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Cannot wait to start my MF travels :):)
Hi all, I've came accross from the DFW section and am in awe of all of you are are on the road to become MF :) Fantastic :) A little about me, i am 34 married with no kids (at mo, but beginning to try after August as have a few holidays before then). I have two properties (a house i let out and an apartment i live in -…
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overpay or wait for rate drop?
Hi our repayment mortgage 5.6% fixed rate is due to end in Jan 2013. We have been overpaying around £2000 a year on our mortgage and looking at the statements it hasn't made a lot of difference to the balance. we want to over pay £500/month for the foreseeable future but are uncertain on the best way to go. with the rate…
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Will i regret not doing it the MFW way?
My mortgage has stood at the same amount for 5 years now. i keep finding things to divert any money i have into. i always say they are capital investments and will either provide me income or just increase in value over the years to come.- --i am not making any in roads into my İO mortgage which at the moment is on a very…
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Spend or Save?
Hi, I have a question and would appreciate some unbiased opinions. I am married with 2 young children, I work full time and my wife works part time. We are in our mid 30's and have paid off our mortgage and live in a 3 bed semi worth around £195,000. We have been saving hard now for our next step up the property ladder to…
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The long journey to freedom, best pack a picnic!
Hi, I've just made it over from the Debt Free Wannabe board, but have been visiting here for a few weeks reading all your amazing stories. In the past DH and I were quite sensible with money but goodness knows what's happened for the last 10 years! Anyway, it's time to finally grow up and take control. We have an interest…
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Financially feesible to exit mortgage?
Hello, I was wondering if anyone could help with this one... I was nieve to sign into a contract 3 years ago which tied me up to a 5 year fixed at 7.25%. Why I signed up to that, to this day I still do not know! My mortgage balance sits at £106,000 +/- and I am still tied into this mortgage for a further 2 years. I put…
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Need help to work out MFW date
I started my MFW journey in November 2011. Mortgage is due to end in February 2026 (in 165 months!), but I would really like to be Mortgage Free at least 4 years earlier. I am not very good with spreadsheets and have a very simple Monthly Ingoing and Outgoings Excel spreadsheet which I use. I have taken a look at some…
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Not very financially astute but would love some advice on savings vs mortgage
Hi :) I have a variable mortgage (approx 110K) which I would love to be free of. However, i'm not sure that it makes sense to pay it off. The interest on it is 1.50% whereas i'm getting 3% interest on my ISA so am I right in thinking it doesn't make sense to move my (£6k, hardly earth shattering) savings there? But then I…
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Some overpayment advice please
Hi there I'm currently overpaying my mortgage by £150 per month £26k over 23 years remaining at 3.99%. I've worked out that it's better to pay the mortgage rather than saving, although I do save some and have a rainy day fund just in case. I often think that £150 into the mortgage whilst being good and paying it off early…
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Being MF or investing ?? Your thoughts please......
A bit of background....I used to live in a house in a run down area, after years of pressure from my mum (who is 80 and I think want's to make sure I am ok as I am on my own) I moved into a new build. Absolutely the right decision as it is lovely. Anyways, I have gone from being MF to having an £80k mortgage...eek.... My…
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MFW for 2021
Spent a bit of time reading the posts on here the past week, and finally got the motivation to actually call the mortgage company. My MFW journey starts today! I'm currently 31, and my aim is to clear the mortgage by age 40. Unfortunately, we bought our house late 2007, so it's a big mortgage to get through. Shortly after…
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Dream of a beautiful country house... Help please
Hi all I've lurked on this board for a while now and have made the decision to look at my finances and try to get my mortgage as low as possible truth is I don't really know where to start! I'm not brillant with money although am better than my hubby, it just seems a much as I try to save.... Something as most people find…
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Mortgage Gift.
Hello, I currently owe about £40,000 on my mortgage . My brother overseas has offered to pay my mortgage off for me as a gift. Ooo yes lucky I know! I currently earn about £24,000 a year. My question is if I just pay the mortgage off will I have to pay extra tax or anything ? (Ive checked and there is no fee from the…
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Saving £100k for mortgage, living a simple life
I had another personal light bulb moment in April of thisyear, and I realised that I had paid off the current mortgage, but I had kindof burnt out. My priorities in my head(my family, our health and happiness followed by our future financial needs)were just not being translated into my daily actions. I was focusing too…
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Grrrrr, so near and yet so far....
Over the last few years we've been doing a combination of saving and overpaying the mortgage. Our mortgage is a tracker at BOE base rate plus 1.99% so is nice and cheap. Our cash ISAs earn more in interest so we fill those up in the first few months of each tax year and then overpay after that. We also have a small amount…
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Mortgage stoozing?
I've just been offered a 12 month 0% BT deal from one of my existing credit cards, with a 3% fee. My question is should I take the £15000 cash transfer to my bank account and overpay my mortgage immediately by that amount and leave it for a year, before retrieving the money and settling the credit card debt? My initial…
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87 months and struggling
Hello, Well, after lots of delays and uhming and arrhing we decided to reduce the term of our mortgage last October from 20 years to 10. In addition we opted to make the maximum overpayments. The aim is to be mortgage free in 7 years. Whilst it looked okay on paper, we are seriously stretched, everything is cut back to the…
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Pros & cons of paying mortgage off early? Advice please
Hi everyone, We are going to be able to pay our mortgage off in the next few months. We are looking for advice about the pros and cons of doing this, as the lender charges fees for early prepayment (possibly £6000!). Should we just pay a % off. Any advice greatly appreciated to this novice! Thank you.
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where do i want to be in 2 years?
İn 2 years i will suffer a significant down turn in my income--i will go from an income of 1700 down to 1000 in the uk. i have a mortgage of 55k on my uk home but own my foreign home outright. i have a business abroad that covers my living expenses but it is sucking in all my uk savings as i build it.---i dont ever seem to…
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Will [hyper] inflation make this pointless?
There is a lot going on the world and the eurozone is "tearing itself apart". A bit of inflation will quickly make our mortgages seem smaller, and hyper inflation will make it irrelevent.Can you imagine a world when a loaf of bread costs #100,000? I dare say that in Germany in 1921 people could not imagine this. Does…