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Mortgage-free wannabe

Archives for December 2014

quickie advice needed
hi there i have managed to pay off my further advance this year taking my mortgage debt to 39k i have 21k in savings. on phoning my mortg. company today, they have said i can overpay by 8000 this year and 8000 next year i have 10k in a savings account that has been there for 3 years (part of my redudancy package) and the…
at last
Well, at last we have made it.....mortgage free just in time for the new year!! We've made it sooner than planned due to the great advice on this website of making extra payments as and when we could.....and also to the competitions forum, a couple of cash wins have helped as well. So, 2015 is going to be easier for us and…
Only 4 years left on my Mortgage
Only 4 years left on my Mortgage yes yes yes feeling happy. :j
Mortgage free by 48
I want to climb aboard the mfw train. I'm nearly 37 and bought in 2007 and have been digging myself out of negative equity since. I have lost 20% so far and with no end in sight, as there are empty houses all around mine right now, as well as those with people still in and just for sale. I have an offset and had been…
Jan 2015 / 14yrs left on mortgage. MFW, time to make a serious dent and be MF
Household Information Number of adults in household 2 Number of children in household 1 Number of cars owned 1 Income, Expense, Debt & Asset Income..............................Amount(£) Monthly income after tax.....2500.00 - £124 deduction for childcare vouchers (basic salary conservative figure, more depending upon…
Grinding it out to Mortgage Freedom
Hi All, Have been a lurker on this board for a while, and finally in a position to start my own journey to mortgage freedom, so thought would do a thread to keep the motivation up! I'm 34, live in North Wales with Wife (34) and 2 daughters (One 2 years and the other 6 months). After years of renting we finally bought out…
Overpaying to change our family life!
Hi everyone, long time lurker here and thought since we are going into the new year and I want to stay focused (new year new me hopefully!) that a diary might help with that. Brief rundown, there's myself, DH and we have a little one still in nappies. Hoping to put our efforts into overpaying over the next couple of years…
December 2014, 15 years 4 months left
After reading some of the diaries here, I have now been inspired to reduce my mortgage. If I make no overpayments, then I will be in my 60s before it is paid off. I would like a balance of both family life as well as paying off this massive debt (as that is what the mortgage is). Which would include holidays and some…
Considering my first Mortgage
Hey there all, As the title suggests I am considering my first mortgage as I will be in a situation in January where I have a sizeable deposit. I was originally thinking of holding off for a few years - I like having minimal ties as I might be moving to Sydney for work in the next 6 months, however my parents have talked…
Momentary panic
Does anyone else out there get a moment or two of panic when making online bank transfers and it doesn't get reflected on the accounts instantly? Usually it's only 10 - 15 mins but the mortgage is a different story. I make overpayments online, it's a beneficiary that is set up in the address book so doesn't change. But the…
turning pennies into pounds on the mortgage
Hi I started a thread about 2 years ago just before we bought the house with grand plans of how I was going to pay the £145'000 mortgage off in 5 years. Well as you can imagine that has not happened at all, in actual fact we haven't overpaid anything as of yet. It took a few months to sort finances out after we moved in as…
THE PLAN: Mortgage free in three MFiT
Hello fellow-MFWannabes! DH and I took a mortgage for £97,500 out in December 2007 with a 25 year term. It was capital repayment. We were fixed at 6.5% for the first two years. After 7 years we still owe £75,591.88 at 2.5% (linked to the base rate) Our regular payment is £452.21 a month. I started making small overpayments…
Mortgage free - next step
Hi all Finally paid our mortgage off in October this year. (value approx 200k) Sweat, hard work and tears at times. We have now brought a 3 bed terrace for 101k, borrowed against mtge free house and plan to rent out in a couple of months. Will be overpaying on mtge and long term plan to sell main house and move to terrace…
Virtuous Circle
So, apologies if this is the millionth time this has been asked. Remaining mortgage 65K soon to be 60K due to a windfall. 17 years remaining on mortgage, but windfall has also paid off all loans and credit cards, leaving up to 1K per month to overpay on mortgage. Normally mortgage balance has reduced by about 3K per year,…
Mortgage Payments via Credit Card
Hi I seem to remember hearing one day that you cannot use a credit card for mortgage payments - is that correct? Merry Crimbo! S
success stories only
I want to hear from some people have done the mortgage free thing at a relatively young age, particularly what difference it made to your life once you got there. For my part I'm 35 single dad, DD set up to be mf on a property worth maybe 125k by age 38. 1500quid a month at the moment. No material desires, just want to be…
MFW - Any helpful spreadhseets?
Hi All MFW`s Does anyone have any helpful spread sheets which I can use to keep track of my potential mortgage end date. I use the calculator on this site but that assumes the OP is the same every month. I have read plenty of your stories and they really are an inspiration to becoming a MFW (just need to convince the OH…
Disadvantage of paying mortgage off !!
We are moving abroad next year and I will be looking at renting our house out. I can pay what is left of my mortgage off before we go but is there any disadvantage to doing that? will I be better off keeping the mortgage going ( I pay only 0.5% above BOE rate for life)
All the small things...
A pre-mortgage-free wannabe... Hello there, I'm FlacosFloozie and I have to confess to feeling like a little bit of a fraud posting here since I don't actually have a mortgage yet :o . A few months ago, I became debt-free for the first time in ten years and entered the saving for a deposit stage of life. Since I stopped…
2015 mfw
Welcome to the Mortgage Free Wannabe thread for 2015 :D This thread is for anybody on the journey to mortgage freedom to set targets and report progress during 2015, whether you're a brand new mortgage free wannabe or on the final stretch of the long slog. The challenge runs until 31st December 2015, and you can join or…

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Mortgage-free wannabe

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