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Mortgage-free wannabe

Archives for December 2020

Beating Lifestyle Inflation and Staying Mortgage Free!
I can't find my old thread, and it wasn't really mine anyway as I had to change my username recently! My not very catchy title says it all :smile: I will be writing about how I keep our money and lifestyle on track. I'm rubbish at budgeting and we became mortgage free on our little house, and then later again on our…
Alcohol free in 2020, Mortgage free by 2030?
Hi everyone, I gave up alcohol after starting to enjoy it a bit too frequently on New Year's Eve 2019 and haven't touched a drop in 2020. I have developed a whole toolkit of ways to do hard things through this experience and have decided to turn my hand to becoming mortgage free within 10 years of today. So, I'm going to…
Greying's Gaining Ground - with Gratitude & Grace
Good Evening MFW'ers! I've been around MSE for quite a few years now - both as a lurker on MFW, and a diary-keeper on DFW. Some of you may 'know' me by my username (Waves). I've had a hiatus from diary keeping for just over a year. Life got in the way a little and then..... well, this year 'happened', didn't it? So, why…
To pay off mortgage or wait to buy new house
I’ve been working to be mortgage free for a while now (helped by being in an area in the north of England with cheaper properties and making a good purchase at a good time). I am now in a position where I have received some inheritance that will be enough to pay off my current mortgage. However, I’m also planning to move…
What to do?
Hi everyone, First post on the site. Basically me and my wife have been working to pay off the mortgage for the last 17 years, we have also been building up the emergency fund. We are now in a position where we owe £6,500 on the mortgage and have £10,000 in the emergency fund. We are currently paying £700 a month of the…
Ditching It
Hi I’ve often looked at diaries in this section, but never been in a position to consider overpaying the mortgage until now. We’ve had a mortgage for nearly 30 years but still have a large balance and another 15 years to go. Got to the stage in life now where we should be planning for our retirement, we are lucky enough to…
1% MF challenge
Welcome to the 1% MF challenge. Your mission, should you choose to accept it, is to try and clear an extra 1% off of your mortgage in 2022. Why 1%? When faced with a debt that ends in several 000s, overpayments can feel like a drop in the ocean. Maybe you've been OPing for a while and feel like there is little left to…
Over payment advice please
I wonder if anyone could give me some advice on making over payments on my mortgage please. I’ve set myself the challenge of making over payments of the interest for next year but I’ve started over thinking it and second guessing what is best to do! I’m planning on over paying £2085 next year which is based on the daily…
£1200 left
Hi, So Im likely to be able to kill this off at the end of next month. As far as I know with Halifax Im on their SVR deal @ 3.59 so no ERC? How does this work then, how do I do the final settlement figure? or if I have just a bit left feb 1st which is less than the normal monthly payment, do they just take the balance then…
Personal loan and remortgaging
Hi, I have question pls. Me and my husband is planning to get a personal loan of 40,000, we are planning to buy a house abroad. Will our personal loan affect our ability to remortgage by 2022? Thanks.
Signed deeds over thinking was off the mortgage
Good evening, was wondering if anyone had any information that could help. January 2017 I brought a house with a ex but soon after the relationship broke down and I moved out we have one child together. Later that year I met someone else and wanted to move on so asked to come off the house she had also met someone else I…
The Best Is Yet To Come
The Best Is Yet To Come - or so the front cover of my new diary says. I normally hang out in the debt free wannabes, but as I have had my diary on there for almost 10 year (yes the same diary), and have been debt free since April 2018 I thought it was time to migrate over to the mortgage free wannabe area. Please be gentle…
Overpay on the interest only or repayment element ?
Hi. I’ve been inspired to try to do what we can to make overpayments on the mortgage with a view to be able to pay it off a few years early. We can initially afford to make regular overpayments of about £60 a month with the intention of then making extra payments when we can but I’m not sure if if would be best to make the…
Last one standing
Well, it has been an odd year, 2020, and three months with zero income didn't help, but this Saturday, 19th Dec, I got the letter from Hitachi Capital confirming that the last finance agreement we had is cleared :) That leaves the credit card paid in full every month (which I don't really consider to be credit but more…
I shouldn’t be here yet....
So I don’t actually have a mortgage to pay off.... yet. but I thought I’d start a thread to track my savings and keep me motivated. I moved back into my mums for a year so that I could save enough to buy myself a one bedroom flat. Well that was around 3 years ago and I’m still here. Oops. Changed my mind after the year…
Paying off mortgage - Illustration of two examples
Hey guys, I'm trying to illustrate the effect of paying off my partners small mortgage but I'm getting a little lost in the detail. Here's the summary: * Her property is for sale, target price £210k * There's a mortgage on it, costing £750 pcm, with the interesting being around £112, and £48k left on the mortgage. * When…
Is there a way to get a mortgage without any fees?
Is there a way to get a mortgage without any fees? I am willing to have higher interest rate, rather than paying a fees £699 for a mortgage advice.
Powers’s mortgage free thread
Hi everyone, I’ve been reading lots of MFW diaries and wanted to start my own, sorry it’s going to be long! background: met a nice man with a not so nice house that he still owned with his ex wife and was in negative equity. Eventually remortgaged it together in May 2017 with a mortgage of £68k. We’ve made some…
How to calculate if its worth paying mortgage off
Hi,I have a fixed rate mortgage until 31 Jul 2022.I can make a yearly overpayment of 10% with no charge. I intend to do this first thing in the new year.As it stands, the early repayment charge is 2%, which then reduces to 1% in August 2021.Is there a way to calculate - if I didnt pay the mortgage back early - what my…
A couple’s home is their Castle(ford)
Sorry for the pun in the title, it will make sense shortly. Myself (35M) and my wife (37F) have just purchased a new build house (Castleford by Kier Living) for £440,000. Large mortgage of £350,000 at 1.54% over 33 years (until wife is 70). Both currently working full time, but wife is 25 weeks pregnant with our first,…

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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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