-
To pay off or not? Will need to borrow in the future.
I have the savings to pay off the last of my mortgage when my low-interest 5-year deal comes to an end. However, my girlfriend and I plan to sell our respective flats and buy somewhere together. She has suggested that due to my advanced age (mid 50s), it may be sensible to keep the mortgage to port to the new place, as I…
-
Is there any reason to keep mortgage open with small balance?
If I am able to pay off the full balance of a mortgage, is there any reason to keep it open with a small balance? For example if the original agreed mortgage deal still has 10 years to run, is there any value to having it still open as a kind of "pre-approved" line of cheap credit and/or to keep your credit history good?
-
Which short term savings account for one off deposit? To become mortgage free.
Hi i have been advised to deposit a portion of my pension into a high rate savings account.Until the end of the tax year. I will use this to pay off my mortgage. I am just looking for the easiest way to do this with maximum gain. Nationwide currently has 8% with caveats like switching accounts and you can only put in £200…
-
Mortgage Freedom Sanity Check - one week to go!
Hello! It's been a while since I was last here, to the point that my old thread (https://forums.moneysavingexpert.com/discussion/5898509/5-years-to-freedom#latest) has been closed. But I have an update... As per the previous thread, I last remortgaged in October 2018. At the time I took out £100k over 10 years, fixed at…
-
My 0.99% fixed rate up in December!
Hi all, My 0.99% fixed rate is up in December this year! I still owe £49k (house £valued 236k (probably less now with the UK market) been saving up and paying chunks off at a time i.e. £4k, £6k but finally met my 10% overpayment allowance this year. I earn 55k a year, have a housewife, 2 kids, 2 dogs, £mortgage, 2 cars, (1…
-
Downsizing to pay off mortgage
Looking for advice for those who had done similar. We have 81k left to pay off the mortgage. Still a substantial amount but thinking of moving to a smaller properly, closer to the city to enable us to potentially pay off the mortgage.Long term we're not planning on staying in our part of the UK (expensive part of the UK).…
-
MrWannabe & his journey to the MF Roll Of Honour
Inspired by the MF journeys I have read about on this forum over recent weeks, I have started this thread to help me stay focussed on my journey to being MF. Today has seen my most significant step to date on the road to MF status. So let's begin: Just me paying the mortgage Property is worth around £160k to £170k (I…
-
From Chaos to Clarity, and Mortgage Free, in 86 Months 💗
Hi fellow MFWs, A fresh diary for me as it's been a minute since I've hung out in my favourite corner of the forum! I've not been posting regularly (or at all recently) but I have been chipping away at my mortgage in my own disorganised fashion. Since I moved in (9ish years ago) I've thrown all sorts at it - random lump…
-
Over payment lump sum or monthly
Probably a daft query but is there a benefit overpaying the max of my yearly allowance in 1 hit and reducing my monthly direct debit or just over pay the 10% each month? My thinking is probably best to over pay with 1 lump sum, reduce my direct debit to the minimum to avoid over payment charges and pay more into my…
-
Mortgage Pay-Off Advice
Looking for opinions on whether I'm making the right financial decision or not. My low fixed rate mortgage ends next year, at which point the payments will go up a fair bit (or I could likely extend the term). The outstanding balance will be a bit over £100k. I'm currently lucky enough to be in a position where I can save…
-
Mortgage free & able to live the dream!
Hi all, I've followed these boards religiously during my epic daily commute & had a thread over on debt free wannabe - although was terrible at keeping up with it :o My husband & I bought our first flat in London a year ago with 15% LTV & a mortgage of £322,000 :eek: This seems to be miles higher than most people on here.…
-
Mortgage overpayments and new monthly payment
Hi, we currently have £121k left to pay on our mortgage over 8.9 years and will be overpaying 10% (£12,889) this month. We’re looking to do the same again in January and Virgin will give us the 10% figure in December. Is there a way to calculate rough estimates of how much our revised monthly payments will be, and how much…
-
Pay off mortgage
I currently have £49000 oweing on my offset mortgage with £30000 in the savings account. I have always left it there for buying new car or house maintenance etc however I am now considering having children and will not be entitled to UC with savings of that amount sat there. if I pay more off my mortgage now, if in the…
-
And so it begins: The Pig Vs The Mortgage
Hi everyone, after literally years of lurking I'd very much like to join you if I may? Having been truly inspired by the commitment and achievements of Secret Saving Squirrel,Tilly and Museumworker I'm finally convinced that the best way of remaining motivated and on task is to keep a diary. I'm hoping that regular…
-
Mortgage Overpayment
I would appreciate some advice please. I am relatively late to having a mortgage, I am 3 years in to a 25 year mortgage and I will be 67 when my mortgage ends. I am currently paying £618 a month for my mortgage and I can afford to slightly over pay it up to £700 a month. Would this be worth my while, and how would I go…
-
Mortgage Overpayments vs Savings
As part of my journey to get to Mortgage Free, this next year is the start of reducing the term length and increasing monthly mortgage payments. My outstanding balance is currently approx £153k and my current deal is due to run out Sept 24, the interest on my current deal is 1.04%. I'll have 15 years left when my deal runs…
-
To Sell or Not to Sell
Hello MSEs, I am in a very fortunate position and inherited a lovely small detached cottage close to the seaside. The property is let as a holiday let and earns approx. £3k profit per year (pre-tax). Our main home has an outstanding mortgage of £145k (currently at 4%) but the deal ends in June 2024. We don’t really use the…
-
Closing in on minus 100k debt?
The small milestones are still significant Is anyone else finally nearing the tipping point where the mortgage debt is about to fall to five figures? Or perhaps like me you're reducing the monthly payments and looking forward to the amounts pcm being below a certain figure!
-
Is it this simple?
Just want to be sure I'm not overthinking this. Like most of us, I always wanted to pay off the mortgage as soon as I could. I have inherited enough to pay off my mortgage, currently £86K on a fixed term deal that ends 2026. The mortgage itself has about 10 years to run. The Fixed Term Mortgage interest rate is 1.5% There…
-
2 Year Plan
Hello, I have a plan to possibly be Mortgage free at the end of my current deal if everything goes to plan. I currently have 18 Months left of a 4.58% Nationwide deal with a remaining balance of £21000. I have an overpayment max each year of £7850. I am overpaying each month £500 (£6000 a year). If I pay a one off payment…
