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It was a Hobbit Hole, and that means comfort.
I wasn't sure about starting a diary, but on reflection I think it's good to get this written down. At the grand old age of 30-something I picked up the keys to my first property last Friday! It still doesn't seem quite real if I'm honest. I saved for years to get together a big enough deposit (buying on my own and live in…
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Baby Steps to a 10 year plan!
Today is the brand new day of my 10 year mortgage free plan! I love my home but I hate the fact that we will be paying it until my DH is 78 😳 Today I have taken the baby step of setting up a small regular overpayment. My plan is to gradually increase this regular overpayment as well as paying one off overpayments as much…
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Advise on fixed or variable please.
Hi. I owe £22,670 left on mortgage over the next 4yrs 4 months. I am in discussion with my lender ( West Brom ). I have the option on staying with the variable rate which is currently 6.49% or going over to a fixed 5.04% for a 2 yr period. I do have the option to over pay on both if we are able too. At the end of the day I…
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Halifax reducing monthly payments on a mortgage
Hello, Not sure if anyone else is experiencing this but I regularly overpay every year on my mortgage with Halifax. This year they have decided because I have overpaid they are going to decrease my mortgage payments so that my mortgage will still last the same amount of time. I am on a fixed rate mortgage and I feel like…
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Pay towards mortgage (2.6%) or save (5%)
Hey guys, We've got a mortgage of 18 years, but fixed at 2.6% for the next 5 years (we did a 10 year fixed mortgage in 2019! We know how fortunate we are!!). We'd been overpaying every month (£625 to £850) as we hope to pay it off by 2029 with a lump sum... however when the interest rate rose for savings we stopped…
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Holey Moley!
Today I got the call to say that I have exchanged and completed on the flat I offered on in May this year. I now have a huge amount of debt, £167,000 but nothing other than that. The flat is not actually suitable to live in currently (for me) as it needs to have decoration done and the bath replaced with a shower. I know…
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A brand new chapter
Hi On Friday I’m hoping to complete on my forever home. Not long out of a 20 year marriage & this is the first home I have ever purchased/lived in by myself. The fact that I was able to choose it myself and it ticked all my boxes was absolutely fantastic. Im 51 & hoping to pay off my 65K mortgage by the time I’m 60. I may…
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Mortgage free by my own merit
I've finally plucked up the courage to start a Mortgage Free thread here after being inspired by so many. I'm hoping that the accountability will help keep me focused and on the straight and narrow to hopefully see my Husband and I mortgage free before I turn 40. (It's my 34th birthday at the end of this month.) Our…
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What is the most efficient way to pay off my mortgage?
Currently if I overpay I'll be subject to early repayment charges. My current mortgage ends at the end of August. Will I still be have fees to pay if I pay when my current mortgage expires? Any suggestions \ links to info would be helpful.
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Dilemma on where best to spend savings
Hi, My dilemma is a privileged one, but one for my family nonetheless, and any comment is appreciated. I have around £95K in savings (from an inheritance), 30k of which is in an ISA and the remaining in a high interest account at 5% which is paid monthly. I get around £350 monthly in interest, which I leave to compound and…
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How to tackle my mortgage
Morning! After a bit in advice about my mortgage. we have a property currently worth about £320000 with an outstanding mortgage of £148000, and we have 20 years left on it. I'm 55 and my OH is 52. The current fixed interest rate is 1.89% and we have two years remaining at this rate. We gave up stressful jobs and both work…
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Making mortgage overpayments
Morning all. We have a mortgage with the Halifax which currently is just over £41k, which we want to get cleared sooner rather than later. Our monthly payment is £1,117.30 paid on the 28th of each month. Interest rate is 5.56% We started making overpayments a few months back of £150 a month. I know there is a limit on how…
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Marginal Gains
After a lot of lurking I thought I should start my own diary. I am about to start a new job with 20% pay rise and a 5 year contract. So this diary is about how I can improve our financial situation over this time - so if my contract isn’t renewed I can afford to take a lower paying (and less stressful job). I have a lovely…
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Starting deposit again- advice needed.
I separated from my husband last year and unfortunately had
to use most of my savings for a deposit and months rent up front on rental
property for me and the kids, plus a months nursery fees for my youngest 2 in
advance. I have had a difficult 12 months after separating from my
husband, but have been saving again since…
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2023 Mortgage-Free Wannabes
A very warm welcome to the Mortgage Free Wannabe 2023 thread! <3 Over the last few years, this challenge has been providing support for everyone who wants to overpay their mortgage, whether it is by a big or small amount. Every little helps, and together we have been overpaying a fantastic amount of money every year over…
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Paying off mortgage before 55 when single
I am a 40 something singleton and although I earn a very good salary, being in sales means it varies considerably month to month, and being single means I am very aware that if something happens to me there is no-one else to pay all the bills. From reading other threads, I am not alone, so the bonus is I don't need to ask…
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Overpay mortgage or pay off 0% credit cards
Hi everyone, I can't decide what to do for the best. I'm considering overpaying the mortgage on a monthly basis, but we also have about £30k on credit card debt between us that I want to clear. The credit card debt is on a 0% basis but obviously whenever that offer period runs out, we have to balance transfer to another…
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NatWest overpayment
Hello I am currently on a fixed term mortgage and allowed to overpay by 20%. If I make a payment by debit card, less than 1k reduces the mortgage term and the DD remains the same. If I pay 1k or more, the term remains the same but monthly mortgage DD payments are reduced. What will happen if I ask them to increase my…
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Overpaying or Saving ?
Hi all, I have been overpaying on my mortgage for years now and I had a revelation this morning that this might not be the best way of doing it. The over-payments are taken off the term of the mortgage, so the monthly amount stays the same. Here are the details of my mortgage. Mortgage balance: £106,884 Interest Rate:…
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Keep saving towards mortgage or buy a motorhome
I just need some sense, we have 136k in savings (in a higher interest accounts than our mortgage) and 203k of mortgage. Our current super low mortgage rate doesn’t end until August 2026. I am so tempted to spend half of our savings on a motorhome which unfortunately cost loads at the moment. We’ve got a basic cheap vw…
