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My mortgage-free 'plan'
Hi all Just thought I'd post here re my financial situation as I'm very interested in the FIRE movement (although I'm not extreme enough to really dig into it fully). I've got 22 years left on a mortgage that currently stands at about £123k owed. My long term partner is about to move in properly post selling her property…
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Let's go fly a kite..
Current mortgage amount: £62,743.73 Current monthly interest: £79.87 Original
mortgage amount: £200,000 (2005) Inspired by all the MFW diaries on here, I hope you don’t mind me
keeping a record on here of our journey. After trudging through the treacle of debt repayment until 2019, and
with that momentum, turned our sights…
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Ruby's Bought a House, Now I want to Own It!
Hi everyone! I'm Ruby and we moved into our first house last Friday (13th January '17), haven't even made the first mortgage payment yet and right away we want to take the first steps to getting mortgage free. We live in Surrey, where property prices are high to say the least. Luckily enough we managed to get on the HTB…
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Journey to mortgage freedom
Hi MFW gang! New to the board, but loving reading all of your stories and know I could use some motivation and accountability! I'm a Junior Doctor in my 30s who lives with my husband (not a doctor!) in our lovely new home. We're currently child free so now's feeling like a great time to hit the mortgage hard. Money summary…
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I have a dream...to be a money magnet!
I have never posted on any kind of forum before, but have been reading other peoples diaries and thought I would have a go... My plan is to try to overpay my mortgage for the next 4 years until my current mortgage deal ends, then to buy my 'dream' house. I have already increased my monthly overpayment by £130 per month. I…
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Aiming to be mortgage free
Hi, So I have a plan to be mortgage free in 4 years but thought I'd put my plan out there for comments just in case I'm missing a trick. Mortgage debt 67k over 11yr term, currently on a 5 year fixed at 4.5% until May 2028, current payment £639 per month. Plan to pay the maximum overpayment of 10% of mortgage balance at the…
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Mortgage(s) priority.
Hello folks- I’d like some advice on the following please….. I’m 45 and would like to retire mortgage free at 55 (or as close as possible). Having moved house last October our current mortgage with HSBC is split into 3 parts and looks like this. £17,000 @ 1.14% - deal ends Jan 27 £49,500 @ 1.99%- deal ends Dec 25 £127,500…
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Mortgage Monthly Overpayment vs Lump Sum vs Savings
Hi everyone - could really do with your advice and help for me to understand how mortgage overpayments work. I'm currently on a fixed rate deal of 1.97% with just over 3yrs left on the deal. Now, my original plan was to save £300/month using First Direct's 7% regular saver and then transfer this after 12 months into my…
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Big mortgage and extension saving goals!
Hi everyone I've loved reading MSE mortgage-free wannabe diaries so decided it was time to stop lurking and start contributing. I don't get to talk about this much in real life and wanted to get my plans and goals written down so we can start working towards them! We are a married couple and two children (aged 3 and 1)…
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How to reduce my term, not my monthly repayments?
I have a mortgage with NatWest for 25 years. When I’ve tried to do an overpayment, it recalculates my monthly repayments instead of reducing my term. Does anyone have an idea how I do it so that it reduces my term instead please? Thanks!
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Mortgage overpayment
If I overpay my fixed duration deal mortgage with Halifax without changing the monthly mortgage amount or the term , does it save me money by decreasing the proportion of interest in my monthly payment? or I save money only by asking them to decrease the term of tge mortgage
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Team Remote_Control: Mortgage-Free before I'm 63
Edited April 2021 Hello!:wave: I have decided to start a mfw diary as I enjoy reading everyone else’s and find them inspirational. Hopefully by adding my journey to the forum I might be able to give something back and it will also give my lovely husband a break from me talking about this all the time. So we took out a…
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Booking myself in for an independent future
Hello, After reading for a while now I have decided to start a diary to keep track of what I am doing. Background In December 2016 I bought a shared ownership flat in an "up and coming" area of South East London, I currently own 25%, and have been trying to overpay that since I got my mortgage. Since September 2021 I have…
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Getting shot of the mortgage sooner than 2049!
Hi everyone! So... 2049... yes, that’s the current end date for our mortgage and at that point I’ll be (gulp) 61 and my husband Red will be 64! I DO NOT want us still to be paying a mortgage in our 60s and so I’m starting this diary. I’ve had a diary over on debt free wannabe for the last 8-9 months and it’s been so much…
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£34.5k in 12 months
So at the beginning of 2023 wifey and I both got lucky and gained different roles at our respective employers her pay went up by about £5k mine by about £10K. There was just over £39K on our mortgage and we'd just fixed it at 3 years with a 3% overpayment penalty on anything over 10% of the gross balance. I had paid off…
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Getting to MF one step at a time
Hello everyone, I am ready to embrace Mortgage Freedom (when it finally arrives)! I have been lurking on MSE and the MFW forum in particular for years. I love reading the diaries and they have been so helpful in making decisions about our financial future. I finally decided to go ahead and produce a diary of my own in the…
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Lurking MFW finally posting: Mortgage free in 2025
Hi everyone, I have found this forum to be such a pillar of sense and strength since I started using it passively (learning from everyone else) in 2005. I grew up in a fairly frugal household, though have seen mortgages testing marriages, relationships, mental health and careers so often around me that I've wanted to be in…
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Mortgage pay off now or later
Looking for a bit of help or expertise / advice on the best option to pay off the mortgage. Mortgage balance as of today is £52,466.88. I've inherited just enough to pay it off, however my 2-year fix (4.79% interest rate) does not end until 30/06/2025, and I'm keen to find the cheapest option. I think my options are: *…
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Mortgage Over-payments and Early Penalties
Hi, I know all the rules about early redemption penalties but cant find an answer to my specific question. I took out a 5 year fixed rate and have been allowed to overpay by 10% per year and I have kept my contractual mortgage payment the same. Therefore this means my mortgage will end before the 5 year fixed term is up.…
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Mortgage free in two years
What it says on the tin, really! For context, there’s me, Mr Baciamiancora and our 5yo. We earn around £155,000 between us. We have £260,000 left on a very low deal (0.99%) and it’s up for renewal in January 2027. The aim is to save enough in cash to pay it off because when I run it through the current deals, the…
