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Mortgage-free wannabe
Archives for November 2022
Discussion List
1st part since June
Well it's been a very very busy 5 months!!!! I last posted in June 2022 when the mortgage was 38498 with 7y 11m We have over paid lots and lots and it's currently 30300 with 6 years exactly left We will start 2023 with under 30k to pay off. Hope you are all well I'm off to catch up x
Offset Advice - Mortgage Neutral
Hey good MFW folks - I have admittedly not been a regular on these forums but have been still regularly putting into my offset savings when circumstances permit. Here is the up to date situation: Offset product with Scottish Widows fixed at 2.39% until February 2025 - one of my better decisions was to lock in a 5 year…
Mortgage Free...what's the point?
Hi I'm new to this forum and I joined because we have a conundrum...If everything goes according to plan, we should be able to pay off the mortgage next year, when it comes out of the fixed rate and I hit 60 (better late than never). However, our only 'pension' is a couple of buy to let properties, which are getting…
Mortgage Free Wannabe - Save or Overpay
Hi, I was unsure which board to post but as I do want to be mortgage free by April 2027 I thought this may be the best place. £38,000 owed on mortgage term 13yrs 3months with Santander. Was fortunate enough to be able to fix earlier this year for 5yrs at 1.64% until April 2027. Contracted monthly payment is £268 per month…
Five year plan
Well I'm delighted to have the following offer now set in stone for five years having paid £999 for it in June before things went crazy... 5 Year Fixed Product end date 2nd Oct 2027 Interest rate 2.59% Loan balance £123,468.23 Up from 1.99% on my first five year fix and therefore an increase per month of about £36 I paid…
Mortgage overpayments - what would you do?
Hi guys My partner and I have a joint mortgage on our house with a balance of 218k and 28 years left (monthly payment is 1200 a month) We just had a baby so our monthly costs will go up and my partner will make less money because we're looking into her going back to work part-time, but I also just moved jobs and I will be…
Best to clear Mortgage?
I'm looking for advice and or opinions if possible. Through savings and an inheritance I have cash savings of approximately £165,000, my house mortgage currently stands at £79,000 with 15 years 11 months left to run. Would it be people consider it to be financially prudent to clear the mortgage down with the current rise…
Mortgage overpayment advice
I have a property and two different mortgages (one was ported over from our previous house). The mortgages are: £34k remaining, interest 3.25% (always 1% above base rate, due to end 2031). Pay roughly £357 per month; interest added roughly £95.£62k remaining, interest 2.74% (10-year fix, the term ends in 2028; when we took…
Outstanding balance v total cost of repayment
Hi, My annual mortgage statement has just arrived. The outstanding balance is @100k however the total cost of repayment in full is £72k. Am I right in thinking the 72k would be the balance if I paid the mortgage off now without future interest? Many thanks Adam
Mortgage Overpayment and debt interest recalculation
I made a few overpayments last month and wondered why the debt interest had not reduced. I found out today that i need to phone them (HSBC) in order to recalculate the debt interest. Has anyone else experienced this ? I assumed they would automatically recalculate the interest just like they would if you had a savings…
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