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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
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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…
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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…
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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…
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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).…
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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…
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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…
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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…
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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…
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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.…
