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My Mortgage Free Diary
Hi all, After lurking here for 3 months, decided to finally sign up and start my diary. My wife and I bought a 3 bed maisonette (1st and 2nd Floor) in August 2008 for 168,000, with a 5% deposit, with Directline 30yr mortgage, 2yrs fixed at 6.89% (ouch!), and since August 2010 we are on the SVR, currently 1.5% above base…
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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…
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Overpaying mortgage payments
We are considering overpaying on our mortgage with the hope of being mortgage free sooner. Either a lump sum or regular overpayments. Current mortgage balance £126,495 This is made up of: £31,087 (Interest only) £95,4708 (Capital and Interest) Remaining Term = 15 years (currently fixed rate to Nov 2027) - intend to reduce…
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Mortgage Free by 50
Hi. Been lurking here for over a decade, and thought I'd finally register, participate in the community and set up my mortgage-free wannabe diary after reading through many others over the years. Age: 33 Married. 1 child aged 2. Outer London Purchased house for £300k in 2019. Current mortgage balance: £223k. Current house…
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Single gal balancing my way to mortgage freedom!
I've lurked on these boards for a while, but have not really been an active participant before. That is about to change! Four years ago I bought a property with one of my best friends. It's been a great few years and we both benefited from the stability of getting on the ladder rather than renting. Now I shall be…
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10k Overpay Mortgage or Save (to overpay at later date)
Hi I have been gifted 10k. I want to use it for my mortgage, but am not sure if it is worth saving it given savings rates v or overpay on the mortgage now. I appreciate there is a calculator ( Mortgage Overpayment Calculator: Pay off your debt early? ), but I believe that is if the saving rate remains at that rate for…
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***UPDATE! WE'RE FREE*** Drip Feeding update - Final countdown
Hi Everyone, I just popped back in because I remembered I started a MFW journal on here ages ago and I wanted to see what I was planning etc. I felt like I wasn't making much progress and it wasn't really flashy enough to keep updating it so I stopped posting but over the years we've kept drip feeding our mortgage and as…
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IO mortgage - Invest the difference
Should I switch to Interest Only mortgage and invest the extra cash in savings/investments. I'm sure this has probably been asked and covered in here before, but here goes... I need to remortgage as my current 5yr fix ends in 01/2025. Mortgage is approx 1.6% on £175,000 - 18 years remaining term - House value is £345k I'm…
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Paying off the lair
Hey y'all. We've just had our mortgage renewal come through, and I think it's time to get serious with trying to pay this thing off. Our monthly payment has leapt from £428.67 to £576.90 (thankfully not as bad as some). We were debating on going with variable this time, but stuck with fixed for the next 3 years. At least…
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Dreaming of financial freedom!
Hi everyone reading this! I hadn't thought about writing my own MFW diary until another user suggested it, so I have no idea if anyone will be interested in what I have to say, but I'll just post it and you can ignore if it's rubbish :p So here's my story... I turn 30 next month and I would like to be mortgage free as soon…
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Confused - what is the right answer - overpay or not?
Hello All I have a mortgage deal that expires in March 2026. At that time I could pay off the outstanding amount (retirement lump sum). However, before then I have the chance to make overpayments for 2025 and the first 3 months of 2026. I had thought that this was a definite good thing to do - to reduce the term and hence…
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Overpaying Santander fixed term mortgage
I am currently in the final years of my Santander mortgage. It is on a 5 years fixed term. I am allowed 10% overpayment each year without penalty. If I make the overpayment next year I will be reducing the term below the fixed term deal period of 5 years. So although I would not be charged a fee for overpayments would I…
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High Street Offset Mortgage Lenders? Where have they all gone?
I made a few inquiries a few weeks ago after having a preliminary meeting with a mortgage broker and was surprised to learn that many High Street banks & building societies are no longer offering offset mortgage products. Does anyone have or know of an exhaustive list of which mortgage lenders are actively offering new…
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What did you tell them?
Just starting out with a few sentences, to say I made my first OP to our mortgage today, £4.96 According to my banking app, we now stand at £71,180. Will be back tomorrow with more rambling :)
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Paying off Mortgage
Looking for some advice.... I have been working really hard. I purchased a shared ownership property in 2018. I purchased 75% (£232,500) with the HA owning the remaining 25% (£77500). The mortgage term was originally 32 years, but I have done my best to overpay from 2018 until today. The term is now 20 years and I owe just…
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Mrs M's Mortgage Free Journey
Having followed the mortgage free threads for a long while I am ready and eager to take up this challenge in the New Year. I have joined the Mortgage in 3 challenge. My aim is to reduce my mortgage from £90k to £50K in the next 3 years. Last month I reduce the term of my mortgage from 13years 7 months to 10 years so now…
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Is this an overcharge?
I have a "lifetime" equity-release mortgage. I've recently married and my wife wishes to redeem the mortgage and have her name added to the deeds, as Joint Tenants (we're aware of "tenants in common" difference). Her funds are coming from her French bank account. The redemption figure is around £75,000. So, we need a…
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Mortgage overpayments vs savings
Hi, I am 60 and currently have £116800 left on my mortgage, fixed at 0.99% until Dec 2026. Payments are £978 and due to end in about 10 years (decreased due to overpayments). I don't want to be working in a stressful job I hate until I'm 70! So my plan is to pay off a chunk of the mortgage in 2026 (about 50k) and then get…
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Early Repayment?
Our mortgage is with the Halifax and we have 7 years left to go. Currently, we are on a fixed rate 4.5% deal which expires in 2028. There is £78,000 left to pay on the mortgage. Unexpectedly, we are in a position to pay off the £78K but would incur an early repayment fee of £3K if we do that now. However, we would save the…
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The Start Of Something...
Here we go we have 182,000 to pay off 5 year fix at 2.59%. 1st week in the house the boiler went so nice expense to start us off to the sum of 2000. Have to build the emergency fund back up then hoping to pay off an extra £75 a month. Will see how I get round to updating this :beer:
