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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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O
8) Try not to get to wrapped up getting rid of the mortgage and live a little too. Seaweedx
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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…
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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?
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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…
