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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…
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Deed of Variation/Mortgage Protection Clause
I bought a flat in a purpose build building in 2018 (built 2010). I am in the process of selling, and have been advised by the sellers solicitor that the lease wouldn't be acceptable for mortgage companies . As there is no mortgage protection clause in the lease, Would this have not been an issue when I bought it ? Did my…
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What document do you get when you pay off all of mortgage ?
Dear AllWhat documents do you get from lenders when you pay off all of mortgage ? - I understand there is no mortgage free certificate. As certificate is held on the land registry. Am I right ? - What document do you get to proof it in the later date that you are mortgage free. - It is a terrace house, freehold. What…
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Hedging BOE base rate rise
Hello, I am on a 2 year fix at 1.14% due to expire August next year. My outstanding balance is £19k, I am allowed to overpay £13.5k before then. My wife and I are discussing taking out a loan with Sainsbury's to overpay the £13.5k and have this spread out over 2 years at 4.3% (no early repayment charge if we pay up early)…
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New house or loft extension. Can someone help me do the maths?
Hi all Married couple, 2 children in a small 2-bed terraced house. Children are aged 6 and 3, one is in their own room and the younger one sleeps in the bed with us. Plan is to get a bunk bed eventually, but the older one already likes his own space and eventually we will need an additional room. We bought the house for…
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Offset Mortgage - Pay It Off or Continue Paying Monthly
I've got an offset mortgage which is completely 'offset' with savings so I'm paying zero interest. I can't decide whether to just pay off the mortgage completely now, or just stick with making the monthly instalment which is going to reduce the capital amount as I'm not paying interest. The remaining mortgage term is 5…
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plodding along one step at a time
I've decided a new diary is needed to refocus my mind on getting this mortgage paid off as quick as possible. Checked the mortgage balance this morning and it currently stands at £60,568,56 and has 14 yrs and 8 months to go. Our current mortgage deal ends 31/3/2024, I dread to think what the interest rates will be like…
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Best way to become mortgage free?
Morning all. With mortgage rates skyrocketing at the moment I'm looking for advice on my current situation. My current mortgage term runs out in August..I have saved up enough these last five years to be able to pay it off now however I know I'll enquire fees as I still have a large chunk to pay. My question is, it it…
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Overpay or Save to overpay
When saving (2.75%) to overpay my mortgage (1.94%) should I continue just saving while the saving rate is higher or should I be paying my savings into the mortgage evey 6, 12 etc months?? And for max benefit I assume I should include any savings interest earned?
