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£100,000 in 5 years
So yet another new diary ,hopefully this time I can stick with it ,I don't seem to be very good at updating sadly ..Anyway due to selling several items that we had inherited years ago plus a small amount of money that we had managed to save this year we now have around £100,000 left to pay . we have approx. five and a half…
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Mortgage free - are there any disadvantages ??
Hello, Just wondering if there are any disadvantages (f.e. higher tax ??) at all to being completely mortgage free ? Many thanks in advance for your responses and stay safe !
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SLLM (Single Lady Large Mortgage)
Hello all SLLM - single ladies with large mortgages or single ladies who have previously had large mortgages or single laddies in the process of getting a large mortgage! So if you are a lady and own your own house then yes this is for you. Yes I could not resist it any longer. Ladies large mortgage is a loose term so if…
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The light.... I hope it's not a train
The year was 2004, a fresh faced Roger Red Hat in his very early 20's placed a shaky foot onto the property ladder along with the 19 year old Ruby Red Hat. Our mortgage was £90,000 and for a couple earning £22k (COMBINED!!!!) the thought of having this paid off seemed a long way off. Well, it seems we were right. 16 years…
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Time to get back in the saddle!
Its been over a year since my last thread. I've seen the return of depression but have a good gp so was on the correct meds quickly. My personal side effect of the meds is as I'm less up tight about stuff... So I've added quite a bit of debt.. Nearly new caravan loan (not that I'll be using it much soon!) Part loan for…
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Long time reader first time writer
Thought i would join in to keep up my motivation, My mortgage background, Bought my house in 2011 for £122,500 with a %15 deposit, I have remortgaged once 3 yrs ago which valued the house at a safe £146,600 Over the years i have more often than not kept a monthly overpayment up weather it 50, 100 or as now £150. My current…
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Halifax variable
Hi, Think Im reading this on the Halifax website right and Im down to just under 9k left now so going to bang this out as much as possible... End of my current Halifax deal 1st May. I take it it moves onto a variable then automatically? Also anyone know if you can do as much/many overpayments as you like then? When you get…
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Mortgage refusal
Hi all i dont know if iam in the right page,i wanted to ask for an advice or a solution,today my mortgage from santander was refused based on mine and my wife's outgoing bills,i don't see how that can make any sence as now i pay £600 rent where is my mortgage would've been £360 a month,and my outgoing bills have never been…
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Paying off the outstanding balance, using all our savings.
My wife and I are in a very fortunate position, despite this Covid-19 crisis, I am still earning a full salary and we have savings too. My questions is, with interest rates as low as they are, I think the best instant access is 1.25%, would we be better off using our savings to pay off our outstanding mortgage and then…
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Mother In Law offering interest free mortgage
Hi all, My mother in law has approached me today and asked how much we pay monthly for our mortgage. She then suggested that when she retires in July, she would like to sell her house and pay off our mortgage and my brother in laws mortgage also, and we pay her the mortgage amount each month instead for a substantially…
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Pay off mortgage completely now?
We are lucky enough to have received an inheritance which covers the outstanding amount on our mortgage and leaves an emergency buffer of £10K over. We had been hoping to pay for a downstairs extension (budget: £25K) out of the inheritance but in the current unsettled situation, it is unlikely that this project will get…
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Back to it
Hi everyone, I haven’t had a diary in any form before but I do really enjoy reading people’s achievements so I’ve decided a lovely shiny diary might help me become mortgage free. There is myself, DH and DD <3 (age 2.5) in our home. We have very much appreciated the security of having our own home during this pandemic and…
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Thinking about a journey to becoming mortgage free
Hello I was a MSE forum member 10+ years ago now, using all the great advice to pay off my debts. I became debt free in 2009 :smile: Bought my first property on my own in 2013, a 1 bed flat in the suburbs of South East London. Bought for £180,000 with an £18k deposit; I consider myself incredibly lucky to have managed to…
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Fighting the mortgage interest
Hello and welcome to my thread, I'm a long time lurker on these forums and thought it was finally time to start a thread of my own. We bought our home a couple of years ago and have overpaid around £2k so far although these overpayments have been quite sporadic and my aim is to make it a regular thing. We are still quite…
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Babystep 6
Hiya :) How's everyone doing? I'm a newbie here and have spent the last 2 years hanging out on the dfw boards, paying off £21,228.07 of debt - here's the link to my diary if you fancy a look. https://forums.moneysavingexpert.com/discussion/5865681/tidying-up-the-mess/p1 I am self-employed and OH has a very stable job. We…
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Maximising overpayment - good idea (just now) or not?
A few years back, our mortgage deal expired and I agonised over whether to go for another fix or leave things to chance. The general expectation at the time seemed to be that rates couldn't remain so low indefinitely... hah. So yes, we signed up to another 5-year deal and have been paying more than necessary ever since…
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Mortgage free in two years
Hi, I have £49,910 remaining. Loan to value below 30 percent. I normally over pay with surplus rental income of £353. Which brings this to 6 years 6 months. If I overpay by £1,400 p/m, I can get it down to two years. It is also due to switch mortgage later next year.
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Lump sum or monthly over payments?
Would it be better to pay £2400 off the mortgage in a lump sum or £200 per month? I'm thinking lump sum so that the interest is instantly reduced from that point on. Is that right or am I missing something?
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5 years plan to reduce mortgage
Hello everyone, I have been reading mortgage free diaries for many years and I have now decided to set up mine, since we have purchased a house not long time ago. Here is a little bit about myself. We are family of 4, living in South East and we purchased our 3 bedroom house after saving our down payment for the past 7…
