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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?
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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?
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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Question on paying off mortgage
Can anyone advise I'm in a position to clear the mortgage soon so when I pay it off is there anything else I need to do with regards the land registry. There are 2 charges on the property the intention is to do a transfer of equity once mortgage is paid. At point of the transfer the charging orders get settled. Thanks
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Forever Home Fund
I have been lurking here for a few weeks and decided it was time to stick my head above the parapet :) I'm a bit of a fraud TBH, I don't even have a mortgage, but OH and I are saving to buy a house so it's kinda the same thing - will you let me join in? OH and I are both mid (ahem, okay getting less mid by the day) 30s and…
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The rural (money pit) project
I bought an unusual house a few years ago that has a few issues to say the least! It's in a lovely position but the house has not been touched for 30+ years when I moved in. I've lived here with no heating for 7 years. It has only really been this year that I feel I might be in some sort of position to slowly start dealing…
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Mortgage/ rent/ service charge free: Off grid?
I've built some equity in my first London flat but struggling to find a freehold in the not particularly desirable area in my budget. I don't mind paying a bank the interest on a mortgage but service charges and ground rent to me are dead money and moreover exploitative. I'm now at the point where I'd rather clean out my…
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Pension vs Mortgage
Afternoon folks ! I've just hit 55 and can drawdown on my pension. I'm not relying on my pension for future income, I have other assets that cover that. So I don't really NEED the pension per se. If my pension is worth say £100,000 and I will be taking the full 25% Tax Free chunk forthwith. This will leave £75,000 in the…
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Mortgage free target is under 10 years
I’ve been here before, over on the debt free board a while back. Quick link to my last diary https://forums.moneysavingexpert.com/discussion/5073831/working-towards-being-debt-free-and-a-new-house/p1 I’m back because we need a little motivation to stay on track :) our mortgage has 23 years left to run, I’d love to be able…
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Moved to the "forever" home. Now to pay it off!
Hi everyone, I'm pretty much a total newbie here but have been reading your diaries with interest and I thought I'd start one of my own as I'm feeling daunted! We've just moved to the house that we aim to live in long term and hopefully until our two young children are grown up. We absolutely love it but in order to move…
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greent's mfw journey
Afternoon all! I have been inspired after reading lots of the diaries on here to join in. Background: OH and I are both 40. Have 4 children (12, almost 10, 4 and 10 months) OH was made redundant twice last year and recently started working as a contractor on a daily rate (4 month contract, may be extended a little) - so we…
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Obtaining Title Deeds
Now I am mortgage free,I would like to obtain my title deeds.Been told you have to go to a solicitor.Can anyone advise.Guess you cannot obtain yourself.
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Mortgage free dreams
I'm a recent FTB. I managed to purchase a 2 bedroom flat in a block in Eastbourne as the sole purchaser. I can't see that I will need to move ever (unless maintenance fees get extortionate or I wish to get a pet) as I don't want children, so will never need more space. Regardless, I want to start trying to reduce my…
