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GAP and LMG, can we become mortgage free?
Well, not anytime soon but it's good to have dreams. Hello I am finally venturing over here after years on the DFW boards. THE SITUATION My DD (Little Miss Gap (LMG) age 21) and I have just bought a house together. We were miserable in our old flat and neither of us could afford to buy on our own so decided this was a…
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Calculation Formula Reuired
Good Evening Apologies for the message, I am currently 1 year into a 5 year fixed rate of 4.57% current balance £225,000. I have been making small regular overpayments. However I want to shift focus to get my mortgage payment lower (short term goal). I understand repaying capital is better So I spoke to Nationwide and they…
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Simple living in the country - back to basics
Hi all, I'm Cheery, been round here a long time now, and feeling in need of a new space to spread out for the new year :smile: We are two, Mr Cheery and I, and at the start of 2018 we moved from a terraced house in a city to a detached house with 11 acres of very soggy fields in the middle of nowhere. It's been a steep,…
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Trying to get the balance right…
So after many years of debt, then a few years of no debt but spending like there’s no tomorrow, my husband and I have decided to crack on with really planning for the future. We know what we want but just need a plan to achieve it. However we don’t want to save everything at the expenses of living now. We need to maintain…
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Should I pay off my mortgage
Hi All, Currently, I have a fixed mortgage at 1.39% until May 2026. I also have ISA and cash savings for emergency and other short-term goals (see numbers below). With the interest rates on the rise, I am thinking of paying off my mortgage in full when my current deal ends with my ISA investments. What would you do? Are…
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Which Mortgage to Pay Off
I have three mortgages/loans all on fixed interest deals due to renew in 3 years time: 1. £100 k, 1.49% interest rate 2. £70 k, 3.69% interest rate 3. £30k, 4.29% interest rate. If I received a significant lump sum payment I would like to use it to pay down the mortgage debt. Would I be better off paying off the smallest…
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Pay off mortgage
Hi, need some advice, I have £55000 balance left on my mortgage with 2 years 5 months left on my fixed rate at 1.5%. I have received £50000 and put it in my savings account at 4%. Should I use it to clear the mortgage this month or not. There is an early repayment charge of £2000. Please advise.
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Advice needed on which way to go
Hi All, I wasnt sure where to post this, so picked mortgages as i think its the key subject. I would like advice on the best way to turn with regards to clearning my mortgage early and ramping up the pension. The situation: I am just coming to the end of year 3 on a 5 year fixed 1.49% mortgage but am going to be in the…
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Ninety months to pay off mortgage - or as near as dammit!
So I'm back with a shiny new mortgage all of my own which is supposed to take me up to April 2036 but I hope to be rid of it by November 2028, ambitious I know but I can but try. I am looking forward to getting my online mortgage account set up so I can start overpaying although there are a few things I would like to do to…
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Advice for clearing £99,000 mortgage in next 5 years
Hi all, I know there have been countless threads looking for advice around clearing a mortgage, but I couldn’t find one which quite answers the questions I have, so here goes: I’m looking for advice on how to plan to efficiently pay off a mortgage in the next 5 years. My wife and I are due to re-mortgage our deal in August…
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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…
