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Mortgage-free wannabe

Archives for May 2014

opinions wanted about wana get a house
Hello This might be and sound stupid to post here but I wanted to get some opinions and maybe some one can help or at least suggest what I should do. Its hard to know where to start my dad earns alot of money and to date he owns my sisters house and about 80% of my brothers too they own a large house I live in and just…
Help
I have split with partner and have 156000 mortgage 16 year term I only bring 18000 in to the house and currently paying interest only i don't even know where to start as I know my income is not enough to cover the mortgage I have . Any advice on how I can make the best out of this situation ? Not sure how I can get a…
Forever Home Fund
I have been lurking here for a few weeks and decided it was time to stick my head above the parapet :) I'm a bit of a fraud TBH, I don't even have a mortgage, but OH and I are saving to buy a house so it's kinda the same thing - will you let me join in? OH and I are both mid (ahem, okay getting less mid by the day) 30s and…
Whats your current mortgage interest rate.
Ill start, Mines been 0.73% per annum for the past 5 years or so but am paying off at 6% Want to be mortgage free in 7 years!! so i can retire at 55 :D
Fixed deal ending
Hello all, I’m new on here today. I’ve recently paid off all my debts and my thoughts are turning to my mortgage. In Dec 2010 I took out a 30 year capital repayment mortgage for £116,450 to buy a house which cost £137,000. I’m currently on a 2 year fixed rate deal which ends in Dec this year. The monthly payments are…
Our journey to being mortgage free...
Hi all, This is more of a diary post than anything else. Today is the 1 year anniversary of homeownership for my partner and I and for some reason I feel quite down, (whether its related or not is another question!) I've always been the type of person that when I'm feeling down or negative, to use that energy and do…
Saving for my 'forever home' £1 at a time
Hello, I have been an avid reader of this area of the forum for a few years now and really enjoyed following various peoples journeys. I have been inspired for quite some time, but it has only been recently that I have made my plans much more thought out. Also, I have become slightly less happy with my work, so it really…
Shall I Become Mortgage Free Dilemma
Hi, I wondered if anyone out there might be able to help me make a decision on my possible MF journey. I currently own two properties; a 2-bed maisonette and also a 3-bed terraced house. I have mortgages on both and have the intention of either selling or renting out the 2-bed maisonette for a few years. My outstanding…
Overpay mortgage or do something else?? Confused
Advice needed. I have two residential mortgages (as work away during the week) on a 50% LTV - 1.49% + Base Rate Tracker. I don't think I can get any better on the rate. I have some cash saved (earning !!!!!! all interest) and I am now thinking should I use this to overpay mortgage or should I look to be a bit more riskier…
Mortgage Overpayments
Hi, I recently fixed my Nationwide mortgage at a rate of 2.29% - Balance outstanding £50250. Original advance amount was £70800. 1st question - In the mortgage conversion offer it says I can overpay 10%. Is this 10% of the original advance £70800 or current balance £50250? Also I run overpayment calculator on MSE. Current…
17k left to pay
Our fixed rate of 4.99 ends August 2014 and then we move to a variable at santander of around 4.74. We are currently paying £1500 a month at the moment. Trying to find best way to pay off the remaining 17k left of our mortgage. Any ideas please
Next steps to remortgaging!
Hi, I have had my mortgage for over 7 years as Interest only and I am now looking at re-mortgaging at the best rate and for repayment only.- as I want to be mortgage-free wannabee!! I initially put down a 25% deposit at the time and the value of my property has already tripled- given the location in London, and I would…
Daily interest rate calculation
Long time lurker back....following house move and loss of 1 income, am trying to restart our mortgage overpayments again. I've lost the link to the simple way to calculate the daily interest rate (as that scared me into trying to pay bits off here and there!). Mgage is 123,000 now at rate of 2.5% (I remember dividing it by…
Early Repayment Charges
Hi Ladies and Gentlemen (and others) To set the scene. I currently have a mortgage with Halifax with £175k outstanding. I have spoken to them and they have informed me that I can pay up to 10% of the value of the mortgage per year. The value is the amount to pay on the 1st Jan each year. My question is does anybody know…
What would you do in my situation?
Please be gentle with me, I've never been in this forum before! I have approx. £27,000 left on my mortgage. I have an endowment which has about £19,000 in it although it is not due to mature for a few years. I could cash in the endowment and use it to pay off part of the mortgage, and pay the balance off with my savings. I…
Overpay mortgage advice please
I am currently 10 months into a repayment mortgage with a five year fixed rate at 2.69%. I am fortunate enough to have just received an unexpected gift from my family that will allow me to be mortgage free and still have enough emergency money in savings. I did not envisage this when I was taking up the mortgage therefore…
Uninhabitable property- council tax question
I'm just about to buy a small and as yet uninhabitable property. The council tax on it is low, about £50 a month. Now, because it is in such a state I was going to let the council know it was uninhabitable ad as I understand it that way I wouldn't have to pay any council tax on it until it was done up. However after being…
Pay now or during remortgage
Hi all I have a sum that I would like to pay off my mortgage. The current mortgage company have said I can pay up to £50k now without penalty. My question is, would there be any benefit to paying the sum of money off the mortgage when i remortgage in a couple of months time, as opposed to paying it now? Thanks Andy
advice please
Ive 8.5 years to run on mortgage and around £50,00 and wondered what sort of figures we are looking at to get the mortgage paid off quicker as mf would be amazing. I'm 39 and hubby 41 children are 14 and 11
Long term boyfriend buying into my flat..?
Just wanted some advise. I have started the bug of wanting to be mortgage free. Anyway I have a flat thats worth approx 170k and 128k loan. I have been with my boyfriend for 3years and we are going traveling together next month for just over a year. I currently rent my flat out and have a tenant for the next year. He has a…

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MSE News

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Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
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Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
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All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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