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Keeping our options open
Hi Everyone, I've debated setting up my own MFW diary for a while and I've finally decided to go for it (hopefully the children will stay asleep long enough for me to write my first post!). We took our £200k mortgage out nearly 5 years ago on a 25 year term so that it would be paid off by the time my husband turns 60 and…
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Overpay mortgage or save
Hi, I am a bit stuck on what to do and thought I’d ask your opinion. I have a mortgage of £150,000 left over a term of 29yrs, but with a low interest rate on a repayment mortgage of 1.6% fixed for 2yrs. I want to repay £1500 per month on top of my mortgage of £500pm. This should bring my years of mortgage down…
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Is it worth paying my mortgage off early?
Hello, I am about to inherit enough money to pay off my £20,600 mortgage, which has a fixed 2.15% deal until 30/04/2027. My mortgage expires in 3 years and 5 months. I have had a statement to say the early payment redepmtion fee is £600. Is it advisable to pay this early or wait until at least my deal runs out in 2 years 2…
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Irish cottage journey to (4!!) mortgage freedom
Hi all, I have decided to start up a new thread to reflect my own journey to mortgage and financial freedom. I did have another thread which I didn't really get around to updating very much and I thought it best to start afresh. A bit of background - I'm turning the big 40 this year (:eek:) and I guess it has certainly…
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Debt and mortgage free wannabe
Hi everyone. I've been reading diaries here for years now, but never started one of my own and I've been a bit of a lurker. I've decided to start one myself because I completed my first SAO this evening and it came as a bit of a shock, and because I'm still living the 'mortgage is less than 1/6 of my income' life while my…
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Overpayment motivation?
I've been lurking on a few threads but generally just struggling myself at this point. I've got a mortgage of around 120k on my house, the interest went up drastically this year to 5.54% and seeing the interest amount every month on the statement is really discouraging. My monthly payments are hardly paying down any…
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Shared ownership and stamp duty
Hi, I hope someone can help. I bought out my shared ownership flat and now run it as a buy to let with housing association consent. I married in 2024 and my husband also has a flat, which is shared ownership (40%). We would like to buy out the remaining shared ownership portion jointly. I can put down £10K to support any…
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The Mortgage Free in Three - Take 6 challenge (MFiT-T6)
A three-year challenge for all of those who are want to pay down their mortgage (or save for house-related expenses) over a longer time period than MFW. First of all, a huge thank you to trix-a-belle who ran the previous two iterations of this challenge, inspiring many of us to stay on track (and becoming mortgage-free…
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mortgage - paying off v leaving a small mortgage
Hi, I'm in the fortunate position of being ready to pay off my remaining mortgage (term left 10 years), however a discussion with a colleague at work where he suggested that it maybe prudent to leave say £5k as a mortgage, and lower the monthly payments for the next 10 years, his logic was that having this mortgage will…
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Starting Over Again - Let's crack on and halve this term
Hello Mortgage-Free Wannabees Starting my own thread as over the years I have been so inspired by so many of you on here and thought now was the right time to get in on the overpaying action. A little about me, I'm 50 years old and live with my husband and our 7 year old daughter. I have three older children, one who is at…
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Overpaying mortgage
I currently owe £100,437 on my repayment mortgage with 13 yrs 5 months left to run. Currently on a 1.99% fixed rate until November 2026. After a promotion at work I’m now in a position to start overpaying the mortgage by £300 a month to pay it off sooner. Is that my best option, or should I put the £300 a month elsewhere?
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Mortgage Free Wannabe - My Diary
Hello all! (waves tentatively as creeps out of lurkdom!):wave: I have read so many diaries and been inspired by them, particularly GallyGirl, Nattypants, and Tilly's so have decieded that maybe its time to start myown dairy, if only to provide me with some focus on repaying my mortgage(s). Have a 30 year mortgage taken out…
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A little bit of me time!
A little bit of me time is what I have been craving for many years. Things have got hectic lately and decision has been made to reduce my working week to a 4 day week. This won't be imminent as this needs to be covered but even making the decision and talking to managers has release the work stress some what. Hence the…
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Plan for a Sea View - Take 3
This is my third attempt at a diary as I am rubbish at keeping them up to date. I promise to try harder as I need something to keep me going as the mortgage pay off journey seems to take an age. Its also not something I like to discuss with people in the real world as we are in a very fortunate position that we are looking…
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MF Wannabe - Sights firmly set on 2030 - Mortgage Free!
Morning everyone Have been reading everyone’s diaries here and have decided to start my own to live up to my name! 😃 I officially have 11 years left on our mortgage but aiming to have it paid off by 2030 Current mortgage debt is £69,278.38 and our lovely low interest rate ends in Dec 2025 😰 Who knows what it will be then 🙄…
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Help with overpayment questions plz.
Quickly as I know this is a pain in the tail end. i have contacted my mortgage provider to clarify the situation with overpayments. I was FTB now in 5 year fixed. they have said that I may overpay up to 10% of the balance each year without penalty, but it does not reduce the term of the mortgage. I know I am tied in now…
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Paying off my fixed term mortgage pros cons
Hello My dilemma is do I pay off my mortgage in total and free up more disposable monthly income ? Or pay off max sum of 20% per year without redemption fee... I have a fixed term mortgage with 1.19% at £619 per month due to end Nov 2026 then goes back to variable rate. Current balance is £46,000. I am a 64 year old on…
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Travelling On
2018 really is a “travelling on” year for me: the final push, as far as finances and organisation are concerned. But I still need to look after the rest of me, so here it all is, adapted from the review I did on the last few pages of my previous diary: Make good memories. Building on last year. Carrying on reconnecting…
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2024 Mortgage-Free Wannabes
MFW 2024 - The annual challenge for everyone who would like to track their mortgage overpayments, mortgage payments, or even house-related savings. Feel free to join any time throughout the year. A very warm welcome to the Mortgage Free Wannabe 2024 thread! <3 Over the last few years, this challenge has been providing…
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FIREside Chats
We all know MFW is great, a friendly meeting place for folk who are all very different but a little bit similar, in that they're trying to provide stability for them and theirs by achieving something that is pretty hard work <3 I'm not sure if it's the demographics of the board, but I've noticed a lot more posts in the…
