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Only 10% OverPay per year - Is it worth it?
Hi I am new here so trying to find my feet. Our mortgage only allows us to overpay by 10% of the outstanding balance per year. I have looked on their overpayment calculator and that only takes 4 years off our mortgage. Ours is still pretty big too. We have an outstanding amount of 189,000 and 26 years left. I want to try…
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Decisions, decions
Hello fellow mortgage free wannabess After reading your journeys for a number of years I have decided to,post as I have a first world problem, upon which I would greatly appreciate your thoughts, please 😀 To start off, a bit about me...full time employee aged 49, surviving (trying to thrive) the joys of the menopause.…
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mortage free or keep mortgage
Hi guys, am after a bit of advice please I've got £24k left on my mortgage - 2.75% rate - which means I pay roughly £50 a month interest I've got about £35k in savings so I'm lucky that I'm mortgage neutral now :-) £53k salary 45 years old ! 8 years left to go on mortgage (but 2 realistically) My dilemma is I'm thinking…
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Invest to clear mortgage or overpay?
Hi all, I’m saving aggressively in a S&S ISA with a view to paying off my mortgage when the fixed rate ends in January 2023 I’m currently paying £1200 per month into my S&S ISA risk level 5. Balance just shy of £16k at the moment. Would I be better maxing overpayments into the mortgage as I go to reduce investment risk and…
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Moving to be mortgage free
My husband has been offered a job transfer to Devon and after much discussion we have decided that this could work for us as my mum has decided to sell her house as well and move with us. In an ideal world this would make as mortgage free. Having only ever visited Devon for holidays the idea is scary to say the least.…
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Paying mortgage in full
I have £20,000 left to pay on my mortgage. The interest is 1.75% Barclays said i would pay £275 extra for paying it off early. Should I pay it in full ?
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South Coast Mortgage
I've recently discovered this site and this forum, a great source of inspiration and helpful to know I am not the only one with a large mortgage. I guess I am posting as I've spent the best part of a year saving for a move from the Midlands to the South, have now moved and am now somewhat freaked out by the amount of…
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My Great Plan C.
Hi folks, long time lurker starting my MFW diary to motivate myself if this plan fails it will be Plan D, overpay as much as I can to clear mortgage and reduce hours or go part time by the time I'm 60. I'm 57, single bloke with no dependants. Plan A was to walk out of job and force myself to look for another (but don't…
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5 years to freedom?
My remortgage completed today, so it’s time to put in place a plan to pay it off. Unlike previous remortgages, I approached this one with the intention of it being my last, so I’d better put that plan into effect now. The numbers: Loan - £100,000 Term – 10 years Fixed rate – 5 years at 2.2% (or possibly 2.25%) Overpayment…
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108K mortgage but £21K on SVR - move to loan?
Current mortgage total is £108K. Just over 13 years left. £87K of this is on a cracking lifetime tracker rate of BS+1.1%. The other 21K was on special rate which has just ended so reverting to SVR. Obviously, I dont want to remortgage the whole lot because I won't get a better rate. BUT, the lender RBS won't let me change…
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Buying out an equity loan
Hi, I am a teacher and 10 years ago I managed to get onto the property ladder and buy a one-bed house using a combination of some inherited money (10%), a mortgage (50%) and a government-backed key worker equity loan (40%). Through years and years of scrimping and saving, I managed to regularly overpay and pay off the…
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For anyone on the MF Journey, a question ?
I have worked out my budget to clear the mortgage in 5 years but it leaves me with a weekly sum of £80 which is incredibly low. I would have savings obviously to pay for any unexpected disasters but do you think its possible or would it be too draining to micro manage every penny. particularly over the years. All expenses…
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Should I overpay on my Mortgage?
Hi all, First time poster here. I just turned 23 and am now getting serious about trying to clear this mortgage faster. Current situation is that my partner and I took out a mortgage for a flat about 16 months ago (May 2017). We had it fixed for 5 years given economic uncertainty of brexit etc. and managed to get 2.88%…
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the unbearable heaviness of mortgaging
It's all in the title, really. My bank and I own a two-bedroom flat in greater London. Current LTV 56%, so the bank wins, as they have the lion share. (Don't they always win?) I've just remortgaged and signed up for a full 25-year term, which I hope to reduce to 15 years or less. How? First step over the next 5 years:…
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Buying someone out of a mortgage help
So basically my wife bought a house with her sister 15 years ago I moved in 13 years ago and she moved out. Since then I have been covering the mortgage. How would we calculate a buy out amount. I assume the initial deposit back and the 2 years of payments? And a token gesture . Or would it go on the original purchase…
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Mortgage Free is in sight
Hi everyone, I'm after a bit of advice around future options for savings as I am quickly approaching MF status. I'm 34 and as of now I have an outstanding mortgage balance of circa £95,875 on my mortgage that has 29 years left on it with a monthly repayment of £522. It's currently on SVR as I have been saving like mad…
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Boo's MF Dream
Hi all, After being a long-time lurker, I'm finally putting my fingers to keys and starting my own diary. You are all so inspiring and I feel I have already gained so much knowledge reading many of your diaries. So a little breakdown of my situation: Property value: £500,000 Mortgage debt: £326,550 Interest rate: 1.41%…
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How did you do it?
Hi everyone,, I am keen to start over paying our mortgage, but we still have some outstanding debts that are interest free for approximately the next 2 years. Obviously, we are paying interest on our mortgage of about 3.4%- should I wait to pay off the debt THEN focus on the mortgage overpayments or over pay and reduce the…
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Early Repayment Fees In Variable Rate Mortgage
I am very shortly due to begin my first step on the way to becoming Mortgage Free. I have looked into Making an Additional Payments under the 10% Penalty Free which is fine But it might be that i could wait until next October, when my Fixed Rate Term Ends and I would like to have an idea what the banks usually offer in…
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payoff mortgage with extra savings
Hello, I have 1 year worth of salary in savings and I was thinking to keep 6 months worth of salary and the rest to pay in the mortgage principle to reduce the interest. Also, not to add any balance in savings until I payoff mortgage to save on interest.. What would you suggest in this case?