Mortgage-free wannabe

Hello everyone :) So I've decided to start a brand new diary because I neglected my old one to the point it became haunted. Just kidding, it's just that I wanted a fresh start but I do feel like the old one is cursed with some negativity so here we are. A bit about me I'm 27 and live in Australia so you'll hear me talking…

Just had notification from the bank that this month's payment will clear one of our mortgages. Over the last 10 years we've taken out 4 further advances in addition to the main mortgage. I've not really been bothered about overpayment of mortgage before as any spare cash was channelled into S&S ISAs but once the…

Hello to you all. I have been a fan Money Savings Expert and the forum for years and have had got great tips and advice. I had a very old account many many years ago but did not use it so decided to start a fresh from 2022 and start clearing debt and the biggest one is mortgages. Yes mortgages! I used to work for a bank…

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…

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…

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…

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…

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…

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…

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…

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…

Please could I rejoin Julicorn I was 107 but any number is fine. My target is £2,500 Thank you!

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…

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..

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…

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…

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…

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…

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…

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…