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The Edcawber Principle
I think I promised a new and improved positive diary earlier on in the summer :spam: I'll try my best to keep it short and sweet, (unlike my credit card statements). Cutting a long story short, after renovating the house and an accidental car purchase (hey, it could've been a house!) we are probably better candidates for…
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Deposits for a new build
Hi can anyone help me? I have two questions I need help with. 1- I have seen a property for £280,000 and being told on the show around its £280,000 the estate agent’s have now told use they want £290,000 for the property? Is this how things happen? 2- we have also been told by our broker we need a 20% deposit if we would…
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Why be mortgage free?
Serious question. I understand that paying mortgage payments is something we’d rather do without, but honestly, I need help understanding the appeal of paying off a mortgage entirely. It seems to take an awful lot of effort and determination to get there, lots of sacrifice, only to be in a house where a huge amount of…
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Nearly there.. .
Hi, I'm working my way to becoming mortgage free. My fixed rate term expires at the end of the year by then I'll have approx £5k left. I'm wondering if it's worth getting a credit card to pay this final bit off rather than remortgage for another few months? I'm not sure how it works transferring £5k to my current account.…
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What would you do with this Mortgage situation.
Hi Guys, I haven't spoke with a financial advisor yet but looking for a quick steer on what you might do in this mortgage situation. Fixed rate mortgage term coming to an end. We took 145k, 25yr mortgage. We now have 77k over 11yrs left. Property maybe now worth 165k We have a lump sum of 60k which we could put into the…
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Mortgage-Free Wannabe Welcome and Explanation
Welcome to the new Mortgage Free Wannabe board. After watching the popularity of the Debt-Free Wannabe board which focuses on mutual support for people who want to get rid of their debts, I thought it would be fun to try the same with mortgages. It isn't about mortgages themselves, for that go to the mortgage board. Why?…
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When I'm 64!
Hello everyone, I have gained so much inspiration from reading various diaries, that I have decided to post one of my own. In February 2012, I purchased a house of my own following the break up of my long term relationship. House was £162,500 with a mortgage of £127,000 over 20 years meaning monthly repayments are £716.48…
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Finally Mortgage Free !
Made my final payment today for my mortgage. :) I have not been a major contributor to these forums for a few years as I have just been busy working intensely (although previously I was active in the Debt Free Wannabe forums under a different username but that was a few years ago now). Although I haven't been posting, I do…
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Second charge
I put £200,000 into a house but was £70,000 short , my ex best friend got the £70,000 mortgage with NatWest and I put in the £200,000 in as deposit ! His mortgage is with NatWest.his solicitor told me I had to do it as a gifted deposit but under the proviso that a deed of trust would be put in place .. it wasn’t as NatWest…
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Life is a minestrone as the song says - my new diary
Hello all, :) I had a diary on this board a few years ago when OH and I were working towards being MF which we managed in mid 2014. That diary is here; https://forums.moneysavingexpert.com/discussion/2676587/that-was-scary-now-to-tackle-the-remaining-mortgage My last post on there was about starting a new diary which…
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My motivating money saving diary
Current situation: Mortgage - 1 bed leasehold flat c.£150,000 left to pay. Flat value c. £190k. Loan (paying back flat deposit) -10 months at £250 pm left c.£2500 in total left to pay.Credit card 0% - £5,500 Student Loan - c.£5000 left to pay. (Monthly amount of around £250 taken monthly by government from salary). Savings…
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Our MFW Adventure!
Hi, I've had two previous diaries, but as things change and time moves on, so do our goals and aims. I set up my last diary in November 2016, and boy have things moved on since then! So, we're starting a new chapter in our MFW journey and with that comes a new diary. A little bit about us for anyone who hasn't met us…
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Almost mortgage free - what should I be considering?
Our house is worth about £230k in NW england, after overpaying for many years with an aim to be mortgage free by 40 (for no real reason other than it seemed something achievable to aim for) we only have a relatively small amount remaining on our mortgage (just less than £20k). We are in a position now where we could pay…
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What type of mortgage to take on in order to be mortgage free sooner
Hi, my partner and I have a substantial mortgage remaining (circa 200k) but we also have fairly substantial savings/investments (sub-100k) and high incomes. This means that it should be achievable to pay off our mortgage around December 2022 with reasonable comfort. We are up for renewing our mortgage this coming October.…
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Should I pay it off
Hello.I have a bit of a strange question that I hope someone can help with. We have moved heaven and earth and got into the position to be able to pay off the balance of our offset mortgage (0.8%) of £300k. Now we are undecided as to the best course of action. My wife thinks we should put the entire amount into our offset…
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And so it begins.....
Hi everyone, So I stumbled upon this forum a couple of months back. Spent A LOT of time reading peoples journey's and thought I would do the same. Mainly to track how I'm getting on but also to talk to like minded people as I don't really have anyone else to discuss these things with. Mentioned over paying and reducing my…
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Dilemma on my hands
Deal all, I am new to this forum, even if I have been reading it for a long time, and have decide to join as I am currently facing a dilemma. In short, we recently sold our second property. Many reasons behind this but primarily because we had reached the point where we would be able to get enough cash to clear completely…
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A very long time lurker.............................
can finally say we are mortgage free!!! o:) Yippee!!! B) Swampy
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Feeling trapped - options?
Hi everyone, I'm wondering if the lovely people in this board can give me some advice - sorry if this is just a vent! Hopefully this is the right board. Also apologies in advance as my problem is a ridiculously privileged problem to have :/ My partner and I are first time buyers, coming up to the point of exchanging on a…
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? Move and pay penalty or stay
Just wondered what the general consensus is. I have a disability and will probably not be able to work more than another 8 years. My mortgage is 10 years. I have another year on my current fixed rate mortgage. Do I pay the penalty and get a good fixed rate ( try to reduce the years left) Or stay, pay no penalties and risk…
