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Mortgage-free wannabe

Archives for June 2020

Buying now, mortgage free or not?
I've sold my last property and am looking for a new home. I have enough equity to be able to buy a smaller property (1 bed flats) outright, or can get a mortgage of say £50K to buy something larger. I'd love to be mortgage free, less worry about job security etc., but then again should I get a better property and mortgage…
Journey to be Mortgage Nuetral and Mortgage Free
Ever since we got our mortgage back in January 2011 we have longed to get rid of it. This forum has been a source of great inspiration in helping us along the way. Who are we? Well there is my wife (37), myself (38) and our two girls 6 and 4. We are both in secure pensionable jobs but my wife is gone part time in the last…
Advice for young mortgage owner!
I bought my house just before my 23rd Birthday. It was worth 70K and I put down 10K and have been paying it off over last couple of years. My roof has been leaking and so now need to have a new roof placed as well as possibly a new bathroom. I am worried that I am going to end up paying out more than my mortgage was worth…
My motivating money saving diary
Current situation: Mortgage - 1 bed leasehold flat c.£150,000 left to pay. Flat value c. £190k. Loan (paying back flat deposit) -10 months at £250 pm left c.£2500 in total left to pay.Credit card 0% - £5,500 Student Loan - c.£5000 left to pay. (Monthly amount of around £250 taken monthly by government from salary). Savings…
Mortgage Free by Mid Century
Hi All, I have come here to post a cheeky starting thread, with the caveat that I am being a little out of sync, as I belong very much in the Debt Free Wannabe boards at the moment! I have approx 26000 of debt to family and a car loan, all at 0% interest. I bought my first home about 2 years ago, buying too much house and…
Plan B to being mortgage free
After reading many of the MFW diaries over the last few weeks I felt inspired to give it a go. Worst case scenario I don’t hit the target I’ve set but we’re further ahead than we would have been just making the monthly repayments, right? At the start of the year we had a plan – clear our £104,675 mortgage (twenty six and a…
I have a bigger deposit than my partner plus i want to make overpayments?
Hi, I intend on getting a joint mortgage with my partner, as it stands i have a fair bit more saved than he does. How will this work when getting a mortgage and secondly, i intend on making over payments, im unsure how this works on a joint mortgage - well i am unsure how a joint mortgage works all together. Please can…
Planning to pay off small mortgage this week
I've never made an overpayment to my mortgage. I have two, the main one form the property purchase from 2003 and a second secured loan I took out in 2004 to help fund a new bathroom and kitchen. The balances are approx £48k and £2.7k. This week I plan to clear the smaller balance in full. Financially I've had to count the…
Young mortgage-owner wanting advice from those experienced!
Hi everyone! I am 26 (just turned🥳) and I will soon be completing on my purchase. I will have a 25 year mortgage at 133500. Now I have always been ambitious and hard working in every aspect of my life and I want to pay this mortgage off ASAP. Our house will need decorating and we will also need some furniture as this is…
Re-mortgage and additional name
My partner wants to remortgage his house and add my name to the mortgage. Can we just remortgage direct or do we need to involve a solicitor?
Interest calculations re. overpayment
I was hoping someone could explain this for me! I can overpay my mortgage by up to 10% every year. In terms of interest calculation on my mortgage, does it matter at what point in the year I do that?For example, say my mortgage was taken out 1st July 2019. One year later, the 10% I can overpay is reset. So does it make a…
Advice needed with mortgage switch
Me and my wife are currently in a 5 year fix with Skipton at 2.51%, which we pay £592.34 D.D (plus £7.66 extra) and we are 3 months away from the end of year 2 of a 25 year mortgage. Originally our minimum payment was £592.34, when I made multiple overpayments, Skipton reduced it to £536.31. However, I kept it at the…
MrWannabe & his journey to the MF Roll Of Honour
Inspired by the MF journeys I have read about on this forum over recent weeks, I have started this thread to help me stay focussed on my journey to being MF. Today has seen my most significant step to date on the road to MF status. So let's begin: Just me paying the mortgage Property is worth around £160k to £170k (I…
Right...let's go MFW by June 2023
Both me and wife work part time. Non smokers or drinkers. 2 girls 15 & 21 Can I do it? All advice, hints and tips
Save or pay Early Repayment Charge
I'm releasing equity from my BTLs to pay off my residential mortgage which has an ERC till Apr 2022 of 5% of 174K. My broker said time was running out so get the equity 174K now to be able to pay off my home. Should I save the released amount (less the amount I am allowed to pay each year free ) or should I just pay it all…
First time Buyers - When to start overpaying?
Hello all, Myself and the girlfriend (both 24 years old) have just purchased a property as first time buyers and one of the things we have both agreed is that we want to overpay on our 25 year mortgage. On the assumption no extra fees are involved.. Do you think we are wise doing this straight away when we move in? Or…
Using credit card lump sum to save int
Hi what’s views/opinions on using a credit card that transfers money into your current account and then using it to pay a lump of your mortgage? Even with the transfer fee it appears to save such a lot off the mortgage. Am I missing something? i.e 6k on credit card with transfer fee of £179, repaid over 2/3 years interest…
Should I stay or should I ...swap?
Hello! I have a dilemma and hope you will be able to help me out. I am on lifetime tracker mortgage with Santander - 2.19% above the rate = 2.29% right now. Capital repayment. Have around £71k left on it. Monthly payment £479 but I do overpay a lot and should be able to comfortably pay it off latest in 3.5 years (42…
Mortgage Free early?
Hi all I'm lucky enough to be in a position where I can pay off my flat early. Only negative is paying the £50 redemption fee. I've never been in this position before, so despite the fee, should I proceed and finish paying it off? Sorry if this is covered elsewhere and I've missed it. Kind regards
My mortgage clobbering post
Putting this here because I'm an enthusiastic mortgage over payer and I have no one in real life to tell! Single parent for 15 years, left in £35,000 of debt by ex husband. (Paid off over 6 years). No maintenance paid in 15 years. Unable to pay capital for many years as I had to use the old endowment policy to pay off my…

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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
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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
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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
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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
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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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