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Is now the time to use savings to pay off the mortgage?
We are currently on a mortgage interest fixed rate of 1.69%. This was a 2 year fix that ends in February. As our fixed rate was low and saving rates were going up over the last 2 years, we have been saving instead. When our current fix ends in Feb, the best rate we can switch to is another 2 years at 5.99% however we have…
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Overpay max amount or keep money in premium bonds?
Hi all, I’m very fortunate to be able to pay a lump sum into my mortgage this month so I could put in the full overpayment allowance amount before the year starts again in December. Currently, the funds are in Premium Bonds and I consider myself a person with above average luck in that regard! My mortgage rate is 3.04%…
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Help advice with mortgage
I currently have an old Together Northern rock mortgage, then it was passed to tulip mortgages and now engage credit, i have £24,500 as a secured loan and another £9,414 unsecured left. I used to pay £500 a month but with the intrest rises its now £600, I have 6 years left, is it worth remortgaging. I had been told in the…
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Mortgage Neutral Date Approaches....
This Thursday I am making a payment to my offset mortgage that will officially mean I will be mortgage neutral - essentially my mortgage outstanding balance will be 139K and the offset savings I have will be 139K. Up until now I have made regular overpayments each month of £500 along with the usual mortgage repayment of…
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Mortgage Advice
I have £51k left on mortgage and currently locked in a 1.2% deal for another 3 years (phew) and can afford to pay £4500 off the balance before the end of the year and another £4500 next year.. should I do this or am I better saving the money via a ISA/ Bond and then paying it off later when I have the full funds to clear…
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Mortgage free by 2028
We would love to be mortgage free by 2028! A little bit about us, family of four, two teenagers and our pup. Current mortgage balance £76,650 fixed for 5 years at 3.99%. We brought the house in Oct 2021 on a two year fix. Just started a new fix and feel really motivated to try and pay it off once it finishes. We have a 10%…
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Help Needed for calculation
Good Evening, Apologies, as im sure this has been asked before. I am looking to change my overpayment to reducing the monthly payment (fixed rate), for a short while. I have spoken to nationwide and the person i spoke to done a rough calculation to let me know how much it will reduce if I overpaid £500 per month. Does…
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Single Mum: Freedom in Narnia
Having been an avid reader of mortgage free wannabe for years, I am beyond thrilled to have actually managed to buy my own home at last. It's taken an enormous amount of time, energy and saving but I finally completed on 7 October. The house needs some work so my move in date is 7 Nov. I cannot wait! A bit about me: I'm a…
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Paying off mortgage
Hi all, could anyone please advise. We got our mortgage in 2014 over a 18 year term. The house was £103,000 but we put down a £30k deposit meaning we borrowed £73k, with the interest added it took our repayment total upto £114k. We currently owe £42k (so paid off £72k) but are in a position to be able to pay this off in…
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Just started mortgage and hence mortgage free journey
My mortgage was issued on Thursday. First payment will be £520.77, assuming information on the app is correct, regular payment £498.47 for next 5 years. Regular mortgage payments obviously set up as a direct debit. Have just set up the mortgage company as a payee using instructions on their website and made a token £10…
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Credit card / mortgage
All being well I should be able to get within £25k of paying off my mortgage in a couple of years time when the fixed deal expires am I right in thinking it might be difficult to get a mortgage for under £25k if so does anyone know if you are able to use a credit card to pay off the final balance and effectively pay 0% for…
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What happens when your Mortgage ends?
Afternoon all, Fairly new to posting on here having kept myself engaged through reading posts on the forum over the years, but I wanted to ask what may seem a simple question. I made myself a promise about 15 years ago that I wanted to be mortgage free by the time I was 50 (May 2023), and having taken advantage of many…
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Go back? No good at all! Go sideways? Impossible! Go forward? Only thing to do! On we go...
Hello MSE chums, although I have been lurking about reading others diaries to keep me motivated, I last posted on my own way back in Feb 2021 so I thought it better to start afresh with a shiny new thread. In my defence, it has been a very busy two years, and I now own a husband, a new house and a small child! When I last…
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New MFWB!
Hello all, have followed Martin for a few years and recently after some good changes in circumstances clearing other loans decided to target being mortgage free. I started my mission in September last year and the mortgage was at £121,500 (opening balance was £147,000 in 2014). Started with a swap to a lower interest rate…
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Tips for retiring early and mortgage free
Anybody any tips? I notice I have to put a minimum of 40k down to half my payment. I may get money from in the future to help pay for should I spend elsewhere live on cash or pay off mortgage? Ideally I’d retire in my 50’s is that not the dream for most people? I am 35 not due to be mortgage free to 65.
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Using AI for financial advice - my experience
Hi all, I've been using AI for getting mortgage free by May 2027 and it's awesome, with some caveats. I had some other financial payments which I also included in the question was resulted a large paragraph of sentences. Three AI models (Claude, ChatGPT, Bing) suggested a schedule of mortgage overpayments which hadn't…
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Mortgage free in 48 months, £75.2k to go...
I'm fortunate with a 1.89% repayment deal expiring May 2027, there's £75.2K to go. With regular payments, overpayments (to 10% limit), I should have an outstanding balance of £22.4K at deal-end which I plan to pay off in cash, which will saved by Sept-2025. I've taken known facts of the monthly payment, 10% overpayment…
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Twinklie returns to the property ladder
Hi everyone! :wave: It's been a LONG time since I last had a diary. A bit of back story for anyone that doesn't remember me. We had a little 2 up 2 down house we were paying off, then we ended up moving about a bit and living in rented whilst the house was (or wasn't for a long time) done up. We subsequently had two…
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to pay off or save...
Afternoon I am just about to receive the money from my fathers estate, we only owe 50k on our mortgage, I was going to pay it off, but I think with interest rates being so attractive I should put it in a high interest account and just pay the monthly mortgage payments, we are on a great fixed rate for quite some time.....…
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8) Try not to get to wrapped up getting rid of the mortgage and live a little too. Seaweedx
