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Minnie's Midden
I've thought about starting a diary for a long time and now, here it is. I've remortgaged our house to release equity from it and have only now logged into my mortgage account to check how much I owe. As of today, the balance outstanding on the mortgage is £223,565.46. The balance of the offset account is £1,746.70. The…
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Chipping away at large mortgage
Hi everyone, feeling really inspired by all of the diaries although slightly overwhelmed as only seen 2 other large mortgage ones! I'm doing this diary to try and hold myself accountable to chipping away at the debt. I set myself a goal at the start of this year to overpay £50 per week, but I often forgot to make the…
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Overpay mortgage or save
Hi I'm just over a year into a 10yr fixed at 1.95% and total mortgage 17yrs. Currently overpay £200 a month but am sure that I read that with better savings rates at the moment I'd be better saving to pay the mortgage later. This sort of makes sense to me but seeing the mortgage decrease every month is more appealing and…
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Should I cash in a pension to shorten a mortgage?
We have an offset mortgage (base rate tracker) currently at 7.09%. Still owing is £30,000. I have just used a repayment calculator and found out that as things stand we will have paid this off in 3 years. We are currently paying approx. 700 per month and then the interest on top of that. My main pension (teachers pension)…
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Is it still worth over paying mortgage?
Hi all, Split from ex recently and have had to sell house and buy another. Will be on a fixed rate for 2 years at 6.2%. Payments around £1400pm. Is it still worth over paying mortgage when I can or should I wait a few years until interest rates come down?
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Thinking of selling my property to a company that will let me live in it until I die?
Hi all, I am currently in arrears with my mortgage (£900) My mortgage was £145 a month last January, it has now jumped up to £496 a month. I am thinking of selling my property to a company that will still let me live in it until I die. Any help will be so grateful. Many thanks.
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Chapter 2: Burrowing On!
Hello lovely MFWs! It's been a while 😅 ... though it's really time to come and play with you all again! I had a diary way back in the day, which I see has been closed due to my awolness, but for the historical record it was over here: https://forums.moneysavingexpert.com/discussion/4849964/building-the-burrow/p1 So I…
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3285 days to be mortgage free......
Hello. Time to take the plunge and start a diary to keep myself accountable as we try to pay off our mortgage in 9 yrs - by the time I'm 55. :eek: I have already been overpaying for the last year using the overpayment calculator to work out what the balance needed to be at the end of the year. Last year we actually…
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Dilemma no longer a dilemma.
It's ok I have sorted it with my other half. We have made the best decision for us. I will update diary soon.
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NE's goal setting
Hello MSE, newbie post so any advice welcomed. I plan to post an SOA so that anyone who wants to give advice can be more informed - I have been holding off in the hope I would do it in the SOA format I've seen on the debt boards but can't seem to find the link to how to create it. If anyone has the link I'll use that,…
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Update Paid off! - Six years and counting!!
With this month's payment our mortgage balance stands at just below £55 000. I am starting a diary on here to try to pay it off as quickly as possible. My spreadsheet suggests that, if we continue to pay at the current rate of £800 per month, our final payment will be in March 2025. However, DD1 is likely to start uni in…
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Solo MF wannabe (as soon as I can be... at least by 2032)
Hello, As the title suggests I’m a solo buyer (Female, just turned 30) and a MFW, 18 months ago I purchased by forever home and have finally finished the renovations so I’m
now in a position to try and commit to some regular mortgage OPs. I’ll be using this thread to keep myself
accountable. As you can see below I have…
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Mortgage-free by 33? (2023)
Thought it time I made a thread. We have been overpaying our mortgage since moving to our first (and current) home 5 years ago. We have an annual overpayment limit of £15k. We have managed to overpay by about £60k across these 5 years. We were on a 5-year fix, which is ending. Today, I have just switched to a 3 year fixed.…
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Offset mortgage
Is it allowable to fully offset a mortage with savings ? Say I have 200K mortgage will the bank allow to put 200K in savings against the mortgage. In this case do I need to pay anything monthly ?
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Overpayment - When is the 10% calculated from?
Hi, my mortgage is currently at 0.99% rate so I want to overpay as much as I can until the deal runs out in December. Current monthly amount is £475.99 I’ve been paying £600.99 for around 18 months then in November 22 I started paying £700.99. On December 22 my balance was £96.753.10 it currently stands at £93018.75 How do…
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Nationwide Overpayment
I have an overpayment of approximately £5,500 in my mortgage account with Nationwide. The problem is, I'm not sure exactly what it's doing there or how it can help me. Do I have to tell Nationwide to apply it to my account?? I was previously under the impression that it would be lowering my payments or doing something…
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I wanna be mortgage freeeee!
Hi folks I’m a long time lurker coming out of the shadows as our circumstances now mean that we have a real shot of getting rid of the mortgage early. Me and my husband were both made redundant in January. I found a job straight away and my husband has found one and starts early May. We got a pot of money from redundancy…
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Best option to be Mortgage free quicker
I have £90,600 left on my mortgage. There are 18 years 6 months left on the term. I am currently in a 5 year fixed rate at 2.39% with Santander that ends on 2nd a June 2024. My monthly repayment is £510 and I overpay £200 every month. When I come to the end of my fixed rate, I am probably going to remortgage to get the…
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Clearing mortgage once fix rate ends
I'm current in my fix rate deal that ends 30th September 2023. balance will likely be 112,000. The standard variable rate 8% currently. 1. If I clear the balance on the 1st October will I avoid any interest payments?
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What funds to sell to become MF?
hi all I posted the below on the savings forum but thought just as relevant for here as it is the target and some of you may have had similar experiences, if so would love to hear them! Hi all, hoping to gain some wisdom from you learned souls as I have up until this point always invested but never thought about…