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The Skylarks Journey
Hi everyone! So after 7 very slow moving months and then 4 very fast moving weeks we finally received our house keys! 🎉 Moving in day went very smoothly with the key handover happening at 10am. We had all the flooring and furniture apart from the couch and blinds in and built for 3am Saturday morning…Shattered can’t even…
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unencumbered property mortgage
Is it possible to get a mortgage on a property like this. Also is the process same as a normal mortgage? Same process? Do all lenders allow it? What's the maximum you can borrow and what has the LTV have to be? I need to know for a friend. Thanks
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First home/Forever home!
We bought our property in February. FTB's our mortgage was £204,000 and I want to pay this off ASAP. Our house is a lovely 1 bed EOT which we put a 15% deposit down on (South East house prices for you!) We don't intend to have kids so perfect size for hubs, 2 cats and I - I can't really see a reason for us to ever need to…
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The great life reset
Hi 2020 has been the ultimate reset for me. In 2018 I was bitten by the frugal bug and wanted everything paid off. Frankly, I made my husband, myself and my two daughters a bit miserable as there was never any money in the budget for fun. I'll go into detail of my finances in the next post. Our debt was paid off, our…
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£70k - 2 years and counting - NOW PAID 08/04/22!!!!!
Well, our final 2 and a bit years is in sight. After being a member on this site since the financial crash in 2008, and subsequently forgetting old logging in details, feel the need to document the next couple of years. Every day I read and read stories of mortgage free wannabes and relish the day my turn arrives! So, with…
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Aiming for Mortgage Free!
Hi All, I've been a lurker here for a few months, but having read some of your diaries (losing many hours!) I've decided to bite the bullet and post my own. Situation Family consists of my Husband and I and a couple of gorgeous kitties. We bought our first place in July 2018, in London so prices are high and the mortgage…
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Overpay now or when new Higher fixed rate kicks in?
My current fixed rate ends in October and my new one then kicks in which will be a higher rate. I have a lump sum I can pay off whilst avoiding early repayment fees. Trying to work out if its best to overpay now whilst I am on the lower rate, or wait until the higher rate kicks in. Paying off the lump sum now doesn't make…
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Pay off mortgage
Due to health problems and chronic illnesses myself and My partner have both had to retire from work . We had a btl property but took the decision to sell as we could not manage the rising costs of repairs and the stress that cones with being landlords any more . We have no debts apart from the mortgage in our main home.…
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Joining the quiet revolution!
Hi all, I have been lurking for a while, reading the great posts and seeing the support out there! Like you all, I would like to be mortgage free quicker than the 20 years and 10 months the bank say I will be, do here goes. I managed to make a large overpayment last summer (circa 9k ) after scrimping and cutting my…
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Paying off partners mortgage
I am buying into my partners house using the equity from the sale of my house. I have filled in TR1 form and had it witnessed. I have also filled out an ID1 form and had that witnessed by my another solicitor. I want to transfer the money direct to my partners solicitor to pay off his mortgage. But she says that the money…
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Real life adulting by a near 44 year old single female!
I have spent the last few days reading and reading and reading all these fabulous diaries and decided to bite the bullet and start my own! A little history I am a 43 3/4 year old female and never been married, no dependents, work in a fabulous career that allows me the freedom to do my hobby as my job and i am very…
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A question about overpayments
So I understand that normally a mortgage repayment consists of: - A payment of interest, to the lender - A reduction of the principle Looking at a mortgage illustration I've recently taken out this is roughly 66% interest to 33% principle each month at the beginning of a mortgage. However what happens if I make a lump sum…
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End of my "2 Year Fixed" - what's next?
Hello everyone, I purchased my first property 2 years ago (I almost cant believe it's already 2 years?!) I had a mortgage with HSBC with a 2 years fixed and a variable straight after...I just got to the end of my 2 year terms and I'm just trying to understand what would be the best move for me now. Also, couple of months…
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Getting rid of this mortgage before rates go up
Hi everyone. I’m starting my own thread to get tips, support & keep track of progress I’m currently on a fixed rate of 1.64% until may 2026. we currently pay just under £500 a month, have a balance of just under £85000 & have 16 years 7 months to go. we can overpay £11,600 by the end of May each year, this equates to £966…
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Anyone free of a ‘Londonesque’ mortgage?
First post, not sure if this section is for diaries only? Please let me know so I can repost in the right section. Thanks. I’ve been reading the inspiring stories on the Mortgage Free Honour Roll and I’m now partly fired up to attack my mortgage…and partly disheartened by the size of the task. By ‘Londonesque’ I mean…
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Starting again - but conflicted!
So I need a new diary to focus on getting my mortgage paid off! I've struggled this year as paid my full 10% off in January and my plan was to save so I could pay another lump sum in January 2023 and then when my fix comes to an end in April 2023 pay another lump sum then to reduce the term / outstanding balance for…
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MSE News: Mortgage holder alert as new figures reveal 370,000 are overpaying
Hundreds of thousands of homeowners are overpaying on their mortgage because they're languishing on their lender's standard variable rate, new data from the financial regulator has revealed. Yet savings of £1,000s a year may be available if homeowners remortgage to more competitive deals – something they may want to…
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Time to stop (over)thinking and time to start doing!!
I always knew I overthought things but even I didn't realise just how much until it came to house buying and then mortgage overpaying. When we took out our mortgage we went long (30 years) intentionally to allow us a buffer of lower payments if ever needed but with the intent of overpaying. We've now been in our house 4…
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Overpaying Barclay's mortgage - will it reduce the length of the term?
49 Posts We took out a Barclays mortgage a couple of years ago for £690 a month and were of the mind that overpaying it would be better than a savings account so recently started paying £1000 a month to it. Going by overpayment calculators we figured this could get a few years off our mortgage term. We've since found out…
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Returning to MFW, my elusive unicorn!
Afternoon everyone! I used to post here a good few years ago, but stopped using the forums entirely for several years. Here's a summary: Bought 1st house in late 2010. At some point discovered the joys of overpaying the mortgage and did so for a while. Discovered we didn't like the area as much as we'd hoped. Then new…
