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Shared mortgage pay off split, options and calcs
Hi I'm not sure which mortgage forum I should be posting this into, but I'm hoping I could seek some advice on here regarding my situation. I share a mortgage with a couple of others with approx. £55,000 outstanding and 9 years remaining. The current interest is 2.25%. I am also a higher rate tax payer. I was think of…
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Time to knuckle down, mortgage free by 45
After a traumatic couple of years moving house and getting a whopping mortgage (for us!), we are ready to get all our debt tackled and pay off the mortgage early. We are currently 30 with a 30 year mortgage but aim to be mortgage free in half the time, by the time we are 45 �� Current totals of all debts (not…
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Mortgage Free - What Now?!
Finally got there - and of next month mortgage free! :j So question is - what next? Where do I put that £750 I'm saving each a month? My wife and myself are 44, have our own business (just the two of us) and two little girls (10 and 8). So looking to the future we don't have a great pension or any other properties. That…
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Always moving forward
Good evening all. I'm a long term user of the forum but wanted to start this thread with a fresh name. I'm hoping this will motivate and inspire me to work towards being mortgage free. It's not going to be a quick process. My wife works part time and we have a 1 year old and a 4 year old. The nursery fees alone for the…
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Kimplus8 MFW I will own my own home diary
As the title says, I am saving every last penny, the hardest part for me is having a no spend month, I always crack and buy something unnecessary and then I am furious at myself afterwards. The last 2 months I have managed a No Spend month and I have managed to sell a bunch of stuff too to buy the kids the new school shoes…
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Overpaying the DIY disaster dwelling
Hi All I did have a diary here a few years ago, but am starting afresh. A bit about me, I'm 35 and live with my husband and 5 year old son in Berkshire. Both working full time. We bought our 3 bed semi in 2016 Mortgage balance today; £214,113 I'll admit it, I don't like my house and I cant wait to move! That's why I've…
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First home/Forever home!
We bought our property in February. FTB's our mortgage was £204,000 and I want to pay this off ASAP. Our house is a lovely 1 bed EOT which we put a 15% deposit down on (South East house prices for you!) We don't intend to have kids so perfect size for hubs, 2 cats and I - I can't really see a reason for us to ever need to…
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Don't want to do this job for ever
So I am a couple of months into having my mortgage now and on the whole really like my house and realistically wouldn't need to move for many many years. I don't enjoy my job however and at the age of 35 don't want to be doing it for the rest of my working life. So the plan is to pay off this house whilst still having a…
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i need help
Hi I am new to the forum so pls be kind. I have 16400 left on Mortgage with 19 months on term. I want to pay it off as the deal I was on has ended and they are taking an extra 105.00 a month off me in interest. I have tried re-mortgages and even speaking to current lender and no one seems interested in offering me any…
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Simple, sustainable and slow: Glenda's MF marathon
I've been lurking about the mortgage and debt-free boards on here for a while, so decided it was time to start my own diary :) . Background: after a few rocky years due to kids and illness, I'm now in possession of my own home (finally, in my mid 40s) and a shiny year-old mortgage with a 25 year term. As I'd prefer to be…
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Pay off mortgage or invest in ISA
So I have a mortgage which should be paid off in four and a half years at 1.94%. I can reduce the capital as much as I like whenever I like, but it would make sense to run it out to its term even if I reduce it right down. I have received a large sum of money which I don't need for ready use. Question: Does it make more…
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Job Free Wannabe
I’ve previously posted here, as a MFW, and now the mortgage is gone I need a new target. I’m now re-posting as a Job Free Wanabee. There isn’t a sub-forum for this, and this seemed to be the closest. I’m coming up to 40 in the next month, and with that, the realisation that I don’t want to spend forever at work. I need a…
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Starting Afresh Back Home
Hi Everyone. It's been over a year since I posted on the forum and a lot has changed since then so I thought I'd start a fresh new diary to go with my fresh new chapter in life. Last year my marriage broke down and I left Yorkshire and moved back to my home village in Lincolnshire. I'm currently living with my parents but…
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Quick paying off question..
Hi All, I'm back in the mortgage game due to divorce...never thought I'd be here again but life has a habit of throwing us curve balls doesn't it ! My story is I have a £140000 mortgage on a £280k house, it's for 17 years and I have my first mortgage payment of £771 going out next week. I'm on a 2 year fixed deal of 1.99%…
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Mo’ mortgage mo’ problems
Finally decided to start a mortgage-free wannabe diary. Hopefully keep me on track, and hopefully future-me will like seeing how far I’ve come. Wish me luck! :money:
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Lump sum or regular payments?
Hi, We are looking to over pay our mortgage to greatly reduce the term and interest. Would we be better paying a regular monthly payment within our yearly charge free allowance or saving this and paying it off in a lump sum when we come to renew our deal (every 2-5 years depending on what we take out at the time) The…
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Overpay now on 3.44% or next year on reduced %?
We have decided to overpay on our mortgage with the intention of clearing it earlier. We have a year left on a 3.44% fixed and around 157k left to pay over the whole mortgage period. We plan to reduce the term and the interest rate next year when the fixed rate ends. So my question is this - do we start overpayments now to…
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Mortgage free wannabe, or pension?
Since you are mostly mortgage-free wannabes round here it may not be the place to ask but, here's my dilemma. I'd value opinions from you sensible people :) I started with a mortgage of £220k in 2005. It's now down to £50k as I've been paying off as much as possible generally, had an offset mortgage for a while which…