-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
Healthy, wealthy and wise! MF in 10.
Hi, I originally joined in 2008, when I was made redundant, during the financial crisis, from a well-paying job that I loved. MSE posters helped me immeasurably to adopt frugal ways and attain debt free status. The ensuing years have been eventful with many ups and downs, but I am grateful to be here and realise that DH…
-
The 'scenic route' to mortgage freedom...
After a break of several years I'm back on MSE. I need a diary for day-to-day financial accountability in order to help us achieve our longer term goals and dreams. My last diary really helped us get our of debt and raise money for home improvements at a time when we were struggling financially, and whilst we have moved on…
-
£30,000 in one year ...One big push
I am going all out to pay off my mortgage in 2023 ..The target is £30,000..I am looking forward to getting started , so many people on here have helped to keep me motivated and consistent over the last few years and if it wasnt for this forum i definitely would not be in this position now .I am very grateful
-
Overpayment timing
I have a chunk of money I could use to overpay in our mortgage with Leeds BS. Our mortgage anniversary is March by which point there will be 3 years left of our 5 year fix at 1.84%. Currently I'm saving money in a stocks and shares ISA in which I have up to now been saving far more than the average fixed saving account. So…
-
Mortgage free with speed.
Hello anyone willing to read, I got my my first mortgage for £85k last year around may after buying my first flat which is a lease hold for another 95 years. 3.08% is my fixed rate until late 2027. The term is a 30 year mortgage with 28 years and 8 months to go. After making regular payments for a whole year I noticed it…
-
Selling assets and porting the mortgage
Hello , so I currently own two properties one is with Santander valued at 8 8, 000 with 4 4, 000 left on the Mortgage. The Mortgage is at 4.2% and fixed for the next 4 1/2 years. Currently my daughter lives in the property and it’s on a consent to let. She will finish university in June at which point the house becomes…
-
Repay Mortgage or Invest
I have a £46K mortgage presently paying £245 pm @ 1.69%. My mortgage fixed rate expires May 2026. I have an inheritance of £120 due. Should I repay my Mortgage or Invest @ 5.6 %
-
Cottage Countdown
I stumbled upon this forum a while back and was so excited to read about other people's mortgage-free journeys. Strangely enough, I haven't been able to find a similar forum based in the US no matter how much I've searched. I'm not sure if that's a sad commentary on the state of affairs of my fellow Americans, but I…
