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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:
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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…
