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Mortgage-free wannabe

Archives for October 2020

Should I pay off my mortgage or not?
I have an offset mortgage which was an excellent decision for me & I am now in the position where I could pay it off completely (ie I have more "saved" than "owed") but on the other hand I currently pay £0 interest so could just keep paying off something like £50/month from the capital for a few more years & still have…
What is the best gaming mouse right now?
Recently, I was searching for a mouse for my cousin. He usually likes to play games, and tends to have better performance and a light gaming mouse. Can you recommend it?
Over paying on 2 mortgages?
Hi, Looking for a bit of advice. I have 2 mortgages. 1 for my home and the other for my parents home. Both mortgages were recently renewed and both are around the £120k mark. I would like to overpay £200 per month, should I split this and ovepay £100 to each mortgage or is it better to focus on just the 1 mortgage? Thanks…
Weekly vs Monthly Mortgage Payments
Hello, My mother has a Halifax interest-only retirement mortgage. While reviewing it with her, I noted that the interest is calculated daily. I was wondering if there would be any benefit if she changed her standing order to make weekly payments, the shortest payment frequency permitted, which would equal her current…
The second hurdle - Nichelette v the huge mortgage
Hello! I thought I would start a new diary as we attack the second phase of our mortgage... In Jan 2019 we bought our first (lovely, but little) house for 320k with a 10% deposit. South east prices :s . With the fees we began our journey with a mortgage of £289,500 over 30 years. To be honest, whilst it was affordable to…
skipping a mortgage and buying outright
I am 40 years of age with around 30k savings. I want to save another 80k, giving me a total of 110k. The plan is to buy a derelict property for cash and renovate it myself over the next 10 years or so (I will live in a caravan on site while I do the work myself). I am unable to get a mortgage on such a property, so the…
Race against time to become mortgage free
My consent to let my primary residence is running out by April with 0% chance to extend. I am having issues getting a BTL because of a confusing tax residency status which is stopping me from getting an expat mortgage and likely will prevent me getting a UK mortgage. i am trying to get creative to clear the final part…
Race against time to become mortgage free
My consent to let my primary residence is running out by April with 0% chance to extend. I am having issues getting a BTL because of a confusing tax residency status which is stopping me from getting an expat mortgage and likely will prevent me getting a UK mortgage. i am trying to get creative to clear the final part…
Tiny House Living 21st Century
Never done this before but hoping I may get some help! So my partner and I want to buy some land, nothing drastic, and we have the means to buy a completely eco friendly tiny house. I’m talking rain water filtration system, solar panels, home biogas system and compost toilet. Veg patch on the land and a 2 bedroom tiny…
Shared ownership
Hi everyone, we have just bought our first home 🎉 finally! We have bought via shared ownership and have a mortgage of £49k. We have taken to mortgage over 35years to give us the flexibility to over pay most of the year but have reduced payments around Christmas and also enable us to pay the lower amount in a few years when…
What happens.
Getting close to mortgage freedom. What happens when you make that last payment? Should you make a last payment or should you retain a small mortgage? I will probably never require a decent credit rating again, but who knows, and not having a mortgage will probably effect that. I have £18200 available on credit cards and…
Halifax mortgage offer
Hi I received my mortgage offer today stating special conditions as “You have declared an intention to pay some or all of your outstanding credit commitments. The mortgage advance has been assessed on this basis and it is your responsibility to ensure that these commitments are repaid. Completion takes place on the…
Let’s get this Monkey off my back
Hi guys , newish to the board although I’ve been a lurker for many years - sorry. Anyhow I want to clear my mortgage debt as soon as I can , I’m pretty clear on my goals but was wondering if I’m missing anything that you guys can help me out on . I’ve no personal debt or car finance so any spare cash can be ploughed into…
Short or Long term fixed interest term (porting costs)
Hi all, So just to say, I have some time until I need to change my mortgage, and with rates where they are, I'm starting to think of fixing in for a longer term - potentially 5+ years rather than my current 2 year term. What I am struggling with, is trying to forecast any porting costs in the future should I decide to move…
Mortgage overpayment calculator
Hi, we are come into a chunk of money and want to pay off our mortgage. However, we are just about to enter the 2nd year of a 5 year fixed rate mortgage (1.57%) so I'm trying to work out if we would save more in interest by paying it off in one lump and taking a 5% ERC hit or whether to pay a lump sum of 10% (free of ERC)…
Half a House
Hello! I realised I hadn’t posted on my old thread for almost a year, so thought it best to start a new one, as things have moved on a bit since I started the old thread. Our situation: we bought a shared ownership house 3 years ago, buying 50% of the property and renting the other half. We were debating whether it was…
Does an over payment benefit me?
Hello, Agreements with my current lender to borrow more have broken down and I may need to look at other lenders I have the cash to make a 10% over payment now, does it make sense to do that, will I then pay 10% less early repayment charge if I was to move lenders in 2 months time?
My Journey to an exciting future!
Good Evening All, I have been an avid reader of this forum for sometime however have always stopped short of creating my very own thread. I find so many of the stories inspiring! A little context about me. I am a mid 30's man who is married to his childhood sweetheart, we have a 4 year old daughter and there are…
Mortgage repaid, excellent credit score but unable to get a loan
I have repaid my mortgage, have an excellent credit history and score but am unable to get a car loan Any advice or ideas welcome
Overpayment penalties
I have a question about mortgage overpayments. Provided my sale completes without issue I’ll have a mortgage of £1013 per month. I can afford to comfortably overpay £500 per month. However there are penalties for overpaying. 5% in year one 4% in year two 3% in year three etc. The current interest rate is 2.7% (mortgage is…

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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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Mortgage-free wannabe

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