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MFW - Starting my long journey
Although I have been a MFW & lurker for a long time, today is the start of my real MFW journey so thought I'd start a diary too to keep me motivated & focused .... :eek: Today seems like a good day to start...we have come into a little money recently and the funds cleared into our account today. :j Already today, we have…
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One payment to go :)
After overpaying for the last few years I have one more payment to go.... Come Monday I'll have no more mortgage debt!!:beer:
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Pay mortgage off or save for future house purchase
In a position where we would like to move, however what would you do with savings, either pay off as much as you could on mortgage (overpayments with Nationwide) or just save as much as We can for a future deposit?
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Daily interest and other questions
Hello, Ok just a couple of simple questions, that I have: How do you calculate daily interest? I have seen a few people list this and I am not sure how to work it out. Also What does, "DH", "OH", "DS", "DD" mean? (I think OH is other half) Thank you
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Overpayment - What would you do?
Hi I've joined this forum to seek the opinions of others on here. I've crunched the numbers for hours and hours, and no professional out there can give me actual advice. At the end of day it's my decision, so what I'm interested in is: What would you do in my situation? I own a house valued between £550K-£600K. My mortgage…
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The three year goal of getting on the B2L Ladder!
Hi guys, :j First off, got no experience of this - going to read around and find out but I don't even no HOW to over pay on my mortgage. :rotfl: They take a DD out...so. So straight to it here's the plan. Pay £150 extra a month off - now we aren't exactly well off so this might be quite hard but I recently started a little…
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Mortgage-free but paying tax for renting
I'm hoping some of you wise people can give me an idea of what to do with a lump sum of money. Our mortgage currently is around 110,000 GBP and we currently have 5 grand to invest. The snag is that we also rent out the house. Despite joint-owning and claiming as much as possible back on expenses, husband had to pay 350 tax…
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The Call of Cornwall
Hi All, I've lost hours and hours over the last few months reading diaries on here and I've decided its time I did one myself. If not for anything else, I'm hoping it will give me a bit more focus and motivation and maybe even a kick up my backside! A little bit about me and my situation I'm in my mid 20's, work in…
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How much can I overpay?
Hi everyone, I'm wondering if you could help me. I'm trying to work out the maximum I canoverpay each month. I am allowed to overpay 10% of my balance each year. ObviouslyI just work out 10% of the balance and divide it by 12, but is this based on10% of the balance on 1st Jan 2013 or 1st Jan 2014? If it helps I have a…
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How much will I save if i payed off my mortgage today?
Hello everyone. I am new to the forum. The balance on my mortgage (Nationwide) is £37,000 with 13 years left to pay (2027.) What is the calculation I need to do in order to work out if I pay the mortgage now? I am due a lump sum,is the outstanding balance £37,000 plus interest? The interest rate is 2.5% and my monthly…
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mortgage before anything else?
It makes sense to me, if you have a mortgage, the idea of paying this off as soon as possible. Instead of using the money for other things such as ISA or pensions. Is this the way anyone else thinks or should you be putting your money in various investments, instead of overpaying the mortgage?
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Hoggle's looong journey to becoming mortgage free!
Hi everyone! I have been reading through these threads for the last few months, looking forward to the day that I would start my own. After 5 seemingly very long months of waiting to complete on our first home, we finally got there on 5th February and moved in to our lovely new home :j We are yet to make our first mortgage…
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Paying off mortgage question
Hi all My husband & I are trying to get enough savings together to pay off our mortgage (a HUGE £179k). However, I have often read on here that it's advisable to leave a small balance owing on the mortgage to make it easier to release equity if it became necessary in the future. Is this the best course of action & if it…
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Mortgage Interest (Fixed Rate) up and down?
Hi This is my first post, apologies for being a noob. Myself and my wife got onto the housing ladder last feb (2013) and have just received our first annual statement from Lloyds. We are on a fixed rate mortgage not a tracker. My question is.... Why does the interest taken out of the payment each month not drop a little…
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Why do you overpay?
Hi all, I'm hoping to get some points of view from you lovely MFWers. I'm in the process of buying my first house and (all being well) am interested in making overpayments on my mortgage once we're all settled in. The mortgage will allow for overpayments up to 10% each year of the overall amount. I brought up the topic to…
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Dipping my toes...
I've taken the plunge and started a diary. Scary stuff! I believe it is customary to begin with some blurb, so here goes: My OH and I moved into our house in November. We had a small terraced house before, which required quite a lot of DIY (and was essentially a money-pit) and never really got started with overpaying while…
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Used to idea of never being mortgage free
My partner and I bought a 4BR semi in London 18months ago, pourring all our savings into it and still had to take a £800k mortgage. I realize this is high risk, as 75% of our net-worth is tied up in real estate. We are both in our early 30s and we have come to accept that we won't be mortgage free until we retire in 20yrs…
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Advise me please....mortgage free wannabes
Okay my mortgage started in 2006 at £215k It's now £160k I'm in a blessed position to pay £20k off my mortgage next month, but there is the question: "Do I leave my payment the same (post £20k) and reduce my term" OR "Do I leave my term and reduce the monthly cost" Help, which is better?
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My Journey to be mortgage free in 10 years.
Ive been lurking on the forums for a while and after reading lots of other diaries ive finally decided it would be useful to start my own. Im 26, DH and I bought our house 3 years ago, borrowing around £135,000. Having only brought this total down by about £7,000 in those 3 years we recently decided to start overpaying.…
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Which Mortgage to Overpay First?
Hi, I have two mortgages on my house. One which I ported over when we moved, and then a second which we took out to 'top up' the amount needed for the house purchase (called a further advance mortage). The original mortgage is £88k and on Nationwide's 2.5% BMR, the second is £93K and on a 2.89% fix (after this going to…
