-
mumof3.12kindebt - mortgage free by 40!
hello my beautiful diary friends , so here we are ... homeowners ! abit of background ... we are a family of five , three children ten and under. myself and DP are 26 years old . we relocated to a cheaper but lovely area (with SIL round the corner) to be able to buy our dream home. a 5 bedroom victorian terrace. we…
-
Pay-off mortgage or help to buy ?
Hi everyone,I’m about to inherit a reasonable sum so my question is what should I do? I have the following 2.5 years remaining @2.5% with a £3,500 early repayment penalty on a balance of £58,000 Or pay the Help to buy portion which is 20% of the house currently worth about £300,000 which would be £60,000 Or continue paying…
-
Overpayments on mortgage
Hi, we have a mortgage of £84k, first time buyers and mortgage started end of jan 22. I have just signed up to Halifax online banking for our mortgage account and I was hoping that I could have used that online account to over pay every time I had spare cash each week. My silly thinking I could do that just like my very…
-
Finally I have a mortgage I can start to pay off!
Hi Everyone, Having been a long time lurker on this board whilst saving for a house deposit (you’re all so friendly and positive that it’s an inspiring place to ‘hang out’), my fiance and I completed on our first house yesterday! It’s a three-bedroomed terraced house in Hertfordshire (hence the long saving period) with an…
-
Mortgage Free in 2024 but V. confused if I'm doing the right thing.
Hi! I was hoping that someone may be able settle my confused mind! We plan on paying off our mortgage in July 2024. The remaining term is 11 years and 2 months but the first 5 years of the mortgage was fixed at 2.04% and this fixed term expires on 1.7.24 and the early repayment charge also expires on 30.6.24 - so we can…
-
Pay off mortgage now or later?
The day of paying off our mortgage is finally here! We came into some inheritance, and trying to figure out the best use of it. I think I've confused myself with number crunching I wondered if someone else could confirm my thinking or madness. We have a mortgage balance of £48300 on a fixed 5 year rate of 1.49% , 4 years…
-
Should I pay off my mortgage (2)?
I asked this question recently: Should I pay off my mortgage? — MoneySavingExpert Forum. I am still debating whether to pay off the mortgage (value is currently £45K) or invest (buy a second property top let or invest in shares). There was an interesting article in Investors Chronicle this week, which talked about this and…
-
Should I pay off my mortgage?
I have about £30,000 on my mortgage. It has a fixed rate of 2.75% for another 2.5 years. I am told that I can pay a large proportion of it as a lump sum avoiding fees. I must continue paying £10 PCM until the end of the term to avoid fees. I am 40 years old; single with no dependants. I have saved my disposable income over…
-
Can't Wait to be Mortgage Free
So after nearly 12 years of being a homeowner I have virtually paid of my Mortgage :) As of today I owe £157k on my mortgage come next month (can't wait B) ) when my current fix rate deal ends I'll be putting down £97k towards my mortgage leaving me with a £60k balance to repay with a monthly mortgage repayment of £250 pm,…
-
regularsaver MFW journey - Achieving a dream.
Good afternoon all, I am a long time lurker on these forums and since purchasing my first house in January 2019, I have been a regular reader of diaries in the MFW section of the forums. A big congrats to all those working towards being mortgage free and also thanks so much for the inspiration. I had wanted to make a few…
-
Should I overpay?
Hi - had a discussion with a financial adviser about 6 months ago and I raised this subject. His advice seemed to be - don’t bother overpaying your mortgage as you can make a better return than your mortgage interest rate by putting any spare cash into an pension or investment ISA. Do you think this is good advice?
-
Forever hopeful MFW 2026
hi all, had to set up as a new user as old log in won’t work 😬 can I ask am I better OP each month or saving into a S&S ISA then OP every year or so?
-
Positively Planning and Enjoying Life
Hello all We are a household of me, Mr Socks, our 3 cats and goldfish :o i know! It has been a long time since i have been on these diaries and i will have a lot of catching up with where people are at. For those who read and posted many words of encouragement before i am sorry i just dropped off posting which was totally…
-
Overpaying when planning to redeem soon
Hi everyone I’ve got a variable rate discount mortgage deal that still has 8 months to go before reverting to the SVR. I’m allowed 10% ERC-free annual overpayments, but a 0.5% ERC for any more. I am selling the property and have a buyer lined up, likely to complete in May. To reduce the eventual ERC, I am planning to make…
-
Unexpectedly (Almost) mortgage free!
So excited just needed to share! :) :) We've been dreaming of a move to the country in our retirement, grow our own, keep chickens, the usual "Good Life" stuff. Then came pandemic which motivated us to think about it early... Don't see family enough at the best of times so now I can work anywhere with good internet why…
-
Bracing for impact - re-mortgage free wannabe
I have lurked (briefly), and I have read, and been inspired by the success stories. Our current mortgage is at just under £17K, but, for a variety of reasons, we are about to re-mortgage, and the new mortgage will be somewhere around £135K. Not what we had planned for our late 40s, and we are determined to get rid of it…
-
Our MFW journey part 1
We're 4 yrs 7 months into our 35 year mortgage which has a fixed rate until July 2014 of 6.14%. We currently have £86700 left to pay. We've started making overpayments of £95 which would mean we will pay off our mortgage in 21 years. Today we decided we can afford to pay off £195 overpayment per month. This will bring our…
-
Santander Overpayments used to reduce term or reduce monthly payments?
Hi Currently I chuck 1500 extra at my mortgage a month and opt to reduce my payments. I'm now paying 616 a month and it's been falling steadily. I'm coming on five years into my mortgage with the fixed deal ending in November. I know interest rate savings are higher if you reduce the term but I like reducing monthly…
-
So it begins!
After stalking these boards for some time, I've decided to bite the bullet and have put in a plan to be mortgage free in five years. I've started by making swaps and looking for cheaper options and keeping a list of the difference to be overpaid. For example, I saw a gorgeous jacket in North Face in town, but found a used…
-
The end is in sight
How quickly can we pay off £28 308,02 while still building savings and not feeling completely deprived? Usually our biggest budget categories are holidays and eating out, hmm not using those much at the moment :) Savings wise, we have a reasonable amount of savings (six months expenses) but would like to continue adding to…
