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Prosperous & Creative Soul & MFW Year 3
Two years ago I finalised my divorce and completed on my biggest ever mortgage - £202K and switched from interest only between 2 of us to repayment on my own. I took the term for as long as I could - so 22 years - which means I would be 73.5 by the time I was actually free. I've used my post from 2 years ago as a prompt…
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Viking's Diary
So I'm a recent convert to MSE, oddly directed here by my FIL's love of the Martin Lewis Money Show. We're trying to move house right now to a place closer to work, which will actually involve picking up a much bigger mortgage, but having lurked for a few weeks I finally worked out yesterday that our current mortgage is…
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Mortgage free or buy bigger
Hello, Looking for some thoughts on my dilemma. My husband and I are being gifted some money. This money would pay off our mortgage on the house we currently live in. We had planned to move to a bigger house in the future - maybe 2 years time (house is a 3 person - 2 bed bungalow with 2 adults and 2 children (Girls)).…
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Mortgage Payoff
Hi, looking advice on paying off remaining mortgage. My mortgage which was on a 7 year deal at 1.99% is due for renewal shortly but an estimated £18K remaining and my queries relate to the following: 1. Plan to discuss renewal with the lender but does anyone know in advance the shortest term available for a mortgage and if…
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Mortgage free by '33
The year, not the age! This is my first mortgage and it's been a year since I took it out. I've never really liked the prospect of being in debt but what with house prices being what they are, didn't have much choice if I wanted my own place. Last year after about a year of looking I exchanged on my first property: a one…
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JJs Mortgage Free Journey
Hi All, thanks for having me and welcome to my new diary. I wanted to start this diary to really try and keep myself on track to get Mortgage Free by 45. It's a big aim for me and our family and I want to be much more strategic about how I do this. We are currently in the very fortunate position that I can comfortably…
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Mortgage free or bigger house? I'm unsure what to do....
I'm coming to a bit of a crossroad in life and it would be great to get other thoughts on this. I'll try to be concise. * Myself and husband (35 and 37) have a joint salary of £128k * Two children, boy and girl, 5 and 7. * Live in a 2 bedroom mid-terraced house in East London. * House valued around £360k, £168k left on the…
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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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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 :)
