-
Overpayment help
Hi everyone, i am trying to work out my over payment plan, we currently owe 55,000. We have 8.5 year left to go. Our monthly payments are £245 but we are paying £500 a month. We have an endowment fund valued today at £19700. If i use a mortgage calcu Ator can i just subtract the £19700 from the £55000. Any help
-
Newbie MFW
Hi Guys, Just been reading these storeys of peoples journeys to be mortgage free, and figured i would share mine too. I got my mortgage in June 2006, and back then it was £98,000 and i was on a fixed rate for the first 2 years. After that finished, I went onto a base rate +1.25%, this ment my payments went down, so i…
-
advice please
Good morning I was wondering if you guys could help me. We have recently bought a house (waiting for exchange if contracts so not quite yet). With the deposit, legal fees and the fact the house needs A LOT of work we are skint:o We have £1965 loan left and £1900 overdraft that we want to get out of. My question is that…
-
Making chicken feed of my mortgage
Hello :wave: After reading lots of inspirational MFW diaries I have decided to start one of my own as a record of my progress and to keep me motivated. When we relocated to our current house 4.5 years ago we gained a bedroom but more than doubled our mortgage:eek: Luckily Mr MWC had a very generous 4-year relocation…
-
Crooks
It really annoys me that I've been stuck on this crap 5 year fixed rate for 5 years now at over 5.6%. No that it is finished I will move onto a variable rate which was promised to be no more than 2% above the base rate, low and behold it is moving to exactly 2.5%!! :mad: Why say 'no more than' in the first place'!!! Usual…
-
advice please
Hi, this is the first post I have written on here… so hi folks! I’m looking for some help and advice if possible. I’m writing about my dad. He is 56 and not in great health. He is disabled, lives off benefits (I help him money wise if he needs it) and he owns his house with his ex – partner. They have been split for around…
-
Currently mortgage free but considering taking out a mortgage
Hi All, I have been mortgage free for several years. Both my wife and I have continued to work and during which time we have managed to save a considerable amount of money. We live in a three bed house but as our children grow into their teenage years we are now considering buying a larger property (holding onto our…
-
Littlefred's bid for mortgage freedom!
A seriously long time lurker here who has finally decided to give this diary malarkey a go! I'm 27 and its me and my 2 cats in the house and I see this staying this was for the foreseeable future! I bought my house in July 2009 with the mortgage of £103000 finishing in July 2034 and a loan from the bank of mum and dad as…
-
Welsh Mam on a mortgage free mission
Good afternoon all! I have been reading these boards for a while and decided to start my own diary in order to motivate myself. I'm 41, married with two kids and a nutty cat. This is my second time around. We paid off our mortgage a few years ago. So why am I here I hear you ask. Well, we decided to move to a bigger house…
-
Can pay off mortgage now, but should I leave balance of £1.00?
Finally we can pay off our mortgage - hurrah! - so I plan to do this next week. We have a Nationwide flexible tracker, which is fully flexible and allows you to pay off as much as you like - but then keeps the overpayment as a 'pot' in case you want to draw on it again for any reason. The payments are IO anyway, so if I…
-
Lucylemas Mortgage Free Diary
Morning! After starting threads before about being mortgage free, today is officially day 1 of my mortgage free journey... Day 1 My mortgage is around 43000 which I would like to be rid of as soon as possible. So today I am going to make an overpayment of 365.00.. Hopefully this will be the first of many of overpayments
-
I want to remortgage but don't know the value of my property
I had a quick look at whether it was possible for us to remortgage today. Brief overview is we bought our house for £123,500 in 2007, current mortgage is £98,500 and obviously house prices have dropped since we bought it. Have spent £6000 on a new kitchen and £11,000 on a new conservatory since buying the house. First…
-
High risk of subsidence area
We recently exchanged on a property. I told the solicitor I had not arranged insurance but she said it didnt matter until we completed. So I said ok to carry on with the exchange. After she had gone off the phone I tried to get house insurance but I kept being refused the reason being it was in a ,high risk of subsidence,…
-
Reduce term or overpay, which is best?
Hi all, new to the forum so I hope this is in the rightplace and not a daft question. Wife and I are in our late 30s and have a mortgage of £189kand a second mortgage at a slightly higher rate of 22k (house extension). We’vejust reached the stage where we’re finally saving some money each month and aredesperate to reduce…
-
I can't wait to join this forum!
Hi everyone, I have been reading so many inspirational stories on here about people paying their mortgage off faster than planned and I can't wait to join you all. I have a few debts that should be all cleared within the next seven months (all going to plan) and I hope to be joining this forum then. Until then I will keep…
-
Small Steps To A Bigger, Brighter Future
I've been a regular on the site for almost a year now posting in my DFW diary. Recently I became debt free and so my next financial goal is to melt my mortgage. But, this journey isn't just about my mortgage. I'm currently 41 years old, and fairly happily single. I am currently living alone, and I do have to admit that I…
-
Tiredredheads stop procrastinating MFW diary
Well here goes. I have finally decided to start a MFW diary after too many years lurking and some half hearted attempts. We are myself 36, DH 40, DS 16 and DD 13. We partly own, with the bank, a nice house in a nice area, so no concerns about moving any time soon. Just about to remortgage as we have every 2 years for I…
-
HappyCamel's MFW while SAHM journey
I'm starting a diary to keep us on track while I go through my second lot of maternity leave in 18 months and then become a stay at home mum. To summarise our current situation: We have 2 houses One we let out for £30 less than the mortgage cost. The mortgage is on a 10 yr fix with 8 yrs to run so we can more or less…
-
A great start @ 3.09%
Ok, So we are new to this forum but very keen to become mortgage free.. We currently owe £165,000 and will be fully paid up in 2045. (32years, 8months) and our LTV is around 75%. Im 31 and my partner is 29. We both work full time and have one son. We have just signed up to a fixed rate (repayment mortgage) with Santander…
-
I've lost a digit!
My outstanding mortgage balance has fallen under the £10k mark, it now starts with a 9, and soon it will start with an 8, and then.... Not only can I see the light at the end of the tunnel, I can read the writing on the engine of the train heading straight towards me, and in beautiful writing it says.... 'All aboard the…
