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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
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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…
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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.…
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Parents paying off mortgage
My parents have offered to pay the outstanding amount of my mortgage off!(about 67k) This is an amazing offer but now sure if they are allowed to do it or what might the tax implications may be!
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Can i join your club???
Hi folks Have been a MFW for a couple of years now, but thought I would post up to tell my story Me and my wife are both 39, we bought our first property in 1999 - a new build. How easy was it back then???? The builder paid our deposit and a bit towards our legal fees. Think it cost us about £1,000 to move in! Fast forward…
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Ditching It
Hi I’ve often looked at diaries in this section, but never been in a position to consider overpaying the mortgage until now. We’ve had a mortgage for nearly 30 years but still have a large balance and another 15 years to go. Got to the stage in life now where we should be planning for our retirement, we are lucky enough to…
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Mortgage Free
Idea Well I have kinda had a few moments over the past few months where I hoped a lottery win wouldn’t be far away and that that my 9-5pm job would be a thing of the past. Plus all the nagging I get from the missus. We all do it from time to time....go on admit it.... Well it got me wondering on how I could make the life a…
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Starry skies and butterflies - beginning the MFW journey as a solo buyer
Hi everyone, Super excited to be able to start a proper diary here with you all. Today I received my mortgage offer. I currently rent and the house I have reserved is ready... it is just a case of the legalities :smiley: - so yes, I am an early bird to this forum, but I am a 39yr old singleton that is determined to get…
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Mortgage-free...where to start?
Hello all, I recently purchased a mortgaged home, and cannot wait to be mortgage free already! But, I don't know where to start...or whether making overpayments is the right financial decision for me at this present time.... I have a few buy-now-pay-later bills to pay off by next year- totals around £3k. Should I pay that…
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Our attempt at being MF!!
Hi all, Originally came across this forum and had the idea of OP in the short term while interest rates so low but have been so inspired to make being MF a realistic goal. Initially was inspired by Financial Bliss's diary and then read many others taking in lots of tips and posting the occasional comment. So, a bit about…
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Mortgage-Free in 10 Years | FIRE in 15 Years
Hello all :smile: I've always loved reading everyone's stories over the last few years, so thought I'd take the plunge and create a diary. Most of my family and friends don't really have the same mindset so it's been great reading about yours. I'm a 29-year-old woman who wants to be FIRE as soon as possible, however, I…
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Paying Mortgage in Retirement
Curious how many readers of this forum are expecting to be still paying a mortgage into retirement and what your story is, how you plan to deal with it, or if it isn't a concern. My mortgage will still be active into retirement. Unfortunate divorce scuppered my plans to be mortgage-free by retirement as I had to start…
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Inheritance on benefits - how can we use it to gain freedom?
Hi, This is a bit of a long one, and having never had money before I'm not at all savvy with it - so please be gentle! We're due to inherit some money from my late father in law, my husband seems to think it will be around £30k though we won't know for sure for a few months. We currently live in an affordable housing…
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All the single ladies vs 145k
Put your hands up! Hello everyone! As a long term lurker on this section I'm very excited to finally be in a position to join you MFWs. I finally managed to buy a house by myself last year :T I am in my late 30s and had very poor wages and worse money management skills in my 20s that mean I am financially very behind a lot…
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A journey to financial security
Hello all, For the past 5 years I have been inspired and continue to be
by so many of the diaries on this forum. I am finally ready to stop hiding in the shadows and
introduce myself. Then Back in my early 20’s in 2016 after a breakup left me in a
rented house with pets, I knew instantly I needed the security that…
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VelvetFreak is saving up to buy a house!
Shiny new diary! Yay! A bit about me: I am 25 years old, living in Australia. I own a tiny one-bedroom unit (well, the bank owns it, because I have a mortgage :p ). My boyfriend moved in with me a few months ago. I recently reached a big goal, which was to have $10,000 saved in an Emergency Fund. So now I am onto the next…
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Reduce payment or term?
Would like some advice for our situation please :smile: We currently owe £203,800 and if we don't do anything still have 27 years to go when I'll be 65 (not an appealing prospect!) To clear it in 15 years we need to overpay £500 a month which I have started from this month. After this first overpayment Nationwide sent me a…
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Overpayment question??
Hi all, can't seem to find an answer to this. Wondering if you smart folks could help If you have a mortgage of 100k, take out a fixed rate 5 year deal and utilise the 10% overpayment, is the overpayment amount recalculated each year? Or would it be 10% of the 100k for the 5 years? Thanks x
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Thinking of being Mortgage free end of year.
My current Mortgage Deal is coming to an end of the Year, I owe about 48k , Current Interest rate is 2.25% and LTV showing 13% , Thinking of Just paying that amount off , I don’t really have any other Debts I need to pay off etc So would it be a good idea to pay this amount off or stay with mortgage and get a new rate…
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Should I change the mortgage
Hi all, In my effort to pay my mortgage off early…. I currently have a Nationwide mortgage on a BMR rate of 2.1% with 15 years term. I plan to be making overpayments every month which shortens the term to around 4 years. Would it be a good idea to change the mortgage to a fixed deal and also shorten the term to like 1.44%…
