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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…
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Overpayment question, please and thankyou.
I may be asking a really silly question that should be obvious to me. If a mortgage has a cap on overpayments at 10% to avoid a penalty, is this 10% of the starting value of the mortgage or 10% of the decreasing value? Also is the 10% inclusive of your normal monthly repayments or is it on top of your usual payments? eg.…
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mortgage free or carry on living near support?
I'd love some advice about my situation. I'm a single mum with 2 school age kids, who I have full time My current yearly salary is 50k, I get child benefit and some hit and miss child maintenance of around £150 a month (he is self-employed, it's impossible to challenge that) After taxes and pension contributions I have…
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Advice
I'm £12k away from being mortgage free, I currently have no boiler and a few debts to pay can anyone suggest any help to get a boiler and some home improvements done as my house is falling apart. Equity release is not an option as I need to be 55 Yr old so feel I've nowhere to turn!
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Beating the interest rates..
It's been a tough year financially, after moving to a bigger house with a bigger (35 year mortgage). We fixed for 5 years, and have just under 4 year left on the fixed term. I doubt we'll see such low interest rates again soon (if ever). So we will be concentrating on overpaying as much as we can to make the most of the…
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Overpay, or invest?
Hi, new to the forums, but this dilemma has been playing on my mind for a few months now. I was lucky enough to get a fix on my mortgage until Feb 29, with an interest rate of 1.8% It's a 30yr mortgage, so I was expecting to overpay to bring the term down if nothing more. Now that interest rates have gone up, I made the…
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Paying through the nose
I'm a decade long lurker on this forum but have never felt the need to contribute...until now. Some background I got interested in personal finance and FIRE in my mid 20s.I learned the power of compounding returns, so knew it was a huge advantage to start investing early. With that knowledge, I pumped everything I had…
