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Overpaying but monthly interest doesn't seem to reduce?
Something has been bugging me for a while about my mortgage and despite my best efforts I can't work out what is happening. I've overpaid my mortgage pretty often over the years (there are no penalties) but my monthly interest never seemed to go down. At first I thought it was because the overpayments were so small…
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Barclays overpayment options
Can someone help me work out which option saves more interest out of these two? I assume it’s the reduce term option (pay less than 3 times usual payment? https://www.barclays.co.uk/mortgages/existing-customer-centre/overpayment-underpayment-explained/
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Starting afresh in paradise
Hi everyone, Last week I completed on my very first home. 🥂✨ I thought I’d
make a MFW diary that very same day, but it turned out I was busy collapsing in
utter relief and enjoying a well-earned glass of fizz and a takeaway with my
partner. This dream has been a long time in the making – I’ve wanted
to have my own home…
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What happens.
Getting close to mortgage freedom. What happens when you make that last payment? Should you make a last payment or should you retain a small mortgage? I will probably never require a decent credit rating again, but who knows, and not having a mortgage will probably effect that. I have £18200 available on credit cards and…
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Overpay mortgage to maximum
I have a mortgage with Nationwide where I am allowed to overpay by 10% of the original borrowed amount each year. In my account there is an option to choose whether my monthly payment amount is recalculated and reduced each time I make an overpayment. At the moment the option is selected to keep the payments the same and…
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This Time I'm Really Going To Do It
I've loved this little bit of the forum and over the years have often stopped by for a bit of motivation. And from time to time have even made moves to become mortgage free, making an overpayment here, and thinking about it and even once setting a date (12/12/12) when there was a great thread here about that. And then…
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Fighting the mortgage interest
Hello and welcome to my thread, I'm a long time lurker on these forums and thought it was finally time to start a thread of my own. We bought our home a couple of years ago and have overpaid around £2k so far although these overpayments have been quite sporadic and my aim is to make it a regular thing. We are still quite…
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Auntiemicmic's MFW Journey
Hello! I'm new around here! This month, something has gone off in my head. I have decided I want to retire at 60, if not earlier if possible and I certainly don't want a mortgage after I'm 50. I've watched my parents struggle most of my life. My dad just turned 60 and can't afford to retire for another few years albeit he…
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Which mortgage to pay off?
I know it's the mortgage with the highest interest rate that you should concentrate on first, but is that same in my circumstances:- Mortgage 1 - £28,617 at 6.75% (was trying to get this one down as close to possible to £0 when the rates kept climbing, but it's a mortgage that I took out years ago and I can borrow back any…
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Aim to get mortgage down before increasing again
Hiya I had joined years back but in the last year been reading most of the diaries re trying to get your mortgage. I have been overpaying the mortgage for the last ten years and managed to overpay over £20k. I want to note my progress as trying to get mortgage down as much as possible before borrowing more money for a 2…
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Is paying off my mortgage the right thing to do?
I never thought I'd be writing this email. In January 2025 our 25 year mortgage term comes to an end and we will have to settle our morgage. We are in the fortunate position to be able to do this, however we held off as the last deal I entered us into was at 0.9% and we are earning >5% interest on the funds (good luck more…
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Final Redemption - Barclays
Hi all. Has anyone in here been fortunate enough to pay off their mortgage early with Barclays? If so, is it normal that the account details on your final redemption statement are different to your actual mortgage account details (that is sort code and account number). Thanks.
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Overpaying too excessively?
Does anyone overpay so much they have very little left over before pay day? Certainly the case for me on a few occasions I spread direct debits out such as council now to avoid nasty shocks and overpay right before pay day rather than just after With lower payments than before. It's not so clever no matter how tempting to…
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30k left and 3.5yrs to run. What deal next?!
Hello, I'm slightly getting ahead of myself here but interested to know how things might go. Wondered if anyone wanted to run numbers or point out if I'm missing something obvious! The situation will be as follows in a year when my current tracker 0.69% above BoE Base Rate is coming to an end. Currently paying £820/m and…
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Best options to pay off mortgage
Hi all, new here and looking at options to be mortgage free as soon as possible. Married, late 30s. We currently have 2 homes, 1 residential with 65k left @ 2.25% fixed 5 years. 1 rental on an interest only with 70k remaining (valuation 130k) yield is >10%. Me and my partner have 20k each in cash ISAs returning 5.75%. We…
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Now Mortgage Free - what next
Hi, just a a quick bit of advice. I have paid off my Mortgage this January but what should I do next. The letter from Natwest says about title deeds and that I can view them online for £3 - so I case it is just a case of paying for this and double checking that all the information the land registry hold is correct - this…
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Repay mortgage with penalties?
I would appreciate a sense check on my "back of a napkin" calculations around this. I have an outstanding mortgage of £102650 on a 3 year fix at 3.54% Current monthly payments are £752.75 and joint decreasing term life insurance of £48.60 per month (current payout £206K due to having already overpaid in the past). Mortgage…
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Overpayment
Due to overpaying and occasional lump sums our monthly mortgage payment is over what it needs to be, £500 when it could be £320. The term is 18 years, when in fact it could be more like 10 years at that higher payment. We are about to remortgage. Is it best to shorten the mortgage term so that we pay 500 for 10 years, or…
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Onwards towards mortgage free living
Hello! I’ve been lurking on the site for awhile and have been trying to put a lot of the advice and tips I read into practice. However, I think that keeping a diary for myself will help me to keep track and stay motivated. I’ve just hit my 30s and became a house-owner in 2018 after spending years saving for a deposit. It’s…
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Planning to be mortgage free in 16 months
I think the title says it all really. I have been mortgage free before but in a house I didn’t love. We moved in 2020 just before lockdown and gained a new shiny mortgage. I felt sad that we were no longer mortgage free but we are much happier in this house. Our five year fixed rate mortgage changes to SVR on 1st April…
