-
Anyone saving to buy a house for cash?
I'm currently renting, no hurry to buy as prices are still falling here (NI). My rent hasn't risen in 5 years and isn't likely to, my LL is lovely, I like the house (though I would like a bigger kitchen). I have been reading the MFW diaries and, the more I think about it, the more I want to buy cash - or at least have as…
-
pay off mortgage with ISA funds
Hi, I hear of some people keeping a mortgage 'ticking over' with a nominal amount owed - is this really worth it these days? what, so the bank can look after the deeds (more than likely held online anyway these days), and also to put you in good stead for future loans? is that right? anyway, - erring on the side of paying…
-
Journey to the Promised Land.
Ok, here goes. I have been lurking for a very long time and reading your stories here have been more than inspirational. :T Bought our first house 2012. The mortgage £175000 whilst the actual repayment was £288000 over 25 years. Worked out that we are paying £20-30 interest a DAY! :mad: This really spurred me on to take a…
-
Our road to freedom
This is a bit of an odd one but bear with me... I currently own a 50% share in my shared ownership house. My wife isn't currently on the mortgage so it's solely in my name. My 2 year fixed deal ends in August 2014 and then we're hoping to get a new mortgage in both our names, for the full 100% of the house. At this point,…
-
Large Mortgage - Journey to a Smaller Balance
Hi All, I have lurked for years and always wanted to be part of this MFW community. Your stories are inspirational. BF and I completed on our 1st home in June and have so far made 4 payments. We did take out a rather large mortgage of £217k with a small deposit about 6.5%. We used the save to buy mortgage products. I would…
-
paying off mortgage over the counter?!
good morning all, i have a quick question that i hope you can help me with. i am looking to pay off my mortgage in full asap and when i rung up the Halifax to see how i can do this, they said i was unable to do it over the phone, however I can just pop down to my local branch and pay it off over the counter. i didnt even…
-
Join us on twitter for Mortgage free wannabe (and more) banter and fun
Hi everyone! In case you haven't seen it yet, we have a Community/Forum twitter account. @MSE_Forum It would be great to see you over there, we're talking about your mortgage-free dates right now. Let us know your original pay-off date and how much sooner you're due to pay it. If you have a MFW diary and are happy to share…
-
Smart way to pay off my mortgage?
Hi from a newbie but BIG money saving expert fan. I am expecting half of my mum's estate, looking to be around £125,000. My mortage has just over £78,000 on it and I want to pay it off. BUT before I do so, I womdered if there is a smart way to do it rather than just pay the money to the building society. I don't want to…
-
Being Weird: Lomcevak's long MFW journey
I'm not a Dave Ramsey fan, but i've always liked that quote. Over the last few years Mrs. L and I have been climbing the mountain of sorting out our finances, and a year or two ago reached the point where non-mortgage debts were all paid off, emergency funds were being built up, and the next great target started to become…
-
Mel's 10 years to Mortgage Freedom thread
Hi all I've been reading everyone's MFW diaries recently, and I'm feeling hugely inspired to get on the MF bandwagon. We bought our moneypit in August 2011 and have thrown a lot of money at it to renovate it and bring the interior from the 70's to the present day. It's not our forever home, but it's a nice stopgap until…
-
Steps towards making the dream a reality...
This is my third attempt at a diary! I've only started a new one as reading over my last one that was last updated in March, I notice I've just waffled which I know from reading other diaries doesn't help. The most encouraging diaries are brief, to the point and (hopefully) help others to feel motivated...so I'm going to…
-
Just got our yearly statement...
Hiya, I don't keep a diary but I read yours, just wanted to come on and show off this year's statement. Last year £35,224 This year £23,718 Whoop! We could reduce our payments by half and revert to the original 9 years left but NO THANKS! Keep at it everyone, seeing this statement has so made the lack of new…
-
Debt Collectors for Post Office Insurance
Deleted - wrong place. Sorry!
-
£192,737 mortgage!
Yes, the above amount is correct. I am working full time and have two children 11 and 8. At the minute I am on halifax variable of 3.99% for 27 years..which takes me to 68 yrs old...omg...sounds horrendous when I write it. I have managed this situation for nearly 5 yrs. I had my house on the market for 2yrs but no…
-
Freeing Up Some Money.
Hi all, not sure if this is the right section but my question is, I finnished my mortgage somtime ago and am coming up to retirement next year. We have no family to leave our property to so we woud like to release some money from it. Which is the best option?
-
When's it best to start over paying new mortgage?
Hi everyone, Just wondering if anyone knows the answer to this please as I am going to be taking out a mortgage soon and I'm looking to reduce the term by overpaying by my 10% annual payments allowance each year. Looking at the overpayments calculator on MSE I see that for the first couple of years not a lot is deducted…
-
Our Mortgage Free Journey
Hello everyone, i'm a long term lurker of this forum and all your diaries have inspired me to create my own. My OH and I took out a mortgage 2 years ago (Oct' 2011) for £155k. We have been overpaying every spare penny and today Oct' 2013 have a mortgage of £119k. We can overpay 10% per year for the term of our mortgage (5…
-
Is mortgage free still the way to go?
I read an old pre-GFC thread where someone suggested that interest only was the way to go. I think even today it still is under the right circumstances. As i see it the main reasons why are: - Most mortgages are say 20 years, you can over pay 10% pa (many mortgages you can in any case). So if for the first say 5 years you…
-
Dreaming of our forever home!
Hello! Have been a member on here for quite a while but only just plucked up the courage to start a diary! Better late than never, eh?!? So, as the title suggests this diary is about getting the mortgage down as low as possible so that we can move to our forever home BUT not have a huge mortgage. Would love to find that…
-
Help! I don't know what I'm doing!
Hi all, I haven't posted on here for ages. Really wanting to start to pay off our mortgage but I actually don't know how.... We have an Offset mortgage with the Coventry and will be able to pay off about £500 p/m soon and, hopefully, a big chuck of money in a couple of weeks time :j . I just need to understand: do we pay…