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What happens when I pay off the mortgage?
I'm sure this seems a silly question. I have just £2620 left, and it will be around £1100 when the fixed rate comes to an end later this year. The Early Repayment penalties finish with the fixed rate, so I'm planning to pay it off when the fixed rate ends. What happens next? I've a vague feeling there something to do with…
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Silver-mystic optimistic
I’ve spent far too much time reading everyone’s stories and celebrating small and big victories with you all. I decided to start a diary as my own motivation tool and accountability as well. We finally got our mortgage, contracts are exchanged and completion date is this Thursday. Very exciting stuff, I am surrounded by…
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Help me find the incentive!
So, MSE has been along with me on my financial journey for some time, from Debt Free Wannabe, to saving a deposit, to buying a house.. and finally to remortgage (ditching my fix) and finally where I am now, with a £250,000 mortgage at a low (1.5%) interest rate. Ok. That's the background.. However, for the first time I'm…
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360 Months to go?
Hi all, I’m a bit of a lurker here, so thought I’d start a diary. We moved in late May, having sold our first home, and bought our “forever home”. We’ve taken a 30 year mortgage, but the goal is to pay if off in 22 years, before we’re 50, with a view to retiring early at 60 (in 2052!). Borrowed 95% on a 5 year fix. To…
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MFW by 50
Got a mortgage last year on a 5 year fixed rate. I took it out over 16 years so I will be MF by the time I am 54 but I would love to be MF by 50! I had all these big ideas to be paying extra off each month but tbh that has not happened. Over the last year I have slipped back in to some bad habits and I'm now in debt which…
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long time watcher - nearly there...
So just over 10 years I had a mortgage of around £135k. I came into a small amount of cash around £14.5k and wondered what to do with it and came across this forum. So taking the advice here I paid it off the mortgage but kept my payments the same at around £800 a month. Since then I have gradually increased my payments…
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Restriction on the property
Hello all, I am trying to re-mortgage my property to a new bank and the solicitor of the bank has noted a restriction on my property. it says: (05.01.2015)
RESTRICTION: No disposition of the registered estate by the proprietor of the
registered estate , or by the proprietor of any registered charge, not
being a charge…
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Transfer of Fathers House Deeds to children
My father's mortgage will be completely payed out this month. He's in his 70's and lives alone. He is considering transferring the house deeds to the family but I'm concerned about tax implications. There are 3 of us siblings in various parts of the UK and his home is in Northern Ireland. There are also grandchildren aged…
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MFW 2022
Please could I rejoin Julicorn I was 107 but any number is fine. My target is £2,500 Thank you!
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Downsize to achieve mortgage free/FIRE
I live a very frugal, single life. 30 year old guy, no dependents. My current home is coming to an end of first 5 year mortgage term. £250k value, £159k mortgage. I overpay the maximum and would expect to have it paid in 5-7 years. I put it on the market as I realised I didn’t need a house as good as this and could happily…
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Discount Duck’s Quest For Mortgage Freedom
My boyfriend lovingly (?) calls me his little discount duck - partly because I’m from Leicester (as in “Ay up me duck”) and partly because I am tight as a duck’s backside with money! This originally came from necessity, seeing my mum struggle when she became disabled and I was in my teens - working part time to be able to…
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Isa v mortgage
I have £20k in an isa and owe £19k on my mortgage.. Is it worth using the savings to pay the mortgage off, or paying £15K and a monthly surplus..
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Using my house as equity
Hi, We are looking build a new house, and using our house as equity. Myself and my wife own our house outright. I have no loans or credit cards. My income is 30k, my wife's is 28k. My wife has no loans against her, other than a credit card that's paid off every month. Our house is worth 150k to be conservative. what is…
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Saving for lump sum
I was out of work for way too long recently and my biggest worry was mortgage payments. My wife was working and my savings meant we just paid the bills as usual with no issue other than me seeing all my savings dwindle. I now have a job and I want to save as much as possible to get the mortgage paid off as that is by far…
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Overpaying with around 5 years left?
Hi - can anyone give advise on overpaying when your mortgage is nearing the end? I've been desperately overpaying as much as I can and am now 6 years from paying my mortgage. As the mortgage amount has decreased though so has the maximum overpayment allowance. Last year I managed to overpay the 10% by mid year and so saved…
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2020 Mortgage-Free Wannabes
Welcome to the Mortgage Free Wannabe 2020 thread! :heart2: Over the last few years, this challenge has been providing support for everyone who wants to overpay their mortgage, whether it is by a big or small amount. Every little helps, and together we have been overpaying around a million pounds every year over the last…
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MF by 40!
Hello :) I have been a long time lurker here and must thank you all for your inspiration and encouragement. I am on the wrong side of my mid 20s crisis and it has dawned on me that I do not want to be paying my mortgage forever - I need to get serious about my overpayments! I live alone in my lovely little flat, work full…
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Drawing cash from house
Hello all. Hoping to find you all in great health and spirit. We are nearly mortgage free (still owing £1300 that I do not want to pay off for reasons). House is worth £500k Question: What kind of method would allow us to release cash out of the house (thinking £100k) ?? We do not want yo consider equity release. Thank you…
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Can someone please explain monthly payments and how to speed up this paying off !
So... we took a mortgage of 230k - 14 years ago. Originally the monthly repayment was around £900 at a rate of around 5%, then it dropped after 5 years to 2.75%, which was great. so we started making ovepayments of £400 a month. A few years ago, interest rates went down again, around 2.5%, now 2.1%. We took the opportunity…
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2021 Mortgage-Free Wannabes
Welcome to the Mortgage Free Wannabe 2021 thread! <3 Over the last few years, this challenge has been providing support for everyone who wants to overpay their mortgage, whether it is by a big or small amount. Every little helps, and together we have been overpaying close a million pounds every year over the last few years…
