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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…
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Here's to living, loving and laughing more ❤️
We have come a long way over the past 5 yrs. We bought a property that needed renovating. 5 years later we have paid all the loans off and the only debt is our mortgage. What an achievement but we did suffer. We hardly went to nice places although we love the countryside and days out would be on our bikes or walking, we…
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Mortgage free in around five years (or close to it)
I'm currently 32. Aiming to be mortgage free or close to by the time I'm 40. Certainly looks doable in the next six years if not sooner. However my five year fixed comes to an end in November and I'm aware rates have gone up. Will probably stick with my bank to avoid extra remortgage costs and hopefully still get a fair…
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Should I start to overpay on mortgage?
Have two mortgages, both recently started and am wondering if I should be overpaying on either or both? I have a buy to let M with balance of roughly £150k. On repayment £733 where rental income is £1550 (minus £300 pcm expenses). I have residential mortgage on main property balance £340k. On 24yr (5yr fixed) repayment…
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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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Mortgage Term and Overpayments.
Hi everyone first time poster, I am here to discuss my mortgage journey so far and propose my plan going forward and see what you think. So I got a 25 year mortgage in 2018 have just hit the 4 year anniversary, due to my over payments however I have actually paid up 9 years of my mortgage so far and my remaining term is 16…
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Leaving a small balance left to pay
Hi everyone, We're in a position to pay off our mortgage early, however it is a shared ownership property, so at some point in the future we may buy the remaining share, or move elsewhere with full ownership. My thinking is to hold back a small balance on the mortgage, keeping the term the same & a nominal monthly payment…
