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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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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…
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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…
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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
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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…
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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…
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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…
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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…
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Mortgage Free...what's the point?
Hi I'm new to this forum and I joined because we have a conundrum...If everything goes according to plan, we should be able to pay off the mortgage next year, when it comes out of the fixed rate and I hit 60 (better late than never). However, our only 'pension' is a couple of buy to let properties, which are getting…
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Reduce to Increase...Towards the Forever Home...
I signed up to the 2018 mfw challenge last night on a whim so now it's time to try and start my own diary and start as I mean to go on. Once upon a time I had the notion of being mf by 40, then we had kids and that got delayed. Now I've decided that our current house, whilst lovely, is just not my forever home. Mortgage…
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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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Best to clear Mortgage?
I'm looking for advice and or opinions if possible. Through savings and an inheritance I have cash savings of approximately £165,000, my house mortgage currently stands at £79,000 with 15 years 11 months left to run. Would it be people consider it to be financially prudent to clear the mortgage down with the current rise…
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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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Mortgage overpayment advice
I have a property and two different mortgages (one was ported over from our previous house). The mortgages are: £34k remaining, interest 3.25% (always 1% above base rate, due to end 2031). Pay roughly £357 per month; interest added roughly £95. £62k remaining, interest 2.74% (10-year fix, the term ends in 2028; when we…
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Outstanding balance v total cost of repayment
Hi, My annual mortgage statement has just arrived. The outstanding balance is @100k however the total cost of repayment in full is £72k. Am I right in thinking the 72k would be the balance if I paid the mortgage off now without future interest? Many thanks Adam
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Here we go again .... how long will this one take?
Starting a diary on here to keep track again. Was last on MFW board a few years ago when concentrating on overpaying our mortgage after a lightbulb moment in 2010 (7 years into our mortgage :s ) . Became MF in 2019 and have now decided to move to our forever and dream home which has meant taking a mortgage again. So we…
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Nearly 4 decades later.......
Hi everyone After nearly 40 years, during which time I got divorced, buying my ex out of our house and remarrying a man with a similar experience, we are now looking to be mortgage free next year!!! We sold our respective family homes 8 years ago, bought a house together and have been overpaying the mortgage to try to get…
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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…
