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Staying on track to be MF and ready to support my daughter at 18
I've been an occasional lurker here, taking inspiration from everyone's successes against their struggles to pay off debts and mortgages. My circumstances changed for the worst financially in 2014 and it needed a complete overhaul. I decided a long time ago though that I wanted to be MF by the time my daughter became 18 so…
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5 years mortgage left.
We have about 15 grand to pay on our Nationwide variable 2.25% mortgage. I have about 10k in Santander savings 123 account. I have legal and general joint life insurance which is £12.66 a month. The question I am putting out is what are my best options to reduce the mortgage time as well as avoiding possible interest rate…
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Moneymagic's mortgage and money ramblings
I have been a lurker on these forums for many, many years now and have always toyed with starting my own diary but continuously put it off. So now that we are approaching the finale of 2018 and with a whole range of goals for the next few years I thought “sod it, no time like the present!” This diary has a few purposes…
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Priorities and posteriorities
So here I am, a new diary to turn the dial up a notch! About the goal: In the last four years I've reduced my mortgage by nearly £48k, a good chunk with overpayments by prioritising certain goals. Every time I open my OP letter and see the repayment term reduced I get such a buzz. However I want to turn the dial up a notch…
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Unlimited overpayments
Hiya Which mortgage providers allow unlimited overpayments? I am currently with Post Office (Bank of Ireland) and I am limited to paying off 10% of my mortgage each year. I don't like it - ha ha! UC
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Crisis of Conscience - mortgage or savings
I'm in a bit of a dilemma! I have about £30,000 in savings having taken redundancy and have been systematically paying off 10% of my £130,000 mortgage for the last couple of years. The first year I didn't tell them whether to reduce the term or the payments and they automatically reduced the payments. The second year (last…
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1% challenge 2019
When faced with a debt that ends in several 000s, overpayments can feel like a drop in the ocean. Maybe you've been OPing for a while and feel like there is little left to squeeze out of your budget. Maybe you've lost your mojo with OPing and need a new challenge. Perhaps you feel intimidated by how much others OP on the…
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Single Parent with Mortgage
Hi, I'm 53 with two children aged 15 and 17 and I have a mortgage till I'm 70, and currently owe £98000. I'm starting to panic about the length of my mortgage and never seem to have any extra to pay it down. It isn't a large house and downsizing wouldn't save me much. I'm also on shaky ground re my job and would like to…
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How/when do you overpay?
All being well, we'll move into our first purchased home next month. We've got a 95% mortgage at a reasonable interest rate on a 5yr fix, and I'm already thinking about overpaying. In an ideal world, we'd like to get lower LTV when we remortgage in 5 years to get the best rate we can. We do need to build up savings (we…
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Excessive Mortgage payment gone worng??
Hello, This is my first post here. I am working my way through paying my mortgage off, and something unexpected happened, and I am not sure if it was good or bad. My monthly mortgage is about $1450, and I got a large bonus at work in April. Because of the bonus, I put $4500 on my mortgage payment in April. I logged in just…
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Pay off mortgage quicker or buy rental houses?
I’ve got to the point in my life where big expenses have been paid ( wedding etc) I now have a disposable income of approx 2k per month to use on whatever is financially best. I currently have a personal mortgage with an outstanding balance of 91k, I could pay 2k per month off this and be mortgage free in just over 5 years…
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Stamp duty on 2nd House
Hi, I have got a house in England and i am currently looking to buy another house in Scotland for my family, is it we gonna pay higher rates for stamp duty or if we still qualify for First time buyer i am thinking this because both my houses will be in different countries, am i thinking correct? really appreciate if any…
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The first hurdle - Nichelette v the huge mortgage
I'm starting this diary in anticipation, so that I have focus for 2019. It's a bit of a long story, but to give the key facts I'm 32 and married. I graduated in 2008 into recession which wasn't the best, and live in the south east where house prices are absolutely insane. When I was younger I helped both of my parents a…
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2019 Transforming and Becoming Mortgage Free!
Happy Solstice!! :xmastree: I'm starting a new diary as today is the new start on the final part of my mortgage journey :j Sorry for the long thread title, but that's what this is for me!! Winter Solstice 2018 to Winter Solstice 2019 is my transformative year - I intend to be sitting here 365 days from today in a renovated…
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Is this a bad idea?
So at the moment we have 33.6k left on our mortgage (most on 2.75% about 8k on 4%), it's due to finish in 2yrs 10 mths, we are paying about £1087/month. All well and good but by the time it's paid off I'll have turned 59 and I got to thinking it'd be nice to have extra money to spend earlier. Our credit rating/record is…
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Buying outright from aborad
Hi everyone This is my first time posting so sorry if it's in the wrong section or i make no sense :o I have no idea about mortgages or owning a home so again please forgive me if this is a stupid question! Me and my boyfriend are currently in a long distance relationship. The plan is for him to eventually move here. At…
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Writing off the mortgage
Oh dear, I've already resorted to a punning title, let this be a warning of what is to come... I've been reading MFW diaries for months, finding a lot of inspiration and now I've decided to start my own. A little about me. I'm a mum of three, the youngest child was born in october so a very busy little household. My…
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Mortgage Meanderings
Hi everyone, I've been on this forum as a lurker for a long time...when I tried to register recently, my email was apparently already in use - when I eventually got into that account I had a 7-year membership award! No recollection of setting that up! I've decided to set up a diary to document my mortgage-free journey, as…
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Want to be mortgage free asap
So been reading these topics on here for a while now so thought I’d start my own. Mainly to gauge how I’m doing within my own overpayments and thoughts of other members. I bought my first house last year I’ve owned it since aguest 2017 but moved in jan 2018 so newly coming up to a year wow how time goes fast. I bought it…
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2019 Mortgage-Free Wannabes
Welcome to the Mortgage Free Wannabe 2019 thread! :j First of all, huge thanks to hiddenshadow for setting up and running the last few challenges, and also for pawlala for updating the spreadsheet last year. Without you, I doubt we would have been able to overpay anywhere near as much as we did. Because I don't think it…
