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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:
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julicorn's journey
Hi everyone! Thank you all for sharing your journey to being mortgage free, it's really inspiring. My husband and I bought a 1 bed flat in December, for the bargain amount of £270k (gotta love living in the South East!). Luckily we had been able to save for a decent deposit, so our mortgage was £202,500 plus fees (closer…
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julicorn's journey 2 - Moving Up
Hi everyone! I'm in a bit of a different position than when I first started my previous diary, and given it's the new year, I thought I might as well start a new one. My partner and I started our mortgage-free journey in April 2018. Since then, we've reduced our mortgage by £113k, from just under £202k to under £89k.…
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overpaying query
Hi everyone - I have a question that I'm hoping some people may be able to provide answers for. It sounds a simple one, but I'm not sure it is as simple as it sounds! * Does it have more of an impact overpaying a mortgage when interest rates are high or when interest rates are low? I can't get my head around this as does…
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Should I pay off in full or keep a little there....?
Hello all, I am coming to the end of my three year fixed of a six year mortgage. When the fixed period ends I am planning on not renewing but paying off the mortgage with money I stashed into a fixed rate bond to mature at the same time with the same balance as the outstanding mortgage balance. I am trying to decide if…
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Let's Kill This Mortgage and Enjoy Life!!!
I've thought long and hard about starting this thread. Overpaying the mortgage is something thats always been in the back of our minds but there's always something else that we need or more often want! The reality really hit home when we just switched our deal from 1.04% to the best deal we could get at 4.08%. An extra…
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Mortgage free wannabe... In 15 years?!
Hi New poster here having just completed on my first and hopefully long-term home at the age of 37. I've bought solo but planning for my partner to buy in with me when I remortgage in 2 years, once his house has sold. My mortgage is pretty massive at £350,000 and the interest is 5%. I have been very inspired by reading all…
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Buying new house before selling current home
Hello Forum I have recently recieved an inheritance of £190k my current mortgage is £100k (fixed for 6yrs at 2.7%) and has a 3% early repayment charge. My current home is worth around £300k but needs some work to realise its full market value. Due to medical issues its going to be very difficult to do up the property…
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Has anyone considered efficiency of overpayments?
There is a bit of back story here, so bear with me a couple of minutes. We have a mortgage split in two parts due to moving house and porting part of the mortgage. Both on fixed rates, but different rates and different terms remaining. One with approx. 310 months remaining c.£140k at a rate of 3.28% fixed for another 36…
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ZC's Aim for a little independence
Hello. I've been a regular on MSE for a long long time and have been a follower of many fabulous diaries on here. I've been thinking for a while that it would help me to have a diary as I do spend quite a lot of unnecessary money. Don't expect anyone to read - it's to help me! So, DH and I are lucky enough that our family…
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Burning the mortgage and kindling FIRE
Hello everyone, I have been following along on this thread for a long time. I have learned so much from you and have changed our plans for the better due to nuggets shared. I hope to use this thread as a diary to capture our journey with its twists and turns. I live in Scotland with my husband and two school age kids, a…
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What happens once you go mortgage free?
hi i have the possibility to fully pay of my mortgage once our fixed rate ends next year. i spoke to the bank and they said i call them a month before the deal ends and they give a redemption statement telling how much we owe. i can then pay that to the bank directly and the house is ours. crucially he said we don't need a…
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Overpayment calculator
Hi, in pursuit of being mortgage free I’m looking for a calculator that will display my monthly payments considering the interest rate and fixed period but also allow me to enter a %’age of overpayment as opposed to a fixed amount. All calculators want fixed amounts but we are limited to 10%. Any help appreciated
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Today's the day.
After 11 years to the day we moved in, we've made it and have paid off the remaining balance and are mortgage free. Using overtime, overpaying each month and making the best decision 2 years ago when we stayed with Accord mortgages (who we were with from the start) but took out a mortgage that we could overpay by 50%…
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A new journey…
The help here was invaluable when I was on a journey before having accumulated huge debt. Having saved up a deposit and had an increase in salary I’m in the lucky position of buying for the first time with my partner. The mortgage payments are significant but wanting to be savvy in paying off as much as I can as quickly as…
