Mortgage-free wannabe

Archives for March 2022

Big day tomorrow - pay it all off!
Get paid tonight (early morning), and will be paying the mortgage off as soon as the pay goes in my account - I am with the Nationwide and have got the redemption figure from them. All seems good but I am a little confused about paperwork - the guy I spoke to on the phone said I will receive a letter within 15 days saying…
My plan - comments welcome/requested!
Hi, I am almost five years into buying my first home, which was financed by a deposit, a five year fixed 35 year mortgage, and a 20% Help to Buy Equity element. During this time I have been saving and overpaying my mortgage as fast as I can. Recently running the forecast I am aiming to be debt free in just over a year. My…
Overpayment - reducing monthly repayment Vs reducing term
Hi folks, good afternoon! I'm hoping someone with a more mathematically focused brain can help me out here! :-) I have a mortgage of 80,000 remaining at a fixed rate of 1.8%, and am making a 10% overpayment as a lump sum. By default, this reduces my monthly payments. We will be remortgaging next year after our fixed rate…
Leeds Overpayment Confusion
Hi all, Me and my partner are seven months into our first mortgage and we are in a position to make an overpayment (well within the 10% allowed without penalty). I've read the advice about specifying you want to have any overpayments come off the term of the mortgage, but I've called Leeds Buidling Society a couple of…
Overpayment advice
Dear All, I am about to renewal my mortgage for ten years, I have built up an overpayment fund of 17k. Should I cash this in now or wait until after my ten years fixed has ended. I have 85k left to pay. If I cash it in now my monthly payments go up. I will be mortgage free after these ten years has ended. Thank you
10 years to clear £334K - our FIRE journey
We bought our house late 2014 and have been (very) gradually doing it up. So far we have replaced the roof, oil tank and boiler and completely refurbished the study, living room and one bedroom. We have three bedrooms, bathroom, kitchen and utility still to go. We recently re-mortgaged and have released some equity to do…
Snakes and Ladders - We're at the Bottom of the Biggest Snake, but there are Ladders all Around!
As the title suggests, in the Snakes and Ladders game of life, we are currently sitting at the bottom of the most giant snake on the board. After a string of bad luck and life circumstances, like many people, our income has fallen significantly. This has completely Kiboshed my efforts at becoming Mortgage Free earlier than…
The Skylarks Journey
Hi everyone! So after 7 very slow moving months and then 4 very fast moving weeks we finally received our house keys! 🎉 Moving in day went very smoothly with the key handover happening at 10am. We had all the flooring and furniture apart from the couch and blinds in and built for 3am Saturday morning…Shattered can’t even…
Repayment Advice
Hi I have a part repayment (85k) part interest only (160k) mortgage and am allowed to overpay 10% pa. Interest rate on both is 1.27% I may be able to afford to overpay - but which should I overpay and is it worth it? What are the pro's and con's? Any advice welcome Thanks
Financial security - most efficient way
Hello, First of all, I consider myself very lucky and fortunate. I'm looking for some advice as we are keen to explore the best way to achieve financial security for myself and my partner. We bought our first home in July 2022. We borrowed £260k at a fixed rate of 3.3% for 2 years, interest goes up to 4.5% after the fixed…
I own 2 properties - £22k payment coming my way - what should I do with it?
Hi all, Complete newbie here. I've signed up to ask just one question and hopefully gain some sound advice to hopefully help me take a big step towards become mortgage free. The scenario...I am planning on selling my car soon and expect to receive around £32k for it. I will be keeping around £10k to purchase another car…
GreenCats bid to get a mortgage to get rid of 🤞🏻
At the moment I’m a mortgage wannabe 🤞🏻 But as soon as it’s in the bag I’m planning to overpay it and get rid of it ASAP! Story so far - I live in a big fixer upper house in a seaside town, it needs a lot of work but I love it. There isn’t a mortgage on the house at the moment as we bought it outright 6yrs ago. After a…
~ Riding the MFW train ~
Hi, I'm very new to this forum but have been binge reading the diary threads which inspire me an incredible amount. Ive recently deleted Instagram and replaced the icon with a link to the forum which has been a fruitful swap :blush: Ive just started overpaying our mortgage with intention and aim to have it paid off before…
Pay-off mortgage or help to buy ?
Hi everyone,I’m about to inherit a reasonable sum so my question is what should I do? I have the following 2.5 years remaining @2.5% with a £3,500 early repayment penalty on a balance of £58,000 Or pay the Help to buy portion which is 20% of the house currently worth about £300,000 which would be £60,000 Or continue paying…
So close, we can smell mortgage freedom!
Morning all, So, after 10 years (to the day) in this house and on my old diary, with all the trials and tribulations of not moving contained therein, I thought it was time for a new diary. My old diary is here: Finally I have a mortgage I can start to pay off! and if you have time to kill, reading it is one way to do that,…
Overpayments on mortgage
Hi, we have a mortgage of £84k, first time buyers and mortgage started end of jan 22. I have just signed up to Halifax online banking for our mortgage account and I was hoping that I could have used that online account to over pay every time I had spare cash each week. My silly thinking I could do that just like my very…
Mortgage Free in 2024 but V. confused if I'm doing the right thing.
Hi! I was hoping that someone may be able settle my confused mind! We plan on paying off our mortgage in July 2024. The remaining term is 11 years and 2 months but the first 5 years of the mortgage was fixed at 2.04% and this fixed term expires on 1.7.24 and the early repayment charge also expires on 30.6.24 - so we can…
HELP! - How much to offer for this property?!?!
Hi all, I'm a first time buyer and I'm wondering what would be a reasonable offer for this property - of course I want to start low, but appreciate how the market is at the minute. It would be great to get some advice from experts on this forum and potentially provide rationale to the offer that would be even better.…
Should I pay off my mortgage (2)?
I asked this question recently: Should I pay off my mortgage? — MoneySavingExpert Forum. I am still debating whether to pay off the mortgage (value is currently £45K) or invest (buy a second property top let or invest in shares). There was an interesting article in Investors Chronicle this week, which talked about this and…
Can't Wait to be Mortgage Free
So after nearly 12 years of being a homeowner I have virtually paid of my Mortgage :) As of today I owe £157k on my mortgage come next month (can't wait B) ) when my current fix rate deal ends I'll be putting down £97k towards my mortgage leaving me with a £60k balance to repay with a monthly mortgage repayment of £250 pm,…

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Mortgage-free wannabe

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