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Remortgage due in June
Our fixed deal comes to an end in June. Is it best to lock in a deal now or see if rates come down? Also take a chance on a 2 year or play it safe with a 5 year fixed rate?
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Mortgage free wannabe - that's me!
Long time lurker here - I've been an avid reader of this forum since I bought my house in 2017, but as I'm feeling rather contemplative ahead of the new year, I thought it would be a great time to set down in writing my goals and plans for paying off my mortgage in the next 10 years (or sooner if possible). I plan to…
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Mortgage-free calculation
I know there are a few calculators around but I can't quite see one that does what I want to work out, sorry if I am missing something obvious, this is my first mortgage! What I'd like to simply work out is, if I overpay the maximum of 10% a year, when will my mortgage be clear? I'm not sure how to account for the…
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Mortgage Overpayment and debt interest recalculation
I made a few overpayments last month and wondered why the debt interest had not reduced. I found out today that i need to phone them (HSBC) in order to recalculate the debt interest. Has anyone else experienced this ? I assumed they would automatically recalculate the interest just like they would if you had a savings…
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Overpaying without reducing term - worth doing?
Is it still worth overpaying a mortgage if the lender (HSBC in this case) won't reduce the term? We took out a small additional mortgage a couple of years ago to do some home improvements. The initial fixed rate period has just ended and the interest rate has increased to 3.92%. As we have some savings (at about 2.5%) I…
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Is anyone amazing at maths who can help work this out please?
So I took out a 38.5k mortgage (15 years) in October last year at 3.94% fixed for 5 years. I have already made the 10% overpayment for last year and only have about £40 left of my overpayment allowance for this year left. I spoke to an advisor from the mortgage company who said I can make payments above the 10% allowance…
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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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Attempting to get MF again...
Its been about 4 years since I've been on this site, a lot has happened. I am going to use this page as a motivation to get myself back in financial order, get rid of all debt/mortgages. Our current debts are as follows: 0% Credit card - £1,213.30 (0% rate until Mar 2022) Mortgage (our house) - £92,600 (fixed until…
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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…
