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Forever home... not a forever mortgage
Hello all, I’ve posted here on an old diary before, but with a completely fresh start comes a completely fresh diary! Plus I fell foul of the new forum changes having not logged in for many years ;) We’ve recently (late Jan) moved into our wonderful forever home! I love it so much already. Can’t wait for the weather to…
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Advice needed for whether to overpay mortgage or save money in ISA
Good Morning Everyone I would really appreciate some help, I am not sure I have chosen the right category sorry. My partner and I bought a property at the start of the year. We were lucky to lock in a good interest rate of 3.42% for 5 years. The current mortgage amount is around £146600 and have 34 years left on the…
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Quick Opinion
Is it still better to use money left at the end of every month to pay off some mortgage even if the interest rate on the mortgage is less than the interest rate on my savings account?
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Opportunity to be mortgage free at 33
Hi All, We've recently found ourselves in a position to be mortgage free this year, by liquidating 2 BTL properties and moving from our current house to something a little smaller. We're north Midlands so properties are relatively reasonable. Current debt is just under £450k, with around 850k in assets backing that up. My…
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Pay off mortgage or save
We have 2yrs 10mths left on our mortgage 8mths left paying £511.17/mth at 2.96% then will revert to SVR. We have enough money to clear the outstanding amount on the mortgage (£17,000.00) Should we pay the mortgage off now? Continue to pay the monthly payments and put the money (£17,000.00) we have into a saving account?
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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.
