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Savings=mortgage balance
Hi all please excuse me if my first post on this forum is not in keeping with the usual standard. I have what could be considered a “nice problem”… after years of living with parents and being reasonably financially frugal (for a 20 something), I met and took a small mortgage with my current partner, using almost my entire…
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Should I pay mortgage or incur £2,650 penalty?
Hello, I would really appreciate some advice. In January we remortgaged for home improvements leaving us with a mortgage of £59,000. We fixed the rate for 5 years @ 1.89% given the economic climate. We were then gifted enough to pay this off from my in-laws. We didn't know this was in the pipeline, otherwise we would not…
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Paying Off The Mortgage
I am due some compensation hopefully soon so wanting to pay off the mortgage. We owe £66000 and I understand they will be charge if we pay it off in full. Can we pay off £65000 and pay off the remaining £1000 say £250 a month?. Not sure how it works.
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Steps after paying off mortgage
Hi We would be paying off mortgage completely next month. Phew. What would be next steps after it. Are we to get any papers from the original conveyancing solicitors or from the bank(HSBC)? Someone told me that title deeds are held by lenders while mortgage is going on and would be returned to us once payments completed.…
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Steps after paying off mortgage
Hi We would be paying off mortgage completely next month. Phew. What would be next steps after it. Are we to get any papers from the original conveyancing solicitors or from the bank(HSBC)? Someone told me that title deeds are held by lenders while mortgage is going on and would be returned to us once payments completed.…
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How to factor 10% mortgage overpayment allowance into overpayment calculator?
As the title says why isn't there an option to put how much you can overpay by to get an accurate overpayment amount if you pay up to the maximum per year. I get this goes down as the debt goes down but is there a calculator to make it easier to see? I did pit 1000 into the calculator as an overpayment per month but this…
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Giant mortgage, single income… hi ho, hi ho, hi ho
After becoming marginally obsessed with another diary on here, I’ve decided to start my very own :) Current position… Single income home with one teenage son (DS) and a lovely Labrador. I am in a long term relationship but we don’t live together. Current mortgage: £232,300. I recently received a bonus and after much…
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Best Route to be Mortgage Free in 4(ish) years. Give me your thoughts
First time poster here, but a long time user of MSE. Looking for some thoughts on the best way to achieve the goal of being Mortgage free by the time my fixed deal runs out, in 4y3m. My current scenario is: Took out a 5 year fix for £124k @1.45% last year. 11 Year Term. 10y3m remaining. Monthly payment is £1015, but…
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New five year fixed deal
I've done a product transfer with Santander, my existing bank, for a new five year fixed deal starting in November. My current 5 year fix is 1.99% this will be 2.59% and seems reasonable given under 2% is now impossible? I have roughly 125k of debt remaining. My monthly payment goes up by about 37 pounds. I paid a product…
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£80,000 in 4 years
Four years left to pay £80,000..I am aiming to do this by saving £400 a week .This is going to be hard but no alternative as we are on an interest only mortgage Looking forward though to the challenge and must try to stay focused this year.
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Good Idea to be mortgage free?
Apologies if this sounds like a stupid question but I just can't get my head around a discussion I had with a friend about being mortgage free... My view is that I strive to become mortgage free as soon as possible meaning that if I take out a mortgage; I would take out the minimum I can & borrow the least amount I can as…
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A Difficult Balance
Hello all, Partner (29M) and I (31F) have been together for 4 years, and are staring down the barrel of a 34 year mortgage. Bought a £115,000 house with 15% deposit in late 2020; so took a mortgage of £97,750 over 35 years. We've got £96,000 left to pay, paying £360 each month, with around £220 of interest each month.…
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Sprive app
Hello ive just heard about the Sprive app today, FCA regulated and looks like a great tool on your MFW journey. https://sprive.com/
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My FIRE and Mortgage Free Diary
Why am I typing this? Mainly because I want to be able to easily track my state of affairs from year to year. I regularly write some numbers in a random notebook and find them years later but that doesn't have the accountability or tracking. I find it easier to mentally track the numbers the way I want to rather than the…
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Ease up or plough on?
Just over 3 years ago I was in debt and struggling. I owed around £23k (not including mortgage) which in comparison to my earnings was really high. I have now cleared all debts and only have a mortgage left. I'm 63 now so will reach retirement age in a couple of years but my mortgage runs till I'm 70. Now all other debts…
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Long time lurker with some decisions to make
Good morning everyone,,, long time lurker here, Ive been making overpayments for the last 10 years on my mortgage, which has spanned accross 3 home moves, our current home is worth just under 500k at current prices i would guess... and being mortgage free will this year be a reality once my tie in period is finished in…
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Paid off mortgage and I'm now depressed
First of all I'm not looking for sympathy. I know how this is going to sound. Mid 40's. Well paid job. Made some good financial decisions and grafted. Never received a single penny in handouts from anyone. Recently we managed to settle the mortgage, the property is worth about £350k. All my life I thought this was the end…
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am I an idiot for using a £40k windfall to pay off my interest only BTL mortgage?
I have a fast-approaching dilemma.I'm in the middle of an exceptionally good year at work (run my own biz) and I'm likely to have about £40k extra earnings by the end of the year.I have £38K owing on a rental property which is on an interest only mortgage which ends Aug 2023. I'm the sole owner of this.I have an emergency…
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Huge mortgage debt at low interest Vs investing
Morning all, I've lurked here long enough trying to find my mortgage-free nirvana answers and I'm not sure I have yet. Me, wife and baby are having no issue making our payments, but there is an issue with overpayments. Currently it's £887 a month payment and I throw an extra £100 in on top of my half. That's already…
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Overpayment - Lump vs Monthly - Would like to work out how much saving?
Hey all, Pretty new to the forum so apologies if make any mistakes. Ive been rattling my brain trying to figure this out and been going at it so long i have mentally over complicated things, so hoping someone knows the formula as i am feeling in my gut it is an easy maths problem. I currently have a mortgage that has a…
