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Money-shuffling towards mortgage freedom
Hello, I’ve been a member on the DFW boards for a long time having cleared any major debt some years ago. I’m a single mum to my wonderful DS and work part time, now WFH. I’ve been overpaying my mortgage for a few years but the past five years have dealt me some horrendous bad luck with first one, then a second house after…
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Staying on track to be MF and ready to support my daughter at 18
I've been an occasional lurker here, taking inspiration from everyone's successes against their struggles to pay off debts and mortgages. My circumstances changed for the worst financially in 2014 and it needed a complete overhaul. I decided a long time ago though that I wanted to be MF by the time my daughter became 18 so…
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Overpaying mortgage - right decision?
We're currently on a fixed term of 1.75% until March 2025, and we're only in our third year of the mortgage. We haven't made any overpayments so far, but we have been saving and would like to make a lump sum overpayment before this mortgage year is out (our provider allows 10% per year). We were just going to go for it and…
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Overpayment above the interest free amount questions (wanting to pay my mortgage off ASAP)
Hi All, I'm in the very fortunate position to be able to over pay my mortgage due to a job change at work. Backstory: I have no other loans or debts and I pay my credit card off in full every month, there is £32k left on my mortgage. I have already made the maximum interest free overpayment of 10% this year so any further…
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Become mortgage free or invest
Obviously, asking in this forum will probably have more votes for becoming mortgage free but just wanted to see pros and cons for mortgage free vs investing in BTL in the current market and the future. The reason I say current market and the future is because in the past I believe it was a no brainer to invest in BTL due…
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Settle Outright or Overpay?
Hi Everyone. We have approx 38K left on our mortgage with approx 12yrs to go. We have recently come into some money that will allow us to pay that off and still have a large sum to save/invest. Sounds daft but would you pay it off outright or overpay because the monthly repayment is relatively low anyway(£290). Any advice?
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Large debt low interest v small debt high interest
Hi all, I have 2 mortgage debts £139K with initial rate at 1.92% for 3 years and £33K on a variable rate so about 4.6% currently. I have some savings which I want to use to pay off one of the debts. I'm unsure whether it's more economical to use my saving and continue to overpay the lower debt now or focus on the large one…
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Getting a mortgage and then becoming mortgage-free!
Hi all! So from my title you may have guessed I don't yet have a mortgage, however I am hoping that will all change within the next few weeks. I will then start on overpaying the mortgage and really penny pinching to try and reduce it down as much as possible! I'm hoping this is alright to start my diary in here? :-) The…
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Interest rates
Hello My fixed rate mortgage expires June 2024. Can I fix it again before this date or do I have to wait until I reach this date? Thank you 😊
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The Journey Begins...
Hi, got a few things out of the way (weddings, stag do's etc) and now I want to start putting extra down and clear the mortgage. I want to do this within 5 years or less (I will be 48 y/o). Here's the state of play.... £52,365 owing, house valued at £150.000. 9 years remaining (on 2.54% fixed for another 3 years) 10% of…
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Different monthly mortgage payments than offer after rate change
I remortgaged a few years ago and have gone through the paper work, we were quoted £406pcm but have been paying £416pcm, not much I know but the outstanding balance would have been less than the offer as we had been making overpayments from the October and renewed in the April. I was told all overpayments wouldn’t show up…
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Bluebird's Mortgage Free Mission
We've just fixed our mortgage for the next two years and the eye-watering monthly payment increases means we're going to have to stop being so complacent about the 15 years remaining. I'm planning on overpaying as much as I can each month and this diary is for me to keep track of my progress. Here we are in February and…
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Continue Overpaying Mortgage or Save?
Hello, I've tried using the MSE Calculator, but I can't see a provision to put in the end date of my Fixed Rate Mortgage Rate of 1.79%, that ends in 18 months? I am currently overpaying by £160 per month, should I carry on, or put this into a Regular Saver?
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Oh how to be mortgage free...
Hi, I’ve been reading the posts on here for several months and decided to start my own diary in the hopes it will hold me accountable and provide a bit of motivation. We (me and OH) bought our home last August, with a mortgage of £180000, on a new build property of £230000. After a year of filling our home with beautiful…
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Nothing here to see
Nothing here to see at all
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Paying off my Mortgage - am I doing the right thing?
Just a simple straight forward question without looking for any complex advice. I have been running my own business for the last 14 years, but have decided to call it a day and I am in the process of Liquidating the business to release the Capital Reserves and pay MVL at 10%. I will be left with a fairly sizeable chunk of…
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A long hard slog- is the end in sight?
A lot of posts here in this MFW forum have motivated me so I thought I do some number crunching myself and also take chance to take stock and evaluate my mortgage, always had a rough idea in my mind but its time to look at all the pieces in play. 25 year Santander mortgage since Aug 2003 £33,940 balance remaining. £554 pm…
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Overpaying on a Barclays mortgage - how easy is it?
My wife and I are in the process of remortgaging to a Barclays mortgage and I was wondering whether any on the forum have practical experience of how easy it is to make overpayments? We aren't currently Barclays customers so don't have a current or savings account with them. Ideally I'd like to be able to tip in small…
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2022 Mortgage-Free Wannabes
Welcome to the Mortgage Free Wannabe 2022 thread! Over the last few years, this challenge has been providing support for everyone who wants to overpay their mortgage, whether it is by a big or small amount. Every little helps, and together we have been overpaying close a million pounds every year over the last few years…
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Pay Off Mortgage or Not?
Hey Money Smart People. We recently won a substantial sum of money, tax free. Enough to potentially pay off our montage and still have £150K spare. A fortunate position, but also a trouble for a family used to barley having spare cash at the end of each month. Anyway, question is, do we pay off the mortage in full or make…
