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New User and Info needed....
Hello All! I have seen many videos on how to get mortgage free in 5-7 years but most are American. I was wondering (and apologies if this has been covered before and i have missed it) if there are equivalent UK plans? Could someone please advise me in the right direction. Many Thanks!
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The next £10k - Part One
Well hello there! Here's to a shiny new diary! I've been lurking on these boards for a long time, and felt it was time to start my own diary. There has been so much inspiration on here, along with lovely, like minded people. Although my OH is on board with my MFW [STRIKE]obsession[/STRIKE] goal, I do see their eyes glaze…
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Mortgage Discharge
I had a mortgage with Bank of Scotland that l paid off in 2014. I recieved the Deeds for the property. I am now selling, actually sold, and about to buy another property. I have given the deeds to the lawyer who is dealing with it. She called today to say there was two morgages against the property, one from Halifax and…
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help to buy and the path to being mortgage free!
Hi guys, Really hoping the financially savvy people of the MSE world can solve a conundrum for me. I have three months left of a 2year fixed and I am starting to look around for my next mortgage product. I currently owe £160000 on a property worth approximately £280000. Unfortunately I also owe separately 20% of my homes…
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yet another mortgage escape quest
Hi everyone. I've just remortgaged and added some debt to my mortgage to renovate and to extend the lease - and even though on paper it's not a bad move, I'm feeling [STRIKE]a bit[/STRIKE] very worried about this. The good news is that I managed to lock in a 5-yr fix rate mortgage at 1.79%, also that I don't have any debt…
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Is There A Benefit To Not Being Mortgage Free?
I am the family friend of a wealthy patriarch. We had a good money talk one time, and he told me that counter-intuitively, the best strategy for long-term wealth was to borrow as much as you can for as long as you can, and to downsize at the end of one's career. This goes completely against the logic of being mortgage…
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Beginning of the mortgage
Hello, Probably the wrong forum given I have only just got my mortgage in February 2018! But I was wondering do you pay off any equity in the first few years? My mortgage payments are £521 per month. I owe £141,000 and my interest rate is fixed for 2 years at 2.69%. If I sell in say February 2023 (5 years of mortgage),…
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Am I going about this the right way??
Hello I’m wanting a bit of advice on whether to wait 2 years to pay my mortgage balance off or if I should make monthly overpayments. So currently I am saving up so that in precisely 1 year and 11 months time I can pay the balance of my mortgage off. Deets below: Mortgage amount 50,500.00 Interest 2.99 - fixed term 5 year…
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Lowells & EDF
Hello Good Peoples :) I am looking for a little help dealing with Lowells Finacial LTD. I sent a prove it letter about 10 days or so ago from a supposed debt to EDF Energy claiming i owe £1065. Lowells have send me a letter dated 16th July offering me a 50% discount. What letter, and section do i copy and paste to send…
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Only a few months to go - should I pay it off?
Hi, I've been over-paying my mortgage by a lot. With interest rates so low I have done this rather than pay in to savings (it's a mortgage with no penalties for over-paying and I can draw down the over payment if needed, so I've treated this as my savings). I am still throwing everything at my mortgage, and reckon I could…
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The six month challenge
Long time lurker (and I mean years!) which has stood me in good stead. I am now getting close to paying off a small mortgage which give me the ability to move on to pastures new in terms of my working life. A bit about me. Mid 50’s, I have a reasonably well paid job which I have fallen out of love with. Along side this I…
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Paying off the mortgage beyond the term
I have an interest only mortgage that is due to expire in June 2020. In 2015 I decided to take the bull by the horns and to start paying it off. The mortgage balance in 2015 was £101,000 and since then with regular 4 weekly payments of £500 and some substantial blocks of savings/investments I now have it down to £37,000.…
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Should I sell my flat in London and be mortgage free?
Hello This is a financial/emotional dilemma! A bit of background: I am 47 and have a flat in Lewisham in London with about £90K mortgage left on it but plenty of equity. I left London 6 months ago to move to Lincolnshire to live with my boyfriend but have struggled to find work (comms) since. My flat is rented out up to…
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Regular Overpayments vs One off payments
Hi all, looking for some advice. I owe £88k on my mortgage and 12years left, paying the variable rate of 2.5%. I'm paying £668 p/m and can overpay by £600 p/m. Using the calculator that will bring me to 6 years. My question is, am I best to do that or to save the money and pay big one off payments. Maybe annually or even…
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Long Term Mortgage Free Wannabe
Hello I am a long time reader and finally have some time on my hands to write this so here goes! I am 34 and just started maternity leave (baby due today in fact!). First baby. My husband and I bought our first home last year and have 24 years to go on our mortgage, which is s 2.18% five year fix - we knew we wanted kids…
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What to do with inheritance
I’m looking to receive £60k inheritance or there abouts. I have a property in my sole name worth £220k and mortgage is £75k remaining (overpaying over the next 13 years to be mortgage free when im 55) Thing is.... I have £4K savings and wondered what to do with the £60k.... do I put it all off the mortgage (and save the…
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A northerner's MFW diary
I got my first ever mortgage at the end of May and made my first overpayment today by phone. Hoping to chuck around £200 a month extra at it during the good times (I'm self employed so income can be variable) and then chip away with smaller amounts during more lean times, but I've got the ball rolling and it feels great.…
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£165k in 10 years. Can it be done?
Hi !!!128075; Any opinions? Success stories? Where to even start? (We are 2 adults with joint income of approx £80k and 2 young kids). Thanks!
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Avoiding early repayment charge
Hi there I am about to be in the position to clear my mortgage however I have £6k in ERC. Is there any way to avoid it? Thank you
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Just started mortgage and hence mortgage free journey
My mortgage was issued on Thursday. First payment will be £520.77, assuming information on the app is correct, regular payment £498.47 for next 5 years. Regular mortgage payments obviously set up as a direct debit. Have just set up the mortgage company as a payee using instructions on their website and made a token £10…
