-
How to secure future when live in employment accommodation
Hello, Looking for advice. My husband is very lucky to get rent free accommodation included with his job. We have lived here 18 years. We have been sensible and been saving monthly since we moved in. We are now 40 and would like to spend the next 25 years (or less if possible) getting us to a position where we can own our…
-
Mortgage Free Sooner rather than later
Hi, I’m pretty new to these boards but have been reading through lots of threads and posts for idea’s and inspiration. I recently came across a mortgage statement that got me thinking ‘should/could we pay it off earlier?!’ We’ve been paying a mortgage for 13 years but have moved 3 times up the ladder. We’ve had our current…
-
Early settlement offer by offset mortgage provider?
Apologies if this has been discussed before. I think it has however my search skills are lacking today. I have a First Direct offset mortgage at BoE rate +1.88%. The term is 25 years and I have 14 years left to pay it. The loan was for £151K and I'm a couple of months away from being able to bring it down to zero (have…
-
Can we? Should we? Courgette gets plotting (again)
Hello! I’ve been intending to start a new diary on here for a little while now but haven’t been able to get past writing the first post which is usually a bit of a longer affair. I’ve decide to allow myself the luxury of not doing that and just cracking on. Specifically two things have happened recently that have focused…
-
Hope is not an Effective Financial Strategy
Hi all - Thanks for popping in and helping me to stay motivated. This is the 6th version of the opening post (Jan 2020 - 58 months into this diary/challenge), but is reflective of where we are currently at. Lots has changed since starting this MF journey, not least adding a 3rd child to our household! Initially this was to…
-
Overpayments
Seen information about overpaying on a variable rate Mortgage daily to avoid the interest charge on the monthly direct debit payment that’s made, is this even a thing in the UK?
-
Overpayments to shorten the mortgage lenght
Dear MoneySavers, My fixed rate with YBS is going up from 1.84% to 5.01% in a month. I have an outstanding balance of 75,900 (LTV 24%) and 11y of remaing term. I am thinking to do some overpayments (either lump sums or regular or both) to try to reduce the length. I read the MSE guide "Should I overpay my mortgage?" and…
-
HM Land Registry Documents Deeds Query
Hello, Downloaded the Deeds from HM Land Registry for a Freehold House. Shows 2 registered owners who are not in any relationship with each other. Under Section B of the Deeds Titled Proprietorship Register it shows the following: RESTRICTION: No disposition by a sole proprietor of the registered estate (except a trust…
-
Birmingham Midshires - paying mortgage off
Hello. My husband and I will be in a position at the end of this month to pay off our variable rate mortgage. Looking for advice on the most cost effective way to do this. Is it better to just request a settlement figure and pay it? As of November 2022 we owed around £41,000 and are paying £670 per month. Any suggestions…
-
Morgage free or not
Hello Hoping to sell up and become mortgage free in the next six months we are very lucky that we have decent equity in our property and will be able to stay in our local area although will be taking on a big project we are tied into our mortgage until end of 2025 with an interest rate of 1.5% and a mortgage of £420k with…
-
Spend Free Twenty Twenty Three!
I am now thankfully in a position where I am able to overpay on our mortgage, and even better, the other half is also onboard! We have just shy of a year before we have to remortgage (In Sept) so I want to be able to throw as much as we can on as overpayments between now and then. Hopefully we will be in a better position…
-
To Port or not To Port
Hi MSE forum, I am considering moving home and downsizing. I have potential for a balance of around £75000 after sale of my current property and buying a new one. My question is, do all funds from the sale go to your existing mortgage account and thus pay it off? I’m in a five year fixed deal so would like to avoid EPC of…
-
Advice needed with regards to best way to reduce mortgage debt
Hi all, some advice please. We have approax 43k left to pay on our mortgage and our current deal expires next month. We are in a position where we could just about pay it all off, but then it would leave us with no emergency funds. I'm now thinking to take out a new deal but with a mortgage of 20k. If i do this, will i…
-
Overpaying mortgage direct debit reduction by lender
Hi, I have a capital and interest mortgage and this month I’ve started as I mean to go on and paid an extra £300 off my mortgage capital, in addition to the fixed direct debit that goes out every month. (I checked and I can pay some 10% extra per year off the outstanding mortgage so I’m well within the repayment limits). I…
-
Making a dent in my mortgage from free money.
The idea all started off early 2023, when I wanted to open a 7% regular saver with First Direct and noticed they had a £175 bank account switch offer as well. The process was so straight forward and got me thinking: * What other offers are out there? * How much could I potentially earn over time? * What would I do with the…
-
Mortgage Free or Better House
Hi, I'm sure this question has been asked a million times over but I'm wondering what other people's opinions are if I give you a bit of background of my situation. I'm 35, husband is 42. We have two primary school aged kids, my husband has a decent job and I am a stay at home mum/carer to my son. We bought a 3 bed terrace…
-
could somone help me answer this please
I am a cash buyer of the property i wish to buy, the home im currently renting. I am using the same solicitors that dealt with the sale of my late mothers property, so they know where the money came from for the purchase of my rented home. I have given them proof that i have the funds to purchase it, but they still want…
-
should I use my pension to pay my mortgage off?
Hi, I'm 60 and still have a mortgage, I am working full time and want to have the opportunity of changing job or reducing hours when it suits. My fixed rate comes to an end this coming summer, so I was thinking of using savings and my pension pot to pay off my mortgage. Is this a good idea?
-
Money-shuffling towards mortgage freedom
Hello, I’ve been a member on the DFW boards for a long time having cleared any major debt some years ago. I’m a single mum to my wonderful DS and work part time, now WFH. I’ve been overpaying my mortgage for a few years but the past five years have dealt me some horrendous bad luck with first one, then a second house after…
-
Staying on track to be MF and ready to support my daughter at 18
I've been an occasional lurker here, taking inspiration from everyone's successes against their struggles to pay off debts and mortgages. My circumstances changed for the worst financially in 2014 and it needed a complete overhaul. I decided a long time ago though that I wanted to be MF by the time my daughter became 18 so…