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Mortgage-free wannabe

Archives for July 2017

Interest vs Loan apr
Hi Folks I am new to the forum and thought I would take the bold step of asking some advice from the MSE comunity. I have been a mortgage payer since 97 and what was originally a 42k endowment mortgage in joint names became mine after my ex wife did a runner in 2003. It increased to 74k after I payed her out since she had…
Waddling towards the flight of mortgage freedom
Having lurked for a few weeks, I have been so inspired by others' diaries...so thank you.....and I am determined to succeed with my own - have some focus on this journey! A bit of background, currently mortgage is at £136900 with just over 22 years to go, with 3 years left on a 2.54% fix. We had a lightbulb moment last…
Looking to have a simpler life .......
Hello you lovely lot!! It's been yeeeeears since Ive been on the forums ..so much so that I've forgotten my old username!! Anyway, new start! ....;) So I've been playing around with MF dreaming for a few years now but really knuckled down when it came to thinking about our re-mortgage plans at the end of 2017...the first…
Mission Possible - first step deposit and mortgage, second step 'Mortgage Free'
:j Hi everyone! I have been lurking ‘un-registered’ for around a week – and WOW, you guys have inspired me :T – I will come out of the darkness and will soon start commenting on your diaries, but I thought first off, I would introduce myself and tell you about the journey I am now embarking on! I am not quite as advanced…
Mortgage overpayments - To remortage first?
In about 4 months after i've cleared my final credit card, I want to then make overpayments off my mortgage. Current mortgage - £63,000 outstanding - £363 mortgage payment per month - 18 years, 8 months remaining - 3.74% Interest rate - House value aprox £140,000 Been with the Halifax since 2005, was on a 5 year fixed…
Time to take stock
We are about to move in to what feels like a new chapter in our adult lives and I thought writing it down might give me focus. I'm afraid I do go on a bit, sorry. We've been in significant debt for 15 years. At the peak and without counting the mortgage, the figure was around 100k. Quite scary, isn't it? Mainly built up…
Small overpayments
Just a quick question- to those who make regular very small overpayments from tidying their other accounts, do you put that straight off your mortgage or do you pop it aside and make bigger payments annually?
Overpayment Question
Probably a silly question, but I will ask anyway. Say you owe £150,000 on the mortgage. When you make the regular monthly mortgage payment of £500... it seems only about half of that comes off the actual debt figure owed, due to interest. If you made an overpayment of £2000 out of the blue, would it be the same…
HELP! 10% Over Payment Without fee per year - How does this work out down the line?
Hi All, We are looking to over pay our mortgage as much as possible Looking to change it to a 5/10 year fix in January, 15 year term and hopefully pay it off in 7 years or so - using MSE Over Payment Calculator - http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator But, does this take into…
Happytails' MFW diary! I haven't got the keys yet!
Hi all, Thought Id come set up my diary here! We are in the process of buying our next house and selling our first home!! Our mortgage will be jumping up from £72k to £162k :eek: And to start e are adding 8 years back onto the term of the mortgage. Seems a little backward but needs must as the family is growing! At present…
Saving for the biggest move of my life
Hi all, I had a debt free diary but now I'm clear of that and saving to move I don't think I quite fit there (or here) Currently living alone in a 1 bedroom flat in the South East of England. I have approximately £67k left on the mortgage. Due to work and the cost of the south East I'm currently saving so I can afford to…
Benefits to being mortgage free?
My wife got a mortgage for £62000 3 years ago. The value of our house was £82k (not likely to change at the moment either). I moved in and we got married and although the mortgage isn't in my name (yet) we have been talking about aiming to be mortgage free or buying a new house. We could clear our mortgage in 10 years…
Mortgage overpayments
Can anyone tell me as I do not have a mathematical head. If you had a new 30 year mortgage of £152000 with an 2 year introductory rate of 1.34% then for the remaining 28 years is 3.74% and you made a £100 overpayment for the first 3 years how much would you actually save? I am trying to convince someone it is better to…
October 2017 Mortgage Free - The Big Day
I saw Martin Lewis on a breakfast show and joined the website that same morning. A few things happened but I remained focus on sorting my finances out as I had kids to thing about. So I over paid a little each month as I wanted to finish paying off my mortgage before my son turned 18. Well I'm glad to say I will have be…
Introducing....
Hi and thanks for dropping by to read my first MFW blog. I have been utterly inspired by the commitment (and sacrifices) so many of you have made in order to pay down your mortgages early. An especially BIG shout-out to Tilly, Museumworker and Man v Mortgage - you guys rock! I've been obsessed with your blogs for the…
Mortgage free!
Hi everyone, I didn't sadly know that this Forum existed as it would have been a great help to us in the recent past. We made our final payment on our mortgage on Thursday of this week. I can't quite believe we've done it! We bought our house in 2003 for £161,000 with a £126,000 mortgage payable back over 25 years.…
And so it begins: The Pig Vs The Mortgage
Hi everyone, after literally years of lurking I'd very much like to join you if I may? Having been truly inspired by the commitment and achievements of Secret Saving Squirrel,Tilly and Museumworker I'm finally convinced that the best way of remaining motivated and on task is to keep a diary. I'm hoping that regular…
overpaying
Hi all, mortgage free wannabe
What Mortgage product at the end?
Can anyone provide advice on what mortgage product they're considering changing to or would change to when they're coming to the of their mortgage? Important to me is to be able to overpay without limits if possible, i'm comfortable with £20K extra a year, no ERC and no exit fees. If the product is only 10% overpayment a…
Lump sum before or after
Hi all, I have a comparatively small mortgage that is due for remortgaging in September. At present I've only got 8 years left. I have a couple of thousand that i plan to put down to knock off the capital( fees accounted for) However.......would it make any difference if i were to take it off at initiation of remortgaging…

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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Mortgage-free wannabe

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