-
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…
-
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…
-
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…
-
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…
-
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…
-
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.…
-
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…
-
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…
-
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…
-
A very long time lurker.............................
can finally say we are mortgage free!!! o:) Yippee!!! B) Swampy
-
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…
-
? 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…
-
10 Years to freedom day!
So..... About us: Family of 3 (DH, me & DS), and we have owned our current house aka the money pit since 2019. We were very fortunate to be able to buy it from family and "gut it/do it up" whilst living rent free with parents. Fast forward to 2021 and we have finally done everything and I mean everything to it! It hadn't…
-
Under valuation
Hi, We have received a re-mortgage offer from a bank which is favourable. We needed 300k and the bank has agreed to lend us at a favourable rate but they have undervalued the property by minimum 25k. Would this valuation affect us in the future or this is something we can ignore? grateful if you could advise…thanks
-
Nearly mortgage free
Hi I took out a 25 year mortgage in 2009. I have maanged to overpay by more than £30,000 and late next year, at my current overpayment rate, i will have paid off my mortgage. I'm in my early 40s. What i would like to understand if is there is any reason why i may want to keep it opwn with a very small amoutn in there e.g.…
-
Overpay all or Invest some?
Hi All Apologies for the long post & if it’s in the wrong place, not sure if it’s best in here or savings & investments board. I have only just moved into my first home so mortgage has only just started, but I am trying to figure out if I am best overpaying or investing? There are a lot of articles online that champion…
-
Plan to be mortgage free in 5 years
Dropping by and saying hello! Last year was all about clearing credit card debt - those nasties will be settled by Sept-2021 and the cards will used for day-to-day expenses, settled monthly to keep the credit history I'm now looking forward to hammering the mortgage and own every brick by 2026. Currently owe £94.7K @ 2.09%…
-
Overpaying qhestion
Hello, we are now in a position to make extra payments, is it a simple as transferring the money to the mortgage account. Thanks
-
Average? income overpayer
I've decided to be a mortgage free wannabe from the off. I got married in September and bought our first home together last month. We've borrowed £127,000 and currently the mortgage term is a whopping 30 years! I'm 34 and other half is 27. And really don't want to be paying off mortgage until I I'm 65! (I'm also a early…
-
reducing my monthly mortgage payments
I’m looking for ways to reduce my monthly mortgage payments. Other than moving to an offset mortgage can anyone recommend alternatives
that are working for themselves? I've been looking at these cashback programmes, not sure they would work as a savings tool and just be a false economy driving my monthly spending upwards.…
