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Overpayment - reducing monthly repayment Vs reducing term
Hi folks, good afternoon! I'm hoping someone with a more mathematically focused brain can help me out here! :-) I have a mortgage of 80,000 remaining at a fixed rate of 1.8%, and am making a 10% overpayment as a lump sum. By default, this reduces my monthly payments. We will be remortgaging next year after our fixed rate…
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Big day tomorrow - pay it all off!
Get paid tonight (early morning), and will be paying the mortgage off as soon as the pay goes in my account - I am with the Nationwide and have got the redemption figure from them. All seems good but I am a little confused about paperwork - the guy I spoke to on the phone said I will receive a letter within 15 days saying…
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Snakes and Ladders - We're at the Bottom of the Biggest Snake, but there are Ladders all Around!
As the title suggests, in the Snakes and Ladders game of life, we are currently sitting at the bottom of the most giant snake on the board. After a string of bad luck and life circumstances, like many people, our income has fallen significantly. This has completely Kiboshed my efforts at becoming Mortgage Free earlier than…
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Seven Year Plan
Hello this is my diary to plot the events along the way to what hopefully will become a journey to mortgage free existence . A little bit about me , I have lived in our current property for 16 years and there are 13 years left on our mortgage with a balance of £45 000 . The previous 2 years we have lived debt free other…
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Greying's Gaining Ground - with Gratitude & Grace
Good Evening MFW'ers! I've been around MSE for quite a few years now - both as a lurker on MFW, and a diary-keeper on DFW. Some of you may 'know' me by my username (Waves). I've had a hiatus from diary keeping for just over a year. Life got in the way a little and then..... well, this year 'happened', didn't it? So, why…
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Overpayment advice
Dear All, I am about to renewal my mortgage for ten years, I have built up an overpayment fund of 17k. Should I cash this in now or wait until after my ten years fixed has ended. I have 85k left to pay. If I cash it in now my monthly payments go up. I will be mortgage free after these ten years has ended. Thank you
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Leeds Overpayment Confusion
Hi all, Me and my partner are seven months into our first mortgage and we are in a position to make an overpayment (well within the 10% allowed without penalty). I've read the advice about specifying you want to have any overpayments come off the term of the mortgage, but I've called Leeds Buidling Society a couple of…
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Adventures and Overpayments
:) I've been lurking on this boards for years and used to be quite active a few years ago. A lot has changed and I have finally decided now is the time to start my own MFW diary! Our family has been through a lot of changes in the last two years and we now have a bigger mortgage and a lower income, but I'm still determined…
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Final Stretch
Oooh,
I've not been on the forum for a while and my original MFW thread has been
closed... :open_mouth: So I thought I would start a new post as we are
very nearly almost there :smiley: I started my original MFW post back in June 2017 when
we had a mortgage of £96,491.71
and an original MF date of January 2035 (starting…
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GreenCats bid to get a mortgage to get rid of 🤞🏻
At the moment I’m a mortgage wannabe 🤞🏻 But as soon as it’s in the bag I’m planning to overpay it and get rid of it ASAP! Story so far - I live in a big fixer upper house in a seaside town, it needs a lot of work but I love it. There isn’t a mortgage on the house at the moment as we bought it outright 6yrs ago. After a…
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Priorities and posteriorities
So here I am, a new diary to turn the dial up a notch! About the goal: In the last four years I've reduced my mortgage by nearly £48k, a good chunk with overpayments by prioritising certain goals. Every time I open my OP letter and see the repayment term reduced I get such a buzz. However I want to turn the dial up a notch…
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Repayment Advice
Hi I have a part repayment (85k) part interest only (160k) mortgage and am allowed to overpay 10% pa. Interest rate on both is 1.27% I may be able to afford to overpay - but which should I overpay and is it worth it? What are the pro's and con's? Any advice welcome Thanks
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Party of Five's Overpayment Adventures
Hello all I hope you don't mind me joining you all. I am a long time lurker and reader of these forums, and have been looking forward to the day when I could join. A bit about me: single-mum to 2 lovely children and 2 mad dogs (hence the title of this thread, use to love that tv show, and it seemed an apt title), the wrong…
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HELP! - How much to offer for this property?!?!
Hi all, I'm a first time buyer and I'm wondering what would be a reasonable offer for this property - of course I want to start low, but appreciate how the market is at the minute. It would be great to get some advice from experts on this forum and potentially provide rationale to the offer that would be even better.…
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~ Riding the MFW train ~
Hi, I'm very new to this forum but have been binge reading the diary threads which inspire me an incredible amount. Ive recently deleted Instagram and replaced the icon with a link to the forum which has been a fruitful swap :blush: Ive just started overpaying our mortgage with intention and aim to have it paid off before…
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The Crossover Point
I thought I would make a shiny new diary detailing my family's journey to the end goal of becoming debt free. Five years ago my wife and I bought our first home. After a lot of saving, we put down a decent deposit and entered into a five year fix at 3%. A year ago, my wife gave birth to a beautiful little boy and he is…
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I own 2 properties - £22k payment coming my way - what should I do with it?
Hi all, Complete newbie here. I've signed up to ask just one question and hopefully gain some sound advice to hopefully help me take a big step towards become mortgage free. The scenario...I am planning on selling my car soon and expect to receive around £32k for it. I will be keeping around £10k to purchase another car…
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Financial security - most efficient way
Hello, First of all, I consider myself very lucky and fortunate. I'm looking for some advice as we are keen to explore the best way to achieve financial security for myself and my partner. We bought our first home in July 2022. We borrowed £260k at a fixed rate of 3.3% for 2 years, interest goes up to 4.5% after the fixed…
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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…
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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…
