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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…
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What point did you stop worrying about mortgage?
Is there a magic moment where you haven't paid a mortgage off but you realise you're close to the end or debt is minimal? Perhaps under 100k that must be a milestone?
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JSA AND RELOCATION
Hi, If I relocate from SE to NW England, can I claim JSA whilst looking for a job? I have checked today and I have 28 full years of contributions... Thank you. Just trying to get the facts before I make any giant leaps into the future
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All paid off - confused about Land Registry
Paid off my mortgage at the beginning of April, received a letter from Nationwide confirming all was done, then later in the month received a letter from the Land Registry saying they had received notice the mortgage had been paid repaid. The LR letter states 'If you wish you can obtain a copy of your registered title…
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Big mortgage, small steps
Hi there! I've been lurking/reading on this forum for a few years now, so thought it was time to start my own thread. I (31/f) live with my husband (34/m) and our two cats, in the south-east of England. It's an expensive part of the country but we're both from the area so never been tempted to move further afield (yet!) We…
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Time to get my house in order!
So after learning the hard way how to manage my finances and money over the last few years I have finally arrived at a point where we are in a position to start overpaying on the mortgage. It’s not a massive amount just short of £64,000 and with 6 years 11 months left to run. In my head I want to get this gone in 3 years…
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Mortgage free or staircase to 100%?
Hi all, Was hoping to have some advice or anyone that had/is going through the same situation as me... I bought 50% (£200,000) of a shared ownership 2 bed apartment last year and has been going great. I brought a lodger in and this has allowed me to save a lot and with savings and good pay rises, I'm now in a position that…
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Mortgage on benefit
Ok so i can use my "right to buy" option and can get my house for £40k (50%) discount entitled. Im self employed and earn £132 per week as well as the £69 carers. My daughter has just been awarded DLA which is £4429 per year and get that for the next 8year til she turns 16. If i put down 15k deposit would the bank give me…
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Aim: Mortgage Free / Time For Me
This is my first diary, I know it's anonymous, but it still scares me baring all. I'll start by saying "i'm a survivor", I say this because I am still here. I am married with two grown up girls that have recently flown the nest, one at university doing a masters....(oh my goodness this costs us so much money to finance…
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Getting back to becoming MF
Hi I used to be on these boards quite a bit, making over £30k of overpayments
on our old mortgage thanks to MSE; but unfortunately, life over the last 18
months has just gotten very busy. Like many families the rising cost of living
is forcing us to bring our attention back to finances. Just to give an idea of who we are,…
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the hedgehog's balloons.
I've been a long time lurker but we received our mortgage update yesterday and it made me feel really low that it doesn't seem to be reducing that fast even though we've been paying it for 7 years. We paid a huge deposit on our current house but its always at the back of my mind that the bank still owns the upstairs part.…
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Charging Orders on property - help, what do I do.
My case is probably more on the Legal side, I have about 5 charging orders dating back to 2003 to 2009 See below for details: NOTE: Original filed. 7 (21.03.2003) REGISTERED CHARGE dated 3 March 2003 to secure the moneys including the further advances therein mentioned. 8 (21.03.2003) Proprietor: THE MORTGAGE BUSINESS PLC…
