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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…
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Pay off mortgage or start a new one for a new house ?
Hi All, I am 54 years old.. I can be mortgage free in just over 2 years by paying off an Extra 10% each year. Then after that i want to save another 50K ish and get an additional 50K mortgage for a bigger house. So am i better off not paying off the last 10% and leave it hanging around 10K to be own on the house and Top up…
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Mortgage free
The weekend has finally come! The first weekend of being mortgage free! We have paid off our mortgage 8 years early and have just overpaid bit hy bit. I am not going to lie, some months have been very difficult but it was all worth in the end. it comes at the right time for us especially when I read about the cost of…
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Removing a charge from a property
Long time ago I 'gave' my daughter money to help buy a property but was advised to have it registered as a charge to protect my interest. I don't want the money back but I want to simplify legal matters in the event of her wanting to sell and wondered if I can get the charge removed by land registry without having to pay…
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Mortgage overpayment limits
Hi all, I've been thinking of overpaying my mortgage early but I am a bit confused regarding the overpayment limits. Eg. The overpayment limit on mine is 10% of the yearly balance, but how is this calculated? Is this the year from April to April? Or the month when I started the mortgage? Do they look at the year on a…
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Keep cash in bank or pay off the mortgage that is the question
So MSE's, here's my quandary in a nutshell. Through loss of a parent and redundancy I have enough money to pay off my mortgage and leave me with about £20k of savings. I am on a tracker and repayments are currently £470 a month (it's gone up £60 a month this year) with 7 years 4 months left. I have started work again now…
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A Journey of Many Pounds Starts With a Single Penny
Like many I have lurked for some time popping up on people's diaries with comments but I've decided it's time to come out of the shadows and start my own. Let me introduce myself. I am 46, live in London with MrGnome and two school age children. We have been MF before but when we decided to move we kept the MF house as a…
