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MCG's Mortgage Free Mission
Hi all:):) This is the beginning of my MF mission, so I thought I'd start a diary... We've been umming and aahing about whether to stay in our current house or move over the past year. We think we're going to stay for now, at least for a couple more years, so now is the time to start hammering down the mortgage. I've…
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Building my dream home and then paying it off!
Good morning, I have a diary on the DFW which ive kept for a year and made a huge headway in repaying our debts as you can see from my sig! However now my circumstances are about to change as we are starting a big expensive extension project so I thought I would come here as ultimately we will need to pay it off at some…
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The end is in sight!
Hi all, I bought a £80,000 property with a £68,000 mortgage in 2010. I now owe £15,000 of that mortgage and can lay my hands on £10,000 now so should be able to be mortgage free in the next 6 months. The idea of not having this debt hanging around my neck makes me really want to pay it off, however, before I make that…
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Is it wise to pay-off my mortgage?
I bought my little terraced house in the north of England in 2006 and I'm now in the very fortunate position to pay off the last of my mortgage (just over £2k). As much as I've been looking forward to this moment it has recently struck me that maybe paying it completely off isn't such a good idea as I don't have any form…
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Adulting - after the storm
It was wild outside last night, high winds and lashing down rain. I loved it. Made a hot water bottle and slept with the windows open so I could enjoy the sensations of the storm whilst snuggled up in bed. Resolved at some point during the night to begin a MFW diary. Am on the brink of extending my current mortgage…
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Mortgage free it has too be done
If theres one thing that would improve the quality of mine and my other halfs life it would be having shot of the 70500 ish around our neck. Last yeah we got into a mess at the beginning of the year with our mortgage ie 1500 into arrears, we have just got square so the plan is. A) My partners paid weekly so she is gunna…
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£170000 in 10 years
hi first post on mortgage free wannabe site -i have a £170000 mortgage on a house valued at around £230000 we have an interest only mortgage on £155000 and repayments on the other £15000 paying £676 a month total mortgage we are paying 3.88%variable rate.We received a small inheritance that we used to pay a lump sum off of…
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Bigger mortgage doesn't mean we can't enjoy life!
Hi There. :beer: Well I tryed doing a diary on the debt wannabe board but felt it was in the wrong place. The only debt we have is our mortgage. Our house is going on the market in the next couple of weeks so we can find our forever home. That means a bigger mortgage. We are a family of 3, myself, husband and daughter. We…
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Keeping all the balls in the air
Juggling - Kids, Partner, Dog, Home, Car, Work, Study and Rest of Family I got on the property ladder at 23 as a divorced single mum to cut a long story short I was renting with my ex husband and he said he would have had a sports car by now if he didn't have a baby, so I left him got no maintenance and he did get his…
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First Overpayment
So... Officially became debt free on Wednesday, and paid my first mortgage overpayment today! I thought there's no time like the present and I might as well not get used to having my DMP money. I'm actually a bit surprised by and proud of myself. First £170 of many!!!! :j:j:j:beer:
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Our 'Mortgage Free By Forty' Dream - Truly Madly Hannah
I couldn't rename my old thread so Ive started a new one, the old one is here 7 and an half years ago, in the space of a year we; got engaged, married, saved for a deposit, bought an house and fell pregnant. My husband also lost a job in ICT (Just before we signed the mortgage), started agency work, was taken on full time,…
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Should we use our inheritance?
Hi all My husband and I have some decisions to make but need advice. We have 12 years left on our interest only mortgage. I know interest only!, but we were young and it was all we could do at the time. We wanted to change to a repayment mortgage but since my husband was made redundant 4 years ago and has set up on his…
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Life time ISA- comments please!
Has anyone had a think about the life time ISA? I thought I'd start this thread to find out if people think it's a good idea and how they are going to make it work for them. It sounds good and I'm wondering what the down sides are: Early withdrawal has 5% penalty and you loose the govt incentive. Long term investment for…
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Was Mortgage free........
OK, so been mortgage free now for a few years, both home and work premises. :j We've had a static caravan in the Lake District for 18 years but that is now getting a bit knackered and the new site owners are expecting me to shell out £35 - £40,000 on a new van which will plumet in value and still pay £2,800 in site fees…
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remortgage - pay lump sum off old mortgage vs larger new mortgage
Hi, I'm looking to move house some time this year, and am wondering if I should pay a lump sum towards my current mortgage, or use that money towards reducing the amount on the new mortgage. - I currently have around £150k @ 2.59% on current mortgage - I will likely need a new mortgage around £375k @ 0.99% - I have the…
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Impact of lump-sum overpayment on capital balance
We have recently remortgaged and started a 5-year fixed rate mortgage. Our current mortgage value is £131,390 and total outstanding mortgage term is 12 years. It is our intention to reduce the mortgage term and balance whenever possible and we have the ability to make overpayments of up to 10% of our mortgage balance each…
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Mortgage Settlement figure negotiating
Hi There, Please can anyone advise if they have managed to negotiate with there bank or building society on the mortgage settlement figure they have been given. I am in the fortunate position where i have received an inheritance and would like to pay off my mortgage. With my inheritance and some savings i am fairly close…
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The MFW Diary of McGuern
Hello everyone! As many of these diaries start, I am a long time lurker but first time poster! I have several financial goals that I have been mulling over for a while now, and really need something the help me get going and stay on track, and I think the MFW pages look like the best place to put this diary. Plus, having…
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Overpayments to reduce payments and not term.
Hi- was just wondering if there's any flaw in my tactic. We are about to sign for a house. We are paying 1220 mortgage a month(fixed for 5) and the mortgage is 27 years If we over pay a lot in the first few months and we keep the term the same would I get the following benefits. - less interest over term. - reduced monthly…
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First time buyer..mortgage free help!
Hi All, I am a first time buyer up here in sunny scotland and looking for some advice for mortgages. - Looking at houses in the £120k bracket - £40k deposit - Looking at mortgage length of 14-15yrs (£550/pm) - Looking to make regular overpayments of at least 10% year on year (£8k/pa) to be mortgage free 12years sooner…
