Mortgage-free wannabe

Archives for February 2016

Cruising To Financial Freedom
Excuse the yet another diary part, but I need something to help me focus. DH and I purchased our home five and a half years ago with a mortgage of £160k but it was a wreck and although we did as much work as possible ourselves we probably spent around £80k on renovations like damp proofing, thermal boards and replastering…
Mortgage Free Dreams
Starting this month, we have begun overpaying our mortgage by £75 a month, this will gradually be increased as we progress. The plan is to pay the mortgage off within 10 years instead of the 20 years left on the term. I have a capital and repayment mort, currently just hovering around 130k. with repayments and overpayments…
Mortgage Free Dreams
Starting this month, we have begun overpaying our mortgage by £75 a month, this will gradually be increased as we progress. The plan is to pay the mortgage off within 10 years instead of the 20 years left on the term. I have a capital and repayment mort, currently just hovering around 130k. with repayments and overpayments…
leaving small outstanding balance
Hi everybody. Have read somewhere that it makes sense to not be completely mortgage free but to leave a very small outstanding balance in case you need to borrow again in a hurry. Has anybody else heard this ? :)
To overpay or not?
Hi guys, Looking for a bit of help to make sure I am not missing something. I have recently been told that due to the sad loss of a family member that I will be inheriting a large amount of money £182,000. Being a very much money saving expert follower I have looked at the obvious things first i.e. Paying off dept (don't…
Overpaying mortgage with Nationwide
Just taken out my first mortgage and want to start overpaying. Currently pay 500 a month and would like to overpay another 200 a month. I'm on a 2 year fixed rate of around 3%.Does anyone know if I overpay will it reduce the length of the loan? I don't wish to overpay just so next months payments are cheaper. Basically…
2022, 6 yrs, 130k let's do this!!
First of all thank you to you all for giving me the inspiration to take on the big M. The stories on here really are remakable and prepared my wife and I for the challenge. So to the facts. We are 33 and 32 with one beautiful daughter. We are lucky to have the forever house and great jobs, we are very careful with our…
What are your plans after becoming mortgage free?
Just curious as to others' plans after becoming mortgage free? Obviously getting rid of that albatross around your neck frees up a lot of cash. Is it party time or have you already thought ahead to your next investment?
Raring to go ......
After being a long time lurker I'm taking the plunge and starting a diary :T DH and I have been mortgage free on our first house for about 3 years now. I had a well paid but very stressful senior teaching position that allowed us to pay off our mortgage, along with lots of advice from here :) When we paid off the mortgage…
If i can get interest rate higher than my mortgage should i overpay or save?
my mortgage is .14% and Santander have a 3% current account (ignoring tax as it will be going in a few months). So would this mean i am only paying 0.14% on my mortgage loan so it is better to save the money and earn interest because it is a very very cheap loan? Any help appreciated as always Thank you
is it too late to get help with endownment shortfall
My endowment mortgage matures in December this year and I was previously in a positional where I was unable to change to a repayment or claim back the shortfall due to the Council having a legal charge on my home with my dad who had Alzheimer's and was joint owner been on the mortgage but not on the endowment. I was…
Pay off mortgage or not?
I'm likely to be taking redundancy soon. My pay-off, combined with a recent inheritance, is enough to pay off our mortgage which has £94k outstanding. This would leave £15k in savings between my wife and me. We are both in our 40s and have two children under 10. My wife doesn't work at present but is qualified in childcare…
Supersavergirl's Super MFW Diary
I'm a FTB looking to buy a house. I'll be moving closer to work so will be selling my car, which will save me £££. I don't watch TV, so no TV licence or cable costs. I have no debts. Can some of you nice people please cast your eye over my budget? :) House price: £170,000 Deposit: £85,000 Fees budget: £4,000 Mortgage:…
Mission possible: PeonySugar to be mortgage free by 35!
Hi everyone :) I have been one of the lurkers avidly following everyone's threads for months now, picking up some excellent tips along the way. The determination to succeed you all have is rubbing off on me! So a bit of background information. I am 25, partner is 27, both work full time, no children, though would maybe…
Mortgage overpayment sums
Wonder if anyone can explain this to me please... I'm comparing two scenarios as a means to get the highest deposit possible when we move house next - either in equity or savings. Overpaying on a 2.5% mortgage by £550 per month for 40 months. Vs Paying the £550 a month into a 4% savings account for 40 months. I thought the…
Opinions please
We have a very small mortgage with 8 years left to run. At the moment I overpay regularly £15 per month, plus any extra every now and then. The overpayment calculator says this will reduce the term by 5 months approximately. For various reasons we are going to have at least £1000 'spare' per year over the next few years…
Can definitely do better!
Seemingly like many newbies, I've been lurking for a while - finally thought I'd take the plunge and start a new diary. Mainly for motivation I suppose - hope to get and share some great ideas too! I bought a shared-ownership flat back in 2012 (hence the "new mortgageeee" name!) - I know there's much debate over their…
Overpayments/interest free credit cards
Hi Just wanted to run this past you all before I do this! In order to get my remortgage, the term had to be 22 years for affordability, though I did want it over 18. My mortgage payment is £375, in reality I pay £520. What I am thinking of doing is making a money transfer at 0% for 24 months of say £5,000.00, and putting…
Overpay on mortgage or clear credit card first?
Hi, Ive been trying to sort out my finances this week and now have all of my debt on a 0% credit card until May 2017. Ive also just switched my mortgage deal to a 2 year fixed at 2.53%. Anyway, my original plan was to continue paying the mortgage as normal, and pay £300 a month off my credit card a month to have it cleared…
Diary of our £230,000 mission
Hello all! We have exchanged contracts on our house purchase today, so thought I would start my MFW diary. As the title suggests we are borrowing £230,000 We are paying £400,000 for the house so have a bit of equity already. With 230 grand to pay off I feel I will be on this board for a long time!, so would love some…

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