the total amonut repaid does not…
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My MF Dream... be free of the shackles by 40... 117 months to go
Welcome to my new diary which I hope will keep me on track to acheiving my dream of being mortgage free by 40. I have 117 months to clear 110k. I aim to save and make as much money as possible during this time without comprimising my families standerd of living. To be honest we could clear an awful lot by having no…
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Early repayment charges - should I take a hit now?
Hello, I wonder if someone better at figures would be able to help. I am in the first year of a two year variable rate mortgage at 2.79% above the base rate (2.79 + 0.5, rate currently 3.29%) paying approx £400 a month. I want to overpay but can only do 10% of total mortgage (£95,000) for each of the first two years…
