-
Should I almost pay my mortgage off?
Hi all, I have 180k left on my mortgage and my house is worth 280k. We have just come in to some money from a family bereavement and it’s 150k. I have been thinking of remortgaging and taking my mortgage right down to 30k, but I’m after some advice on options please? I have been thinking of doing an interest only mortgage…
-
Benefits of paying off mortgage
I am going to start by saying that I know I am in a very fortunate position but could use some advice from somebody who can see a wider picture than I can! I have a rare thing called an offset mortgage that is due to run for about another 10 yrs - basically whatever I have in savings is offset against what I owe on the…
-
Overpay mortgage every month or put money in savings
What is everyone’s thoughts about the best way to ‘overpay mortgage. I’m in a fixed rate of 1.64% until May 2026 & determined to clear the mortgage off on this date. i have been making overpayments taking full advantage of my overpayment allowance of £11,600 every year. i bank with Virgin money & have a M plus saving…
-
Prosperous soul embraces creativity & mortgage neutrality
Today I completed on my biggest ever mortgage - £202K and switched from interest only between 2 of us to repayment on my own. I took the term for as long as I could - so 22 years - which means I would be 73.5 by the time I was actually free. There has to be a better way! Financial info: * Currently have c£1479 left to…
-
How does it all work?
Hi everyone, I have a simple question which I’m sure someone will be able to help me with. We’ve already been overpaying the mortgage for a couple of years but it’s only now that I’m going all-in with being mortgage-free that I check my mortgage balance regularly. However, although we’ve told our lender that we’d like our…
-
Why I shouldn't pay off my mortgage??
Hi I'm hoping to pick the brains of the MSE collective! I am lucky to fi d myself in the current situation: -40k savings (premium bonds at present) -After bills approx £1250 left over each month - mortgage of around 100k on property - my partner is currently on maternity leave with our first child, it's unlikely she will…
-
Bramble Cottage Diaries
Hi all, 2022 has been a whirlwind of a year for us. After saving like mad for over five years, in September we finally had an offer accepted on a house and four weeks later we completed the sale. Our new home is in Co Mayo, Ireland and we were cash buyers, as unable to get a mortgage over there. Currently we are still…
-
Mortgage free by 2025
I have been lurking on MFW for a few years. I go through phases of being really good at
overpaying and then life gets in the way! There is just me and DH (plus fur baby Franklin)
in our household. I am 46 and DH is 57
in a few months. My goal is to pay off our mortgage by the time DH is 60 so in 3
yrs and 4 months. Our…
-
What have been your biggest successes in your MFW Journey?
Hi all As a complete newbie to the mortgage free journey, I wondered what has had the biggest impact (or been the lightbulb moment) for you with your mortgage-free challenge? With thanks to South_Coast, LadyWithAPlan and Karmacat for their help with my own journey, I have found the following to be really helpful * Decide…
-
Mortgage Overpayments
We moved into our home in 2018 with a £115,000 mortgage. In July this year we fixed onto a new 5 year term, thankfully avoiding the chaos that occurred with the mortgage markets. Our fix is 2.4%, paying £444 per month. Since this fix started we have been overpaying £400 per month in order to make a big dent into our…
-
Operation Mortgage Free
Hello, I used to post on this forum when my career was first starting out after university, saddled with debt - it was really helpful. Looking back I managed to clear debt fairly quickly but I remember it being very hard as we pushed ourselves with a mortgage of £1100 a month on a house we bought off plan for £182k….then…
-
Year into mortgage, surprise windfall
Hi I'm looking for some guidance as what to do. I purchased my first house a year ago £105k with 5% deposit over 25 years, 2 years fixed at 3.78%, not great but all I could get. My partner and I have around £17k of credit card debt that's mostly on interest free for another 12 months. Pretty much out the blue, today I've…
-
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…
-
When fixed rate deal ends & you go onto SVR, do your payments increase or does the term lengthen?
Hello My 2 year fix at 1.19% ends early next year. If I don't sign a new deal and just let myself default to the variable rate (6%), will the bank just keep taking the l monthly direct debit for the same amount that I currently pay (£700)? And let the length of the term increase? Or will they increase my monthly direct…
-
MSE News: Fixed mortgage rates creep down despite another Bank of England base rate rise
Interest rates on fixed mortgage deals have started to plateau and even creep down, despite a Bank of England base rate rise last week. It comes as volatility caused by the Government's mini-budget in September looks to have eased. Yet rates on variable mortgage deals are continuing to increase. Read the full story: 'Fixed…
-
1st part since June
Well it's been a very very busy 5 months!!!! I last posted in June 2022 when the mortgage was 38498 with 7y 11m We have over paid lots and lots and it's currently 30300 with 6 years exactly left We will start 2023 with under 30k to pay off. Hope you are all well I'm off to catch up x
-
Offset Advice - Mortgage Neutral
Hey good MFW folks - I have admittedly not been a regular on these forums but have been still regularly putting into my offset savings when circumstances permit. Here is the up to date situation: Offset product with Scottish Widows fixed at 2.39% until February 2025 - one of my better decisions was to lock in a 5 year…
-
Mortgage overpayments - what would you do?
Hi guys My partner and I have a joint mortgage on our house with a balance of 218k and 28 years left (monthly payment is 1200 a month) We just had a baby so our monthly costs will go up and my partner will make less money because we're looking into her going back to work part-time, but I also just moved jobs and I will be…
-
Thirty something dreaming of not paying mortgage
Part 3: All the way to 5 figures in 5 years I'm now no longer in my twenties so updated the title of this topic :) We've gone from a mortgage of £228k at the end of 2017 to ~£184k so I'm really pleased with how much we've done there and its so nice to see us heading further away from £200k. We're expecting our first child…
-
Mortgage Free Wannabe - Save or Overpay
Hi, I was unsure which board to post but as I do want to be mortgage free by April 2027 I thought this may be the best place. £38,000 owed on mortgage term 13yrs 3months with Santander. Was fortunate enough to be able to fix earlier this year for 5yrs at 1.64% until April 2027. Contracted monthly payment is £268 per month…
