Mortgage-free wannabe

Archives for November 2022

My Mortgage Free Mountain - A 7 year expedition to climb to the top
OH and I are in a position where we will be able to repay the mortgage on our own home either at the end of this year or in Jan 2023 thanks to an insurance claim we have been waiting to pay out for several months. However we also have 3 BTL mortgages which need to be cleared and our big dream is to clear them all before my…
Just over one week's time *Mortgage Free*
Well, I've been waiting 11 years & 5 months to write this post but in just over a weeks time I will no longer have a mortgage. Feel super lucky and privileged to be in this position at a relatively early age (40). Whilst only on a modest place 2 bedroom terrace, it gives an immense sense of security more so in the current…
DrCarrie's adventures in saving to be a mortgage-free wannabe
Hello, all new friends and old? I am here for a new adventure, and to document my adventures. To notice new obstacles and turn them into paths. I have never been a saver. I am 50 and have never been a saver. I have been a spender. I have cleared my debts 3 times and spent significant windfalls. I have had 2 mortgages and…
Should I fully pay off or keep some in mortgage?
Hi all, We have £60k outstanding on our mortgage and the current 3 year fixed is ending imminently - early January 2023. We are in the fortunate position of being able to pay off this £60k and to still have some healthy savings left. However a friend has suggested that there may be some advantages of not actually fully…
Receiving money from a relative - how to avoid tax/charges?
My MIL plans to gift £100k to my Wife and I to pay in to our mortgage. We took her in a couple of years ago when my FIL passed away. She has paid no rent up to this point and has inherited money from her Mothers estate. She wants to give us £100k to pay towards our mortgage. I plan to stick the £100k in an easy-access…
Should I almost pay my mortgage off?
Hi all, I have 180k left on my mortgage and my house is worth 280k. We have just come in to some money from a family bereavement and it’s 150k. I have been thinking of remortgaging and taking my mortgage right down to 30k, but I’m after some advice on options please? I have been thinking of doing an interest only mortgage…
Spend Free Twenty Twenty Three!
I am now thankfully in a position where I am able to overpay on our mortgage, and even better, the other half is also onboard! We have just shy of a year before we have to remortgage (In Sept) so I want to be able to throw as much as we can on as overpayments between now and then. Hopefully we will be in a better position…
Benefits of paying off mortgage
I am going to start by saying that I know I am in a very fortunate position but could use some advice from somebody who can see a wider picture than I can! I have a rare thing called an offset mortgage that is due to run for about another 10 yrs - basically whatever I have in savings is offset against what I owe on the…
Prosperous soul, mortgage neutrality & creativity Year 2
A year ago I'd just got divorced and was about to take on my biggest mortgage ever at £202K over 22 years. I was terrified I wouldn't make it. I'd had a long history of repeated debt cycles the worst peaking at £70K at the end of 2016 which I'd got down to £1,479 in November 2021 but feared I'd never be free. Thanks to…
Overpay mortgage every month or put money in savings
What is everyone’s thoughts about the best way to ‘overpay mortgage. I’m in a fixed rate of 1.64% until May 2026 & determined to clear the mortgage off on this date. i have been making overpayments taking full advantage of my overpayment allowance of £11,600 every year. i bank with Virgin money & have a M plus saving…
How does it all work?
Hi everyone, I have a simple question which I’m sure someone will be able to help me with. We’ve already been overpaying the mortgage for a couple of years but it’s only now that I’m going all-in with being mortgage-free that I check my mortgage balance regularly. However, although we’ve told our lender that we’d like our…
Why I shouldn't pay off my mortgage??
Hi I'm hoping to pick the brains of the MSE collective! I am lucky to fi d myself in the current situation: -40k savings (premium bonds at present) -After bills approx £1250 left over each month - mortgage of around 100k on property - my partner is currently on maternity leave with our first child, it's unlikely she will…
Want to be mortgage free…
Wow, it’s been a while since I’ve been on these forums. Used to be a regular in the debt free wannabe section many years ago. I don’t own a property at the moment but am saving up to buy a property with either no mortgage or a little mortgage (£50,000). Ideally no mortgage, even if we are talking a studio flat or one…
Mortgage Overpayments
We moved into our home in 2018 with a £115,000 mortgage. In July this year we fixed onto a new 5 year term, thankfully avoiding the chaos that occurred with the mortgage markets. Our fix is 2.4%, paying £444 per month. Since this fix started we have been overpaying £400 per month in order to make a big dent into our…
What have been your biggest successes in your MFW Journey?
Hi all As a complete newbie to the mortgage free journey, I wondered what has had the biggest impact (or been the lightbulb moment) for you with your mortgage-free challenge? With thanks to South_Coast, LadyWithAPlan and Karmacat for their help with my own journey, I have found the following to be really helpful * Decide…
Operation Mortgage Free
Hello, I used to post on this forum when my career was first starting out after university, saddled with debt - it was really helpful. Looking back I managed to clear debt fairly quickly but I remember it being very hard as we pushed ourselves with a mortgage of £1100 a month on a house we bought off plan for £182k….then…
Year into mortgage, surprise windfall
Hi I'm looking for some guidance as what to do. I purchased my first house a year ago £105k with 5% deposit over 25 years, 2 years fixed at 3.78%, not great but all I could get. My partner and I have around £17k of credit card debt that's mostly on interest free for another 12 months. Pretty much out the blue, today I've…
MSE News: Fixed mortgage rates creep down despite another Bank of England base rate rise
Interest rates on fixed mortgage deals have started to plateau and even creep down, despite a Bank of England base rate rise last week. It comes as volatility caused by the Government's mini-budget in September looks to have eased. Yet rates on variable mortgage deals are continuing to increase. Read the full story: 'Fixed…
Bramble Cottage Diaries
Hi all, 2022 has been a whirlwind of a year for us. After saving like mad for over five years, in September we finally had an offer accepted on a house and four weeks later we completed the sale. Our new home is in Co Mayo, Ireland and we were cash buyers, as unable to get a mortgage over there. Currently we are still…
When fixed rate deal ends & you go onto SVR, do your payments increase or does the term lengthen?
Hello My 2 year fix at 1.19% ends early next year. If I don't sign a new deal and just let myself default to the variable rate (6%), will the bank just keep taking the l monthly direct debit for the same amount that I currently pay (£700)? And let the length of the term increase? Or will they increase my monthly direct…

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Cheap energy deals for switchers could be back soon after Ofgem ends ban - Martin Lewis says it's "better late than never"
Rules that prevent energy firms from offering cheaper deals to new customers could be scrapped in October, paving the way for you to cut your bills by switching supplier. Martin Lewis has said that this move is “better late than never” and is much-needed to fix the broken energy market.
Santander to cut rate on popular 5.2% easy-access savings account next week – should you switch now?
Santander is cutting the rate on its popular easy-access savings account from 5.2% to 4.2% on Monday 20 May. But you can easily beat the new 4.2% rate by switching elsewhere.
Subway customer? You've got until TOMORROW to use your loyalty scheme points before shake-up – here's what's happening
If you're a Subway Rewards member, you have until 5pm on Tuesday 14 May to spend any points you've built up – or lose them entirely.
Tesco shopper? You've got three weeks left to spend £17 million of expiring Clubcard vouchers – or extend them with our trick
If you've got a Tesco Clubcard, check when your vouchers are due to expire as there are just three weeks left to spend or extend nearly £17 million-worth before they run out on Friday 31 May.
Sainsbury's shopper? Check if you can get an easy Nectar points boost with its limited new offer
If you have a Nectar card, you may be able to earn a few quid's worth of extra points this month, as Sainsbury's is running a limited new promotion for millions of shoppers.
Bank of England holds base rate at 5.25% again – but with a cut now on the horizon, what does it mean for your mortgage and savings?
The Bank of England has held the base rate at 5.25% for the sixth time in a row. But there are now stronger signs that a rate cut might be coming soon – which could have a knock on impact on mortgage and savings rates.
Bank of England holds base rate at 5.25% again – but with a cut now on the horizon, what does it mean for your mortgage and savings?
The Bank of England has held the base rate at 5.25% for the sixth time in a row. Here's what it means for your mortgage and savings.
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Bank of England holds base rate at 5.25% for the sixth time in a row – here's what it means for your savings and mortgage
The Bank of England has held the base rate at 5.25% for the sixth time in a row. Here's what it means for your mortgage and savings.

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