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2027 Christmas present - no mortgage!
Hi everyone, I’m inspired by the diaries here so thought I would start my own. We got our first mortgage in January 2021 when I was 50 - 17 years to take me to retirement age but I want it gone long before then. I can remember when interest rates were insanely high in the early 90s, the news was full of daily stories of…
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Onwards towards mortgage free living
Hello! I’ve been lurking on the site for awhile and have been trying to put a lot of the advice and tips I read into practice. However, I think that keeping a diary for myself will help me to keep track and stay motivated. I’ve just hit my 30s and became a house-owner in 2018 after spending years saving for a deposit. It’s…
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Selling house but new mortgage will start a month from end of sale with higher exit fees
Hi All, We have just got a buyer for our rental property. The mortgage runs out on the 31st Dec. The sale will probably take until February 2023. We had already arranged a mortgage from 1st Jan to fix on lower rates before we decided to sell but it does mean an early exit fee of £5,000. Are there any other ways to avoid…
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Help!
Can anyone help? My 5yr fixed ends soon, we only have £30k left to pay off but have 6 years left-we’d like to plough as much as we can to get it paid off asap (we’ve already paid our 10% for this year). Should we get a tracker instead of a fixed? We’ve only ever had a fixed but it’s seems odd locking in so high plus I’d…
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Cash Versus Mortgage - 10 Month Plan
I had my lightbulb moment in February 2021 and since then I've been overpaying my mortgage by approximately £400/month. I set that Mortgage OverPayment figure, then after an initial adjustment to having £400/month less spends got used to it and forgot all about it - the set and forget method. Now I realise that lightbulb…
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The thriftyish way
Introduction In 2019, DH & I sold our tiny 3-bed semi-detached, and moved into a huge 3-story, 4-bed Edwardian home, almost doubling our mortgage. This move gave us the much-needed space for our 4 children aged 13,11,9 and 7. However, we bought at the absolute top end of our budget and took our mortgage out over 39 years.…
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Overpayment calculator
Hi the option of a % regular payment has disappeared Only has option for £ Has something changed or is it an error Can we have this option back?
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What document do you get when you pay off all of mortgage ?
Dear AllWhat documents do you get from lenders when you pay off all of mortgage ? - I understand there is no mortgage free certificate. As certificate is held on the land registry. Am I right ? - What document do you get to proof it in the later date that you are mortgage free. - It is a terrace house, freehold. What…
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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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Hedging BOE base rate rise
Hello, I am on a 2 year fix at 1.14% due to expire August next year. My outstanding balance is £19k, I am allowed to overpay £13.5k before then. My wife and I are discussing taking out a loan with Sainsbury's to overpay the £13.5k and have this spread out over 2 years at 4.3% (no early repayment charge if we pay up early)…
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New house or loft extension. Can someone help me do the maths?
Hi all Married couple, 2 children in a small 2-bed terraced house. Children are aged 6 and 3, one is in their own room and the younger one sleeps in the bed with us. Plan is to get a bunk bed eventually, but the older one already likes his own space and eventually we will need an additional room. We bought the house for…
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Offset Mortgage - Pay It Off or Continue Paying Monthly
I've got an offset mortgage which is completely 'offset' with savings so I'm paying zero interest. I can't decide whether to just pay off the mortgage completely now, or just stick with making the monthly instalment which is going to reduce the capital amount as I'm not paying interest. The remaining mortgage term is 5…
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I'm finally here! Now to get it gone in 15 years,10 if we really try!
My first post in the MFW forum!!!! I remember saving for IVF (wasn't needed in the end) at the beginning of 2016, and happening upon this forum. At the time I could only dream of one day having my very own MFW journey! And now I do. Although, tbh I don't expect it will make very interesting reading. Myself and OH bought…
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Skint teacher update
Wanted to post a little update as I have been regularly checking in with MSE for over a decade but quietly getting on with it finance-wise. I’m enjoying a more frugal lifestyle these days which includes long walks, a cheap gym membership within walking distance, lots of time with my son and husband. Current situation:…
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Best way to become mortgage free?
Morning all. With mortgage rates skyrocketing at the moment I'm looking for advice on my current situation. My current mortgage term runs out in August..I have saved up enough these last five years to be able to pay it off now however I know I'll enquire fees as I still have a large chunk to pay. My question is, it it…
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Overpay or Save to overpay
When saving (2.75%) to overpay my mortgage (1.94%) should I continue just saving while the saving rate is higher or should I be paying my savings into the mortgage evey 6, 12 etc months?? And for max benefit I assume I should include any savings interest earned?
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Pay off my Help to Buy?
I was about to pay off my Help to Buy Equity Mortgage I got 4 years ago (next year, we start paying interest). The reason for doing this was the Help to Buy valuation of my property was I believe 15% under its actual market value (New build so the same house on the Estate has sold for much more so 95% confident). However,…
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How to pay off sooner than 22 years and maximise low fix!
Our position: Mortgage remaining - 22 years Mortgage outstanding - circa £325k House value - circa £700k Current mortgage fix - 4.5 years remaining, 1.39% We are a couple living together, two kids, two full time jobs. No major debts aside from mortgage! Have standard workplace pensions and some savings, nothing huge as…
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Should I be pay off my mortgage?
Hi, I'm in a fortunate position (at the moment) to be debt free apart from my mortgage which is due for a renewal in 4 weeks. The mortgage was on a fixed term interest at 1.5% but will go up to 5.11 % on a two year term mortgage. I am in a position to pay off the mortgage which is at around 90k but was wondering should I…
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Cheer Leaders needed on the final stretch
Hi As a regular reader of these threads I need some encouragement of my own. Whether thats keeping track of myself and proving to myself Im doing all I can or others helping me along Single lady on an interest only mortgage coming to an end, the mortgage not me!!!. Don't judge Ive been through difficult times and only…
