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Should I pay off all or half?
Hi, so I’ll soon be in a position to be able to pay off all my mortgage £200k! Great! A friend of mine recently said don’t pay it all off if you intend on moving somewhere bigger in next few years! What should I do? If I paid half and then if I saw the perfect bigger house could I then put down £100k on that house with…
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Option to pay off mortgage: is it a good idea?
Hi, Currently living in a 2 bedroom flat with a 5 year fixed (<2%) due to expire in August. Have about £150k left on the mortgage. We were due to purchase a house however it has fallen through in March. For the purchase of the house we saved about the amount that is remaining for the mortgage. We are not relisting our flat…
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Mortgage redemption fee
I spoke to our provider yesterday about paying off the remaining £7000 off our Mortgage. As our term is over 12 months we would have to pay an early redemption fee. They did say we could make a lump sum payment off £6000 to reduce term to under 12 months then a final payment to clear the rest. I'm not great with maths so…
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The MF pipe dream
Hi all. I!!!8217;m new to the site, only just signed up. Have read a few MFW threads and yes, MF is definitely where I want to be! A bit of background about me, I!!!8217;m 32 yo single parent with 2 young kids aged 5 and 2.5. I work p/t over 4 days a week and will probably look at f/t once youngest starts school. I got my…
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Joint house purchase, just not 50/50
Hi all. My partner and I have decided at long last to sell our houses and buy a joint house. His house is worth almost twice what mine is. I also have two daughters (grown up), and he has no children, So, we intend to make the property ownership 1/3 mine and 2/3 his. It is important to me that I leave my 1/3 to my kids,…
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A new season
A new season in life...That's how I'm trying to think about things here at the moment. A lot of changes are happening around, to, and sparked by me, not all of them pleasant or wanted, and whilst it feels like its going on forever, I know in the great scheme of things its a very short proportion of my (hopefully long)…
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inigma's bimble to mortgage freedom
YAY just what this board needs another Mortgage Free Diary! Ok, for those of you still reading here are the facts: 1) I purchased my flat September 2011 2) After my deposit the total debt is £144,500 3) I am on a 25 year plan. 4) I don't want to be paying my mortgage off in my 50's & 60's (actually nor my 40's) 5) I am on…
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1-year in to mortgage free - Small steps make progress
Morning Mortgage Free Wannabe's! I've been reading up in here quite a lot, started early part of last year and really liked the sound of being mortgage free! So over the last 12months, I have been making small chips into the mortgage by making payments of whatever I have left at the end of the month before payday into the…
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Mortgage Free by November 2028
Hey Everyone It is really encouraging to read how others are progressing with paying off their mortgage, & good to know that there are people out there taking responsibility for their financial decisions too. I find MSE is a great inspiration particularly at times of temptation or despondency (plenty of that about at the…
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Mortgage overpayments
Hello. I would welcome some advice as to whether I should continue overpaying on my mortgage or put the overpayments into a savings account. I currently have an outstandng interest only mortgage of £180,000. I remortgaged to a 10 year fixed rate four years ago at 2.99%. The interest payments are approximatley £450 per…
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Petition to salary sacrifice mortgage payments
I just signed this.. its a good idea. https://petition.parliament.uk/petitions/633889
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Aiming for mortgage freedom in 5 years
I have a new 12yr remortgage fixed for 5 yrs starting June 23 going to try hard to get it paid off within the 5 yr fixed term, I have the over payments on a spreadsheet that i knocked together and as the mortgage decreases with overpayments I find that I can't pay as much as I'd like due to the 10% overpayment rule, so…
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12 months to go - should I fix or stick with variable?
My current deal with the Halifax has come to an end, so I've taken a month off my fixed deal and put a load of savings into repaying my mortgage. I now have a balance of £75k, with a theoretical remaining term of 9y 6m. About this time next year, I will receive a lump sum that will enable me to pay off that balance and…
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Pay off my mortgage with my tax free pension lump sum
Hello everyone I wonder if you could offer some advice. My retirement data to get state pension is 5 years away. I am 62yo. I have a personal pension worth £200000 and a mortgage of around £50000. My mortgage deal ends in July and I am contemplating taking my 25% tax free lump sum to pay off the mortgage. I know this…
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House transfer of equity??
I didn't know where to put this. My mother passed away who was divorced from my father. In their financial settlement they would own 50/50 upon one of them dying. I'm the only child. On the deeds the property is only on my late mother's name. Not my father's. My father doesn't want the property to be put on his name as he…
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Time to hit the Mortgage!
I’ve been following this board for a while. About 5 years ago I really got into looking at my finances. I was 34, single & 3 years into owning my first home. My focus until now has been on building my investments & pensions for the future. I have been overpaying my mortgage but never focused on getting it down quickly.…
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5year or 2year
Hi My mortgage is coming up for renewal in a month's time. My current provider has offered a product transfer fixed rate of 3.94% for 5 yrs, which I have booked. But given all indications that the rates will start coming down from end if year, I am torn between 2yr with another provider and 5yr with current . Given I have…
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Purchase on first home completed - Time to start making a dent in the mortgage!
Well today is a pretty momentous day in our life's, after a few years of scrapping together a deposit we have been able to get our foot on the property ladder! Today we got a call at 10am to collect the keys after our offer was accepted back in late February! A little bit about us! We live on the south coast, I am 38 years…
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Woohoo!
Milestone today, mortgage now under 50k remaining with 4 years and 7 months left! I’m aiming to have it paid off in 3 years with s bit of hugging and puffing!
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Offset Mortgage - am I missing something obvious?
Hi MSE’s Like many I am approaching the end of a fixed rate at nice low <1.5% rates. So I have started looking a new mortgages and my options. I’ve come across Offset mortgages (I see Barclays do them) and I feel like this could be a viable option, but I am worried I may be missing something? Assumptions for an example,…
