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Gone full time and paid my first overpayment. Go mortgage, go!
Hi, I did another thread a few weeks ago but I have started a new one. I hope to pay the mortgage off next year. We are a famly of four (me, hubby, a 12 year old boy and a girl, who turns 8 in June). I have worked PT in the NHS for the last 12 years but decided to return FT to go back to my old job (new one moved miles…
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Overpayment interest question
I have a mortgage with Accord and they allow me to make up to 10% early repayment of mortgage capital per calendar year without charge. I recently paid this 10% and when I spoke to customer service to find out the amount I asked them if I had to let them know. They said I could either let them know and my monthly repayment…
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Quick question about an offset mortgage
Hi, I have just started overpaying on my mortgage and also putting another £835 in an account (as savings) in an offset arrangement linked to the mortgage. I have recently gone full time at work (after 12 years PT) so I have extra money to play with. I have an endowment due to mature next Spring and inheritance so I plan…
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What will you do when you are mortgage free?
As someone who has spent the last 8 years incessently saving to pay off my mortgage. Just wondering what the plan for others is after it is paid off? It is going part time, going on a big holiday, going on a big spending spree!! Interested to hear what it has brought people and what peoples hopes are when they go mortgage…
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How do you work it it out?
How do you work out how much quicker you can pay your mortgage off by making overpayments.We were hoping to pay an extra £100 per month.Our current outstanding mortgage is: £14009 at £231 per month due to end in 2022. Balance when we first took it out in April 2009 £26000. Term of morgage 12yrs 11 months. Fixed rate of…
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Clear Mortgage via savings and Loan
If I use my savings and borrow an additional £10, 000, I could pay off my mortgage (just over £40k) My mortgage is fixed for 5 years (3.1%) - 3 remaining- and approximately another 15 years for re-mortgage. There are some very good loan deals at the moment, which would reduce my monthly payments significantly and clear the…
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Paying mortgage off
I am thinking of paying my mortgage off in full. I owe £39000 and have 11 years remaining. Is this a good idea. If not what is the best thing to do
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Dfw-mfw. Best way to achieve this quicker.
Hi. I have been servicing high debt for about 12 months now, paying £3300 a month. I have 7 months to go. I fixed my mortgage last December for 5 years at 2.58%. It was taken over 25 years but the plan was always to pay it of by the fixed period. December 2020. I did this to rid me of the debt quicker. All my debt is 0%…
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First plunge into debt with a mortgage!
Hello everyone! Been lurking around these boards for a little while now and it looks like the perfect environment for support. My OH and I exchanged on our first house today with completion lined up for tomorrow, so it seems like a good time to get going. We are both 27, and unusually for my generation, I have never been…
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Thanks Mum this is for you...single gal, a pony and a mission to beat the mortgage
Good morning world :) As the title of the diary this is me a single gal, a pony and a mission to beat the mortgage. Have had lots of diaries before on the DFW board but have managed to get free, have had so many changes in my life that am hoping to go on an upward trend now and beat my mortgage into submission. So brief…
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Mortgage Overpayments
Hi everyone I am currently overpaying on my mortgage with RBS every month of £800.00. I am due to reach my 10% annual overpayment limit soon, which refreshes in October 2016. Until then overpayments are charged at 2% ERC. I'm not sure what happens if I go over the 10% limit before October? Does the ERC get added to the…
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Planning ahead for freedom
Hi Time to get serious and pay off my mortgage. I have until June 2030 to pay off the remaining 30K. My plan is to overpay in the next 3-5 years and as I have a offset mortgage there are no limits to over payments. I intend is to use overtime / pay increases / cut backs in spending towards the over payment. In the next two…
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Quest for Financial Freedom
Hello fellow money savers :D This will be my diary to help keep myself accountable and focused on a few key things * Clearing Our Mortgage Early * Saving Money * Investing Money * Enjoying Life A little about me. I am 30, live in UK. Up until I was about 27 I was pretty rubbish with money. I saw my pay check as money to…
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Dream to be mortgage free by 40
Hi all, I've been lurking and reading diaries for a while and have finally decided to take the plunge and start a diary. About me, I'm a nearly 28 year old mum to one, with another due in August. We bought our house just over 2 1\2 years ago, with a mortgage of nearly £130,000 on a 30 year mortgage. When we remortgaged in…
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No worth switching to cheaper deal for small mortgage...?
Hi all, I have a small mortgage (£39k) and I want to repay it as quickly as possible. I can easily repay about £3k per month towards it and possibly a bit more. However the current plan with interest rate of 2.05% is coming to an end 1st of August and after that the rate doubles to 4.10%. On the upside, all penalties and…
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Re-Mortgage minefield
Hi Guys - first post on here - think I'm in the right place! Long story cut short - separated from OH 5 years ago, since then been paying the mortgage (offset) myself as I stayed in the house. I have not been financially able to take the mortgage on my own up until now - sadly Mum passed away last year and I now have a…
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Inspirational calculations!
Hello, I'm not sure if this is the right place, if not, please can it be moved? I've had a read of some of the diaries on here and been completely inspired! I'm a new MfW trying to work out what is realistic for me to overpay on my (brand new!) mortgage. How did you all decide on target amounts? I feel like I'm picking…
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Re-mortgage the final years
Hi everyone, Would appreciate a bit of guidance regarding my mortgage please. I have a lifetime tracker with Barclays with 50k left and 5 years until the end of term. I am 58 and in secure full time employment with a good salary. No other debts. My thoughts are do I move my tracker somewhere else (currently 2.4%) or indeed…
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Don't overpay, invest!
Once you have a 40% deposit and switched to the lowest cost for comparison rate, the mortgage is cheap credit that could jump start investment for you Share and property funds, managed by banks and done through an isa could return you a historically better average than most mortgages, the figure I've read that includes…
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The long and winding road...
Good afternoon all! Been a member for quite some time but don't tend to post a great deal as you can probably tell! I'm aiming to use this as a bit of a motivator to help us along in our quest. We moved into our shiny new Barratt home right on the edge of the countryside at the beginning of May and so far absolutely loving…
