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MFW by 50
Got a mortgage last year on a 5 year fixed rate. I took it out over 16 years so I will be MF by the time I am 54 but I would love to be MF by 50! I had all these big ideas to be paying extra off each month but tbh that has not happened. Over the last year I have slipped back in to some bad habits and I'm now in debt which…
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long time watcher - nearly there...
So just over 10 years I had a mortgage of around £135k. I came into a small amount of cash around £14.5k and wondered what to do with it and came across this forum. So taking the advice here I paid it off the mortgage but kept my payments the same at around £800 a month. Since then I have gradually increased my payments…
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Transfer of Fathers House Deeds to children
My father's mortgage will be completely payed out this month. He's in his 70's and lives alone. He is considering transferring the house deeds to the family but I'm concerned about tax implications. There are 3 of us siblings in various parts of the UK and his home is in Northern Ireland. There are also grandchildren aged…
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MFW 2022
Please could I rejoin Julicorn I was 107 but any number is fine. My target is £2,500 Thank you!
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Isa v mortgage
I have £20k in an isa and owe £19k on my mortgage.. Is it worth using the savings to pay the mortgage off, or paying £15K and a monthly surplus..
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Two years to mortgage neutral...
...is completely doable if I'm focused. Feel free to join me. Hi! :smile: It's just me. I'm in my mid late mid-thirties. I used to work all over the place and loved to travel, but I've mainly been at home since Covid happened. I've had my little flat for 7 years and I've always overpaid on the mortgage, but in a really…
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Using my house as equity
Hi, We are looking build a new house, and using our house as equity. Myself and my wife own our house outright. I have no loans or credit cards. My income is 30k, my wife's is 28k. My wife has no loans against her, other than a credit card that's paid off every month. Our house is worth 150k to be conservative. what is…
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What to do with mortgage over payment?
Hello to you all. I have been a fan Money Savings Expert and the forum for years and have had got great tips and advice. I had a very old account many many years ago but did not use it so decided to start a fresh from 2022 and start clearing debt and the biggest one is mortgages. Yes mortgages! I used to work for a bank…
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Saving for lump sum
I was out of work for way too long recently and my biggest worry was mortgage payments. My wife was working and my savings meant we just paid the bills as usual with no issue other than me seeing all my savings dwindle. I now have a job and I want to save as much as possible to get the mortgage paid off as that is by far…
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Bracing for impact - re-mortgage free wannabe
I have lurked (briefly), and I have read, and been inspired by the success stories. Our current mortgage is at just under £17K, but, for a variety of reasons, we are about to re-mortgage, and the new mortgage will be somewhere around £135K. Not what we had planned for our late 40s, and we are determined to get rid of it…
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Should I pay off my mortgage?
I have about £30,000 on my mortgage. It has a fixed rate of 2.75% for another 2.5 years. I am told that I can pay a large proportion of it as a lump sum avoiding fees. I must continue paying £10 PCM until the end of the term to avoid fees. I am 40 years old; single with no dependants. I have saved my disposable income over…
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Can someone please explain monthly payments and how to speed up this paying off !
So... we took a mortgage of 230k - 14 years ago. Originally the monthly repayment was around £900 at a rate of around 5%, then it dropped after 5 years to 2.75%, which was great. so we started making ovepayments of £400 a month. A few years ago, interest rates went down again, around 2.5%, now 2.1%. We took the opportunity…
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Overpaying with around 5 years left?
Hi - can anyone give advise on overpaying when your mortgage is nearing the end? I've been desperately overpaying as much as I can and am now 6 years from paying my mortgage. As the mortgage amount has decreased though so has the maximum overpayment allowance. Last year I managed to overpay the 10% by mid year and so saved…
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Downsize to achieve mortgage free/FIRE
I live a very frugal, single life. 30 year old guy, no dependents. My current home is coming to an end of first 5 year mortgage term. £250k value, £159k mortgage. I overpay the maximum and would expect to have it paid in 5-7 years. I put it on the market as I realised I didn’t need a house as good as this and could happily…
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Alchemausterity II
Traditionally I would post in purple, but times change and on my mobile. I was torn between DFW and MFW but I feel like this is my spiritual home! I haven't been around for years and in that time we've moved to a smallholding. DD1 now at uni, DD2 doing GCSEs and DS1 starting secondary in September. We have a whacking 270k…
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Mortgage free in Forever Home :-)
Hi All, This is partly for the benefit of @Cheery_Daff who has nudged me into posting. 😊 I’m in a bit of a pickle and I need to get on top of it
before it becomes any more serious. I am inherently a spendthrift, it’s always has been my way. In
my 20’s I ended up in a lot of debt relative to my income which I…
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So it begins!
After stalking these boards for some time, I've decided to bite the bullet and have put in a plan to be mortgage free in five years. I've started by making swaps and looking for cheaper options and keeping a list of the difference to be overpaid. For example, I saw a gorgeous jacket in North Face in town, but found a used…
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What would you do?
Hi I currently have £160k mortgage that I am trying to pay off.I've been lucky that I am in a fixed rate of 0.99% over 5 years so my monthly mortgage payment is approx £890. I have been overpaying £500 a month as well as this is making it drop quite quickly. I've also been saving (approx £500 a month) and I am currently at…
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Fully paid up
Done it. finished. 1. I decided around ten years ago. I cant be sure exactly. 2. £110,000 3. 5/01/2022 4.No matter how long it takes even if you only shave a year off your repayments. ITS TOTALLY WORTH IT. I have to admit I had help with the last few miles with a windfall from my departed dad. however he said pay it off…
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Mortgage Conundrum
I'm toying to sell a previous martial home to pay off my flat's mortgage. The plus being every month my salary is my own but the other being I no longer have passive income or better retirement options? Open to hear peoples thoughts, for and against?
