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What Percentage of Disposable Income?
New to the MFW thread and have started on the path to the end of the tunnel...I can see the light too! I was wondering what others thought would be a reasonable percentage of disposable income to put towards mortgage overpayments. After my monthly outgoings, I am left with approx £1500 to cover groceries etc. I have…
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Would love to be mortgage free but...
I would love to be mortgage free but I know that is a long way down the line so my current aim is to get my current mortgage down to £120,000 by the time the fix ends in two years time. We currently have a mortage for £129,000 so would like to get to a nice round figure - not to mention LTV which will be 70% by the time we…
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Overpayments in 1st year is it worth it?
After having awful problems getting a mortgage agreed last year I finally got one on the 3rd attempt. It's a fixed rate for 2 years, it's not a fantastic rate or mortgage but I was running out of options and it was a case of taking it or losing my home due to divorce. Anyway, I have recently finished paying a monthly…
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Starting the mortgage free path
Like many people I've been a lurker on these boards for a while now and after reading some other diaries I've decided to take plunge and start on the mortgage free path. Me and my girlfriend bought our house in May 2009 with a 25 year mortgage of £155,590 on a 5 year Alliance & Leicester fix at 3.99%. Monthly payment of…
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Ramjet's Mortgage Free Diary
Hello all... I'd like to sign up and be a Mortgage Free Wannabe! My circumstances are... Current Mortgage was taken out in 2008 with the West Brom. A 10 year fixed rate mortgage at 5.59% (I was convinced interest rates were going to go up at the time! - D'oh!) Mortgage term was 14 years, 6 months, paying £809 pm…
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First step, in the long road to being mortgage free.
We bought our first house in July 2010, and being intially quite clueless about buying a house this forum was quite useful in helping me out. It was reading this forum that gave me the idea of being mortgage free, so I thought this would be a good place to keep a record. From the even before buying the house, the idea was…
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First overpayment
Hi All, Have made my first overpayment this month (£200) and boy does it feel good. If I can do the same every month, I will reduce term by a good 10 years and save thousands. It's been really interesting reading all the posts - very motivational. MartyBoy
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Hello from the haddock
Hi, here's my story. I am older than 30 but not yet 40. I have a great house, family, job, lifestyle... and a great big mortgage. I want to keep the family and the job but am not so hot on the mortgage. The lifestyle and house are negotiable. I am a little nervous about going any further...
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Sell Buy to Let to Pay Off Own Mortgage??
Hi, I'm in the lucky position to have a Buy to Let that has some equity. With interest rates probably going to rise over the next year I am considering selling my BTL and with the money from the sale paying off my own mortgage. The BTL currently brings in about £450 a month profit so it is good earner but this will be…
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Overpaying question
I changed my monthly payment from £1175 to £1200 on my mortgage – is this classed as overpaying?
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misscousinitt's MF Diary
Hi all I have posted on here before about becoming MF, but not alot was done as we had the wedding last year and that seemed to take up most of our time. We are debt-free, have savings and have a tiny mortgage compared to most (approx £19k) - but on a fixed rate of 6.29% until June 2012 - so not a huge scope for…
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Pay off mortgage or invest?
Hi there, I have been a long term user of the site ,but have now decided I could do with some advice. Quick bio ,same job 25 years recently paid off all debts loans etc ,only now have mortgage outstanding. I will soon be in a position to either pay off my mortgage of around £50000 with my retirement lump sum which is also…
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25 long years to go...
Hi all, I am not sure this will turn into a proper diary as I have a long way to go and am a bit lazy. ;) I completed on my flat on 31 January and made my second payment on the mortgage today. I have not got the greatest interest rate going (6.99 fixed for 5 years) but I was a first time buyer, with only a 10% deposit and…
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To OP or not
We have an offset mortgage with NatWest on 3.75%, 17 years remaining. Originally taken over 20 years due to not selling old house before moving-now sold so current balance £34500. Fully offset & other savings, so not paying any interest. Monthly minimum payments £250. (currently paying £322 by DD-last changed it when we…
