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Mortgage-free wannabe

Archives for January 2019

Charge release--Scotland mortgage
Hi folks hope someone can advise. I recently paid off my First Direct mortgage and they have advised that I need to contact a solicitor for a "charge release". I am in Scotland Can anyone advise of approx cost or is this something that I can complete myself Thanks
Paying off mortgage on flat
Hello, I have a general mortgage/investment query. I bought a leasehold one-bedroom flat in an outer-London borough in 2015 for £201,500. It has served me well for the past few years (as it provides a reasonably short commute to work), however, it is quite small and I can’t really see myself living there beyond another…
Pay Off Credit Card or Overpay Mortgage?
I have just arranged a new 5 year fixed mortgage with Santander at 2.19% with 103,400 to pay and 16 years and 6 months remaining. I’m overpaying by £100 and this will reduce the term by 2 years and six months. I have a 0% credit card with a balance of £2,200 with 16 months left until the 0% ends. This may seem like a silly…
Thoughts on overpaying
Hello Forums, Would like to get some thoughts / ideas on the below situation and how the GF & I can begin to overpay our mortgage as soon as possible. Situation: We bought our first house in summer 2018. We paid 15% deposit and were able to get a 2 year fix at 1.7%. I am keen for us to overpay the mortgage in the remaining…
Is it worth overpay 10% mortgage allowance?
Hello, I'd like to ask if it's worth to overpay 10% mortgage or you are better off with investing in a active/passive fund? I read so many arguments against both those options.
Rachel’s Run towards mortgage freedom
Hello Everyone, Ive been a long time lurker, taking lots of inspiration and motivation from others but I thought a diary to add my story, and help me keep on track with my goals. So I'm glad to join you fellow MFWs! :j 2018 was, financially, a bit of a transformative year, especially in relation to my house. I remortgaged,…
WWYD brexit/mortgage
My husband has been told by his colleagues that everyone should be locking themselves into a good mortgage deal ahead of Brexit. Now I can't massively argue with this advice for the average homeowner but we (mainly me) have been MFWers for the last 4 years. We've paid off £40k (in under 4 years) whilst only earning £50k…
3285 days to be mortgage free......
Hello. Time to take the plunge and start a diary to keep myself accountable as we try to pay off our mortgage in 9 yrs - by the time I'm 55. :eek: I have already been overpaying for the last year using the overpayment calculator to work out what the balance needed to be at the end of the year. Last year we actually…
Pay it off with overpayment fee or pay of gradually?
We're in the very fortunate situation to be able to either payoff our outstanding morgage in full, however if we do that, we'd face a very 5% early repayment penalty. I've spend a long time looking at overpayment recalculators but I can't really work out if it's better to overpay at the beginning of each year the maximum…
Cottage Countdown
I stumbled upon this forum a while back and was so excited to read about other people's mortgage-free journeys. Strangely enough, I haven't been able to find a similar forum based in the US no matter how much I've searched. I'm not sure if that's a sad commentary on the state of affairs of my fellow Americans, but I…
First post, however one year in.....
Hi All, I would like nothing more then to become mortgage free, I bought my property for £108,000 with a deposit of £50,000 leaving £58,000 mortgage plus fees. By the end of 2017 I owed £57273.88 For a large part of 2018 I have overpaid I have just received confirmation that I now owe: £54400 wahoo! or YIKES! Using Martins…
#dreamer - mortgage free maybe
Hi all So stumbled across this forum today and I have spent a good few hours reading threads! Looking at the old ones from 5/6 years back and then flicking to the end page to see where and what happened to the present day. It has provided me with inspiration! My plans, I have a few, not sure what is do able as yet so just…
Using BTL to pay of mortgage ?
Hi, I could really do with some sensible advise. I have been left 120K. The person who left it to me was a real entrepreneur and would want me to do something clever with the money. From my research it would seem the sensible thing to do would be to pay off the mortgage debt......but I am wondering if there is some way I…
Mortgage Overpayments - How Small or Large?
Hi, After reading the posts on here I've begun making small overpayments on my mortgage when I can, but wondered,what are the smallest payments people on here make at any one time? Do you put money into a savings account and let it build up to a sizeable sum first, or do you pay small sums directly off the mortgage? Jx
Parking Eye £100 Fine - Welcome Break Warwick South
Hi All, Surprised to get this in the post yesterday - have done some googling and it looks like I can use lack of signage and identity of the owner as reasons to cancel this? can someone tell me if this is correct? Below is a photo of the exact spot where I parked (from 4:09am to 8:59am on 31/12/17 - I was driving from…
Barny's Mortgage-busting thread!
Right, on Friday I complete on a property, the mortgage will be £180,900.00 for 25 years. I am 40 in July and aiming to be Mortgage Free by 55.
Life is a minestrone as the song says - my new diary
Hello all, :) I had a diary on this board a few years ago when OH and I were working towards being MF which we managed in mid 2014. That diary is here; https://forums.moneysavingexpert.com/discussion/2676587/that-was-scary-now-to-tackle-the-remaining-mortgage My last post on there was about starting a new diary which…
Dream. Believe. Achieve
Hello shiny new diary, I recently became debt free in December 2018 well debt neutral as I have enough money in saving to pay everything back. All my debt is 0% so currently using regular savers to earn 5% so snoozing the CC and will repay loan to parent when my next reg saver matures. If you want to read my debt free…
Jonny20222 diary to a MF life
Hello all Like many of the diary's I've read, I've floated around the forums for a while inspired by your stories and wanted to tell my own. Mainly to keep myself motivated and on track but also maybe a couple of you might find my story an inspiration in years to come. A tiny bit about me.. I'm 30 and live with my partner.…
Making fairy dust of the mortgage
Hi All. So 2019 is the year I can really start sorting the mortgage hence I've decided to start a diary for all the usual reasons. A bit about me, I am a single mum to a 8yr old DD, separated but looking to divorce this year as can get a no fault divorce from later on in the year and didn't fancy any mud-slinging that…

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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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