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Mortgage and Debt Busting
I am a thirty something living with my hubby, three rescue dogs, two rescue guineas's and one rescue chicken (only chuck left from BHWT rescue), We have lived in our current home for over 8years. When we first moved in, our mortgage was over £900 a month and over £700 was interest alone. The money we got from our previous…
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The Big Adventure
For the last week or so, I’ve been hanging around the MFW board, looking at peoples diaries, and adding a couple of comments here and there. One thing has struck me, that everyone is focussed on their goals, but is keen to be enjoying life while they are on their journey. I’m at a different stage of my life, as I paid my…
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Post-Mortgage check list?
Stuck to my plan and now I'm starting 2023 mortgage free ◝(ᵔᵕᵔ)◜ Does any know of any kind of handy check list for things I should now do? So far I've thought of... Check the mortgage balance is 0 and that the payments have ended. (Done and done) Confirm with Land Registry that I am now the registered owner of the…
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Mortgage free by 2023 (!)
Hello, I'm usually found hanging out on the DFW diaries thread as you'll see from my signature we are still tackling debt.. However, my plan was always to start attacking the mortgage after that, but having just sat down and worked out how much we need to overpay to clear it in time for DH to retire at 65 latest, I think…
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Mortgage free in 5 years?
Flo08 said: In 4.5 years we will be 55 We have 4.5 years left on a 5 year 1% fixed rate The balance on our mortgage will be approx: £55k We currently have £25k saved in a high interest rate account We also have £5k in an emergency fund We intend to keep saving so that in 4.5 years we can pay off the mortgage balance Only…
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Cutting it Fine - the challenge is on!
Now debt-free and been able to get on the ladder again in our 50's. Exciting but scary and I'm keen to get on and see the back of this mortgage which is about £310k. Scary but good to be in our own home again. Feels like we're cutting it fine to be mortgage free by retirement - but hey, I never thought I'd be debt free in…
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Dreaming of mortgage- free having naively bought a ‘project house’ at the market peak
As the title says really! Completed on my first house in June at 34. Found all my leftover money eaten up by house surprises. My salary isn’t super high (take home £1524) so I’m really limited on what I can overpay. With the cost of living and inflation rising so much faster than expected I have much less left over each…
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Final push .£50,000 in two years .Can i do it ?
With only just over three years left to pay off our interest only mortgage we have decided to put everything we have in to paying it off with the intention that if all goes well we can pay it off .We will see how things pan out and if we dont think we are on target we also have the option of downsizing .The main thing is…
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Mega Mortgage, need your support!
Hello all, crazy couple here who have just purchased a home in Spain by extending our UK mortgage. Our UK mortgage was already sizeable and now it’s eye watering and we must must must follow all of your great advice to get this bad boy paid off….Almost nervous to give figures but here goes ( I can already see your eyes…
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Lurker to Committed MFW!
Hello everyone, and Happy Christmas to anyone that sees this today. I’ve been lurking for a while and this seems a really friendly and supportive community to join to keep on the right path. I’ve recently realised that it’s time to take the plunge and aim for Mortgage Free. I’m hoping that having a diary will help to keep…
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Mortgage overpayment versus Investments
Hi All, I took out a large mortgage earlier this year over £500k on a relevant cheap interest rate (in comparison to current rates) which is fixed for a 5 years period I am debating whether I should be overpaying my mortgage with any surplus cash or should I be investing this money for the long term? For context, I am 35…
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Ready to embrace a mortgage-free journey
A bit about me: I'm married and have 2 grown up children (+ 2 adorable grandchildren). My DH and I both work full-time and are very lucky to have relatively secure jobs. I've been finding myself wishing time away recently so that I could become mortgage free. As my mortgage isn't due to end until 2033, I realised that this…
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Overpay or save?
Hi guys Current mortgage owing is £134,000 with 18 years left of a 20 year mortgage. Since the mortgage started I have overpay £500 every month and each December i have overpaid a lump sum. £6000 last year and £5000 this year. I am 2 years into a 5 year fix of 1.89% So now I can get a 3% ISA from Virgin, my head is saying…
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Want to be mortgage free…
Wow, it’s been a while since I’ve been on these forums. Used to be a regular in the debt free wannabe section many years ago. I don’t own a property at the moment but am saving up to buy a property with either no mortgage or a little mortgage (£50,000). Ideally no mortgage, even if we are talking a studio flat or one…
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Mortgage Settlement Calculator
Is there a simple online tool that I can get my settlement figure. I know the outstanding balance, current APR and how long left to run. Many thanks
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Mortgage freedom/FIRE diary
After several years of reading diaries on here I have decided to write my own. I bought my forever home in January this year. I got a fixed rate mortgage at 1.99% for 5 years. I am allowed to overpay by 10% each year in this period. It was £124,499 at the start. I am a single Mum to two lovely boys aged 16 and 11. I have a…
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Here we go! Single Income mfw
Single parent here, determined to pay down my mortgage alone. Posting for accountability. My daughter is a teenager. I work from home as an online teacher. I paid off all my other debts and also have six months of savings incase of the worst. With potential interest rates looming and the end of my fixed deal in 13 months,…
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Eating a Vegetarian Elephant
I've been reading threads for ages and decided to jump in myself with a diary. About the mortgage: bought this house in 2014 for £359k, with a £165,000 mortgage. In 2015 took a second charge £20k because the kitchen needed replacing and the floor in the extension was collapsing. In 2016, fixed the first mortgage for 10…
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The whimsical tale of the Waterbed of Debt
Ooooh so close....so very close. So I've decided it is time to move on to the next chapter. The whimsical tale of the waterbed of debt is a metaphor for my debts. In a few days time (when I'm back from Milan - how appropriate!) I shall start detailing how my debts have gone down a little and my mortgage is doing quite…
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Twenty-something's aim to be mortgage free
Hi all! I've been lurking around this forum for quite some time but have put off creating a diary of my own because I wasn't feeling confident enough to do it. But here we go anyway! I'm a 28 year old on the south coast, my partner and I bought our first home (a lovely 3 bed flat) in December 2019 with a mortgage of…