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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…
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Final Payment - Natwest
Hi, on the 2nd of Jan I went into Santander and did a transfer for 70k to Natwest which was the final amount due. The payment went through fine. Come a few days later the 70k hasn't been allocated to my mortgage account and I'm getting nervous. I have rang Natwest twice, once the person on the end of the phone said he…
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Taking the plunge
I've finally gone and done it.... having lurked and looked for ages, but not done much or set up a profile so here is my first post. At the end of January I decided I wanted to get back in control of things, including my finances. I've set up spreadsheets, started using my online banking at last (instead of telephoning…
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MF Target 04.01.24
Feels like we’re on the home straight now. We don’t want to stop having a life but boy would it be a sense of freedom to not have to pay the mortgage every month! We’d love to move back “home” in a few years. We run a business for 2 x directors/owners who have a delightfully hands off approach and we need for now to be…
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Paying the mortgage off in record time!
I purchased my house in December 2021, where I borrowed £195480.00. I am on a 5 year fixed mortgage term (1.99% interest) with a duration of 33 years. This would take me long into retirement and is just ridiculous! My aim to to pay the mortgage off in record time. My goal is 10% a year (£19548 - maximum without incurring…
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65k in 65m
Hi! So, I've been reading this forum for a while now but I've only just decided to make my own diary. I have an obsession, which probably teeters on the edge of being unhealthy, with becoming mortgage free, ever since I realised I would have to borrow to own my own home. As I don't really have anyone that I can talk to…
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Savings vs mortgage
Hi, I’ve just run the calculator on savings vs mortgage overpayment and it’s suggested I’m marginally better to save the money than over pay and reduce my mortgage by 7 years. I’m confused how this can be and probably not understanding properly but I thought it always better to over pay as the present value of the money in…
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Paying down the mortgage, motherhood and the marvels of life. Welcome my beautiful diary friends
Good evening my beautiful diary friends, Welcome old and new. I hope you are all well? Right, well I suppose I'm best to start with Links to previous diaries (In order) First debt free wannabe diary 👇 https://forums.moneysavingexpert.com/discussion/5656806/if-i-make-a-start-then-there-has-to-be-an-end-right Saving for a…
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It's kind of fun to do the impossible
I like doing the impossible. Or at least trying it. It motivates me and, to be honest, I like to prove people wrong!! It's not that I'm argumentative (much ;) ), I'm just determined. I'll just set the scene, if you don't mind. I'm 18. My friend is 19 and wants to buy a house. I have my own dream to buy somewhere but I have…
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Finally! Planning a mortgage free future.
Excited to be sharing this and I've thoroughly enjoyed reading other people's journeys. Last year, I purchased my dream cottage and I'm now in a position to start planning a route to becoming mortgage free. Here's the current figures: * Outstanding mortgage balance: £159,863 * Remaining term: 23 years 9 months * Fixed…
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Mortgage Free in 15 Years..... 2025
Here goes nothing................. So here I am starting my diary which I thought might help me to become a little better with my money. Over the last couple of weeks I have become slightly addicted to reading other peoples MFW Diaries so I thought it probably wouldn’t help to do one myself. A little about me, and my…
