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RC diary to driving down mortgage
Hi 33 years old, coming to the end(Sept 2023) of a 5 year fix. I am aiming to pay off the mortgage as soon as possible(without paying additional fees). I have over paid 10% of the balance this year. First over payment since having mortgage. I wish I had started over paying sooner. I am not able to do any more before the…
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It's a Whopper - need to pay it off!
Hi all Introducing myself after lurking for many years and not committing to my own thread. I'm 44, DH is 47 and we have a (gulp) £578k mortgage with 22 years left on fixed for another year at 1.79%. Clearly that figure keeps me awake at night, although we're in our dream home and have about 50% equity in it. We have 3…
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Overpay mortgage or save ?
Hi all, I am currently in a position to overpay my mortgage. The original loan amount was 240000. The balance is currently 214065 and I have 14 years left on the mortgage. the current interest rate is 2.74 fixed for the next 4.5 years. I have between £300 - £400 to overpay/save. question is should I put it in a regular…
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Aldi Beans
Funny title for a thread! But, it underlines how much we have changed/cut back etc - throwing it all at the mortgage. I always said we would always have Heinz beans, i think they have been the last thing to go to save cash.....and Aldi beans aren't actually that bad! Some of the Other MANY things we have done -Got rid of…
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First Direct Offset Account
Hi all, First time poster, long time lurker! I’ve just started a First Direct Offset mortgage, offsetting a good amount of the loan with savings pooled together between myself and my partner. I wondered if anyone with their mortgage could tell me how the monthly payments work? Obviously as we have offset accounts the…
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Shared Ownership - Overpay Mortgage or Staircase?
Hi all, I currently own 55% of a house, 100% value is £315,000. I've got a mortgage of £123,000 left over 30 years. My fixed term ended a few months ago and I'm now on a 5 year fixed rate. I've been putting around £550 into a "House" savings (2.7% interest) account with the plan of buying extra shares at the end of this…
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Handing over lump sum
Hi all We are in a lucky position that we have a mortgage of 400 a month and we are on a 20 year term but fixed for another 2 years from April which would be 3 years into the 5 year fixed deal.. Now we can save up 1000 a month but we are going to be trying for baby so if baby does come along we will be using that money…
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Mortgage free and finally in a forever home
I’ve been a member of these forums since 2006 and had numerous diaries but I know feel like I have come to a bit of a milestone so time to start afresh and also be more finance and money saving focused. I will try to keep this short, but I am fast heading towards the 50 and had a pretty steady life until almost 5 years ago…
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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…
