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overpayment calculations
Hi all, Been reading a lot of diaries on here and the success people are having and would like to do it myself. A lot of people seem to have their mortgages in their online banking making it easier to see and manage their over payments and also for motivation to keep going. Unfortunately, I don't think I have that option…
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Mr and Mrs P's journey to freedom - destination 2020
Hi everyone in MFW world! I have plucked up the courage, after years of lurking, to finally start my own diary. I know this is the typical start you see to a lot of diaries but it does take a bit of courage to bare your soul in a public forum as I am sure all the other MFW forumers with diaries know! I was inspired to…
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Stop coasting and get serious!
I have read a few diaries on here and I think that having a record of my goals might help me. I have tried a diary before and not been very good at updating it but we have some big goals and I need a way to stay accountable to them! So here's the deal - mortgage currently stands at just over £183k - we have been overpaying…
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Which mortgage to pay off first
I have 2 mortgages (£15k at 4.75% with early repayment fee of currently about £700 and another for £80k at 3.99% with no early repayment fee). Both still have about 25 years to go. I'm in a position where I can overpay by £500 a month (no penalties incurred) then will hopefully be able to pay the full mortgages off in 6…
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Taking a deep breath...another mfw diary
I never really thought I would be diving in here! I've spent a long time in what is really a low level of debt - under 10k, most of that being a car loan which I took out when I was younger and stupider over five years. There were other life circumstances too and an awful lot of 'well the debt is there, what the hell,…
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Which is better?
Overpay mortgage of £116k with rate of 2.5% or £55k mortgage at 3.99%. Or both at same time? By my calculations I think it is better to pay off the £116k one as we pay more interest a year on that one. However that goes against my instinct that the other one has the higher rate. Thanks to anyone who can clarify? Sorry if…
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Mortgage deposit or pension?
I'm 34, FTB would there ever be any advantage of putting down less of a deposit on a mortgage and using the cash for something pension related? or would it always be better to use all the cash for a deposit so you don't need to borrow as much
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MF by 35..hopefully
Hi everyone, happy Thursday evening :D I used to be a member sometime ago and haven't logged on in an age, so I had to rejoin. I've been lurking for a while, again being inspired by all of the money saving exploits and tales. I want to get serious and reduce silly spends so I can achieve my goal without having to…
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Decided to Go For It Now!!
OK, so the original plan was to become totally Debt Free before embarking on a Mortgage Free journey, but as we only have 5 years left on the mortgage, if we don’t make a move now it will be too late to make much of adifference. Our Debt Free journey is going well, only have 2 CC’s left and one will be paid off when I…
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Overpaying by less than £500
I have a mortgage with Nationwide which is on the BOE base rate plus 2%, so 2.5%. If you overpay by less than £500, they don't change anything. If you overpay by more than £500, you can choose to lower your monthly payment or shorten the term (I think). I wish to make the payments lower, so should I just save up the…
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Mortgage Overpayments - Sub Accounts??
Hi, I am looking to apply overpayments to my mortgage starting next month and when I have been setting up my standing order I have the option to apply the overpayment to a particular sub account or all sub accounts. I have checked and I will not incur any early repayment charges as this is a standard variable mortgage at…
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Use money to Pay off mortgage or for deposit for a new house for son?
We have about £60k outstanding on our mortgage and after a sale of land overseas, we have that amount in the bank! We have two options: 1.) Pay off the mortgage and save around £750 a month! 2.) Use the money to buy a 2 bed flat for £100k (at 60% LTV), where my son will be living with his friend and paying the mortgage.…
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Possible Redundancy - Debt Advice Seeked
Hi, Will post in a second, website is acting up for me and keeps timing out. Just trying to get thread going. :o FD
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Four and a half years until the money stops!
Ok, so I am back. Perhaps a little too early as the new mortgage doesn't start until the end of July, but there is nothing like being prepared before the challenge starts! So a little about me and my situation. Years ago I was on the MFi3 challenge and was on target to complete it when my husband decided he would much…
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Lodge House Fund!
I've moved over here from the DFW board (HERE). I'm basically a nomad, I'm not a Debt Free Wannabe and I'm don't have a Mortgage. But my savings are purely and solely for a deposit on a house. My financial situation has changed and as of last year we are rid of our debt! We are not paying for a wedding or saving to go…
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Got myself Comfortable - Now Increasing the Pace
Hi there Just been pondering things - well as a dad of 4 (late teen and above) and as its fathers day and no one else is up - I think I earned the right. Responded to a post on another thread (yo Mr B) about the need for DFW/MFW to be a journey with some immediate (often harsh) decisions and some long term changing…
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Insolvency Companies?
Hey guys Anyone had any experiences with "insolvency experts"? A friend put me in touch with a company who may be able to get a better settlement deal than we would trying ourselves. Here is a link https://www.bellcomp.co.uk/about-us We've potentially 50k-60 negative equity on our property after it is sold. And obviously,…
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Fixed rate calculation help
Hello I am looking for some help please. I'm wanting to compare a 2YF and a 3YF deal. Bear with me. 2YF @ 1.59% £788 monthly. 3YF @ 2.19 £834 monthly Its a £46 a month saving with the 2YF (£1104 over 2 years). £1104/12 = £92 How does one equate that saving to year 3 of the 3 year deal? In other words what would the…
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Mortgage Free Wannabe Story Begins June 2015
Hi all Last weekend (13th June 2015) we finally fully moved in to our new home. 2 bedroom 1st floor flat (3 floors) with kitchen, bathroom, lounge & a balcony :) and also a garage en bloc. Mortgage is currently on a 2yr fixed deal @ 3.49% which goes to 3.99% for the rest of the mortgage (28yrs, I will be 67 mehh). We were…
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Eye on the prize
Hello All. I thought I'd start my mortgage countdown as we're in touching distance of finishing our mortgage. Brief summary: this is our third house and on each of the houses we took out an endowment mortgage. (I know, I know!). Of course the endowments were predicted to come up short, so several years ago we negotiated a…
