-
What actually happened when you went mortgage free?
I know the vast majority of people on here are probably still on the "mortgage free quest" but hopefully a few mortgage free achievers are still kicking around. I'm 38 and we are just under 1yr away from being mortgage free. This will mean we will go from never having any money free per month after monthly costs (all went…
-
Take 2 – FlashBarry's £185k mortgage marathon
Hi all – I'm back!!!! In August 2012, I embarked on a mission to pay off our £97k mortgage in just 3 years. Inspired by what I had seen on these forums, we managed to achieve this by minimising all outgoings and regular over-payments were possible as my Wife and I were both on reasonable wages and we were living in a small…
-
Table for One
Hello, I feel like I need to whisper because I don't feel I belong here. I made a poor attempt at beginning a diary over on the DFW board but I found it difficult because I was going through quite a life change, having moved back to living with my parents for almost a year, paying for a house I didn't live in then starting…
-
finance an extension
Morning . not sure where it was best to put this thread so if in incorrect place please move) in the process of planning an extension and renovation to our property .Have a good architect involved and getting on with the design process (slow going at the moment ) Our current mortgage had now come to the end of its three…
-
i want to be mortgage free to escape the rat race.
okay so a 7 months ago I uploaded the spreadsheet and started paying whatever minimal over payments I could even if it was only £20. So far I have reduced my debt by £8000 this does include my regular mortgage payment as well. I have £191600 left to pay. How realistic is it to pay this off in 8 years or am I setting myself…
-
Spreadsheet recommendations
Hi I am a MFW, at the moment I do nothing mind blowing, justa regular overpayment of £118 per month to give a nice round number for my payment. I'm trying to find a spread sheet which will tell me how many years I can cut off etc, because I don't have the mathematical ability to figure it out for myself just yet. Does…
-
Early redemption
Hi I have been told by my bank that I require a solicitor to pay off my mortgage early. Does anyone know if this is true? I live in Northern Ireland, if that make a difference. Regards Cha
-
Mortgage maths....
Hi all, I'm hoping for a bit of help here with some maths regarding my mortgage and when it should be paid off. So; I owe £56000 give or take at 2.79%... I am overpaying each month, with monthly payments of £700... At the end of each month any spare cash is split between the mortgage and savings 50/50. At the current rate…
-
How often do you remortgage?
So, I have had a mortgage for around 10 months and paying a high interest rate because we only put down a 5% deposit. Plan is, next year to remortgage, pay at least £5,000 off the mortgage and get a lower interest rate. What I wanted to know is, is it normal to remortgage every 2 or so years? My plan is to keep doing this,…
-
stick or twist?
I have two properties, one in Oxfordshire and one in Staffordshire. Do I sell the Oxfordshire one, which is appreciating significantly, take the equity and buy a bigger house in Staffs with no mortgage? Do I sell it and risk losing out on appreciation but gain from buying a house up north with no mortgage and therefore…
-
Investing vs paying mortgage off early
Hi new member here So I wanted to get some general advice. I got divorced two year ago but was in the very fortunate position to keep the house. I was left with a large mortgage of 325k . I am paying this off by overpaying 500 a month as I'm keen to get it down to a more manageable level while rates are low and also have a…
-
Paying off mortgage but what about endowment policy?
Hello, this is my first time on MSE so I hope I'm posting in the right place. It would be great if someone could help with a query I have about paying off my mortgage. I currently have a mortgage of £27k. My mother passed away earlier this year and I have inherited enough to pay this off but if I do what would be the…
-
Offset mortgage - what happens next?
Hi all, So, I have an old RBS OneAccount offset mortgage, and it is now pretty much repaid. I am aiming to keep it open a little longer for the benefit of having the facility until I've accrued a decent chest of funds to feel happy to close it down - but what happens next? When I bought my house many years ago, I…
-
Putting plans in place
Hi everyone! After what felt like a lifetime of scrimping and saving, my now husband and I purchased our first house two and a half years ago. We purchased the best we could afford, up and coming area, pristine house overlooking a golf course with fab transport links for £115k, and a mortgage of £103.5k , on a fixed for 5…
-
I Want To Be Mortgage Free!
I've been reading a lot of inspiring diaries over the past few days (I've actually become quite addicted to reading them!) and thought I would have a go at my own. In 2007 me and OH bought our first house for £86,000, we were in rented accommodation and desperate for our own home. As it was 2007 the bank was quite happy to…
-
It's a sprint not a marathon!
So, this is my journey to paying off one of my mortgages (!) in 4 years. For me it is a sprint, as this mortgage is a buy-to-let and, as a higher rate taxpayer, I will be hit hard by the tax changes coming next April. Here is a bit about me / us and the grand plan... I work full-time and have a home I live in with the…
-
first time mortgage
Me and my boyfriend, have just got a house and our first mortagage. We have just had the first payment come out! Any tips etc would be gratefully received. Thanks
-
Advice needed for new MFW please :)
Hi everyone, I've had a previous 'false start' but am now keen to make inroads into my mortgage. The bit I'm having difficulty with is calculating... I've looked at the mortgage overpayment calculator but it's not specific enough...does anyone know of a more detailed one? Numbers: Started: May 16 £92500 Current: £91512.90…
-
Will overpaying make much difference?
I really hope this isn't a silly question....I really don't understand much about mortgages! We have just taken out a 2 year fixed rate on our existing property: we owe £61,511 and are paying £265 per month at an interest rate of 2.73%. We have a remaining term of 27yrs and 7 months. In 2 years time we want to move to a…
-
Remortgaging online
My current rate is about to end and I want to remortgage. My existing lender allows existing customers to remortgage online without any advice, fees, affordability assessments as longs as they don't change the amount borrowed, terms etc. I'm pretty confident to remortgage online except it says I wouldn't be covered by the…