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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…
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What would you do?
Hi I currently have £160k mortgage that I am trying to pay off. I've been lucky that I am in a fixed rate of 0.99% over 5 years so my monthly mortgage payment is approx £890. I have been overpaying £500 a month as well as this is making it drop quite quickly. I've also been saving (approx £500 a month) and I am currently…
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Fully paid up
Done it. finished. 1. I decided around ten years ago. I cant be sure exactly. 2. £110,000 3. 5/01/2022 4.No matter how long it takes even if you only shave a year off your repayments. ITS TOTALLY WORTH IT. I have to admit I had help with the last few miles with a windfall from my departed dad. however he said pay it off…
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Nationwide mortgage - not applying preferences to overpayments
Not sure if anyone else has come across this with Nationwide. I have a number of mortgages with them that are all being overpaid by up to the 10% allowed each year. The problem is that Nationwide don't seem to be applying the preferences to reduce term that are set on the accounts. Each time I overpay I need to contact…
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Mortgage Conundrum
I'm toying to sell a previous martial home to pay off my flat's mortgage. The plus being every month my salary is my own but the other being I no longer have passive income or better retirement options? Open to hear peoples thoughts, for and against?
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Mortgage brokers
Hello. Is there anyone on here who can advise me if a mortgage is possible? I have 2 defaults from telecommunications one has been settled and the other is unsettled and due to fall off my credit report April 22 and the other Dec 22. I have a settled water bill from 2019 which was paid within the month. Is it possible?…
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Is there much point?
We have a 25 year mortgage, already taken off a fair amount - we've paid about £600 a month (well, it's currently £565). We've remortgaged twice, the amount paid was £625 a month, then down to £598 over the remortgaging. We don't have a huge amount of disposable income. I could potentially save around £300 a month but that…
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sarahevie's single quest to mortgage freedom
I had a diary a while ago but I let it slip, my circumstances have changed massively in the last six months, so I am back aiming for one thing mortgage freedom. So about me, single mummy of three beautiful girls. Full time primary school teacher, I also have a Saturday job at a well known supermarket. About six months ago…
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Pay off mortgage and start having fun!
I have been reading other peoples posts for a while,trying to get myself in the right frame of mind to start overpaying on the mortage.DH and I have a house worth about £220,000 with a mortgage of £159,000 although we only paid £120,000 for it (£93,000 mortgage) to start. So as you can see we have been not so great in the…
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Feeding Alison's Pig
Hi Everyone. Been trying to pluck up the courage to do a MFW diary for the past couple of years. Like many of you Covid has played havoc with the finances through most of 2020 and this (as well as a few other things) has given me the impetus to get going. Not a lot to start with other than some basics (I will provide more…
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Help with Mortgage and debt.
Happy new year all, I wandered if anyone could help me here as we're really stick with what to do. Myself and my wife bought a new build apartment 3 years ago. We had one child at the time. (We have since had a second. The flat is big and at present we have plenty of room. However, over the next couple of years we would…
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overpaying on my mortgage - reduce term or reduce monthly payments
Hi All, Bit of background first I'm a first time buyer and just completed on my first property. I have a fixed 5 year mortgage borrowing £100,000 with Nationwide with a term of 25 years and I'm able to make overpayments each year up to 10% of the original borrowed amount. after checking all my finances I can safely make a…
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Pay Mortgage up and put money in Pension ?
Hi, I have just been left some money from my late mother and as I am hoping to retire in 2 years . Question I am asking is Should I clear my Mortgage of £25,000 off at the end of my deal in April 2022 saving me £400 a month and pay the £400 into my Post Office Pension for the 2 years , or wouldn't it be worth it with only…
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Mortgage calculators?
I've been doing an end of year financial review and hubby has asked me where our balance will be in 3 years time when we come to re-mortgage - we're hoping our debt to asset ratio won't be quite as weak .... 😉 I need a mortgage calculator for the next 3 years that I can use from today's balance (its too complicated to do…
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Barny's Mortgage-busting thread!
Right, on Friday I complete on a property, the mortgage will be £180,900.00 for 25 years. I am 40 in July and aiming to be Mortgage Free by 55.
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Keep calm and carry on....
Good afternoon all I have lurked for years and love reading all of your stories, but keep finding myself getting grumpy when you're not updating your diaries at the same time as I am available to read them (I tend to do a mega catch-up in bed on a Saturday morning, then you're all off being busy in real life); so thought…
