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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…
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Mortgage-free for beginners
Afternoon All! I've always been financially savvy and careful with money, but I'm now in a very lovely unexpected position I never expected to be in. I have received a good inheritance from a Grandparent's passing and so I've cleared my 2nd mortgage (extra borrowing from house move 8 years ago) in its entirety, and paid a…
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Making chicken feed of my mortgage
Hello :wave: After reading lots of inspirational MFW diaries I have decided to start one of my own as a record of my progress and to keep me motivated. When we relocated to our current house 4.5 years ago we gained a bedroom but more than doubled our mortgage:eek: Luckily Mr MWC had a very generous 4-year relocation…
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Finally free!
I have finally paid off the mortgage and I have just found out that my credit score has dropped. Can anyone give me tips on how to keep a good credit score?
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44-year-old with savings but no pension: pay off mortgage in full, or start a pension...
Hi, I'm 44 years old, director of my small limited company, and single with no dependents. I'd not been in a position to pay into a pension when I was younger, and focussed on getting a mortgage. I currently have 14 years and £90,000 left on my mortgage, but no pension beyond the State provision. As I've now managed to…
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Freehold & Leasehold
First of all, apologies if this is in the wrong section and apologies if this has been answered before. I have searched but cannot find a similar problem. I bought my house in 2004 off my Grandad. He bought it off his sister-in-law many many years before that and she bought it from new in the 1920's so I know the history…
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Constantly confused, often befuddled
I think my title sums up my brain regarding everything at the moment! I was here many years ago under another name, and have decided to wander back in. I am not really sure where I fit at the moment, when I first joined, smashing the mortgage down to get a better LTV was my one and only goal, we had 0% debts and these…
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Additional principal payment - anyone doing this?
Hi, does anyone have any experience of paying extra on their mortgage but only on their principal amount? I've seen posts on social media to pay off mortgage sooner and I wondered if anyone had any experience?
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Tales from The Shire
Tales from the Shire All we have to decide is what to do with the time that is given to us. J R R Tolkein After many happy years in the Garden of England we have started a new adventure in The Shire. Although still reeling from the stress and upheaval of the house move, we can see the potential for a wonderful home and…
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Pay off mortgage completely or part and pay off DMP
I am in a position to pay off my £50,000 mortgage completely in may 2023 when my fixed rate ends - however, I have £12,000 owing on a DMP - should I pay off that and pay only £38,000 off the mortgage leaving a mortgage owing £12,000 (which I would pay off over 5 years) Obviously the DMP is interest free. (I’ve no desire or…
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Can't edit posts - help?
Hi there, I was just trying to start my MFW diary, and I popped in a few posts with headings, intending to go back and edit them. However, I don't seem to have an edit button - can anyone help at all? I can see a Thanks button, which I understand is supposed to be the Edit button when you're looking at your own posts, but…
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Nationwide Mortgage Paid Off - Beware!
One of my mortgages with Nationwide has been cleared this week but rather than taking the outstanding balance by DD they've taken the normal payment amount which means my mortgage account is now in credit by hundreds of pounds. When I saw it happen I thought it would be automatically reversed and payment sent back the next…
