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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%…
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Has anyone planned on using pension lump sum to be mortgage free?
Just curious as to people’s thoughts on this? Rather than focus on paying mortgage off now, maximising pension input to then use a much bigger lump sum to become mortgage free when needed/decided?
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Overpayment Calculator - partial interest only mortgage
Hello I am looking to get a hold on my finances. Including my mortgage! I currently have a mortgage outstanding of £72,000. £30,000 of that is interest only. The end date for my mortgage is April 37. I want to have paid off the whole of the mortgage by its end date, so this will require overpayment. Is there an overpayment…
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Diary time
Dear All, I have the same goal as last post, but I am going about it slightly differently, I give you the stats: Mortgage by 2022 the with no overpayments at present: £50,000 If I can let my room out in my flat I can With savings and room earning by 2022: Mission 1: pay off credit card £3800 Mission 2: Have £10,000…
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Hopefully soon mortgage free
So this year we should have been mortgage free after paying our mortgage for 25 years. However like many others life threw a few curve balls along the way :- bad mortgage advice when we were young (endowment mortgage, which wouldn't pay off mortgage) and having to remortgage due to debt after hubby lost his job and I had…
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Ready, Willing and Able Buyer
Hopefully
somebody can clarify this in more detail. A ready, willing and able buyer on an
estate agent’s contract is something I’ve seen a lot of recently, so what does
this really mean? I’ve read some posts on this forum and other places on the
internet and the whole term seems to be quite vague at times and hoping…
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Little Miss Mortgage Free Wannabe
Hello, I hope you don't mind another MF diary over here?! I have been reading through these threads and have found all your postings so inspirational! I want to be MF even before I have paid my first mortgage payment! I have always been pretty good with money well I thought I was till I found this site! I'm in my early…
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SF's road to MF/FIRE - Take Two!
I started a MF diary back in 2013 and it started off well; we managed to do fairly substantial OPs and reduced the capital well. But, since then, life and plans have got in the way. So, we are now aiming for mortgage freedom plus financial independence and retiring early (FIRE). It's going to be a long and exciting…
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My MF Mission 2015
Hi all, I've threatened a diary for a while now. Here goes. Option 1 -Pay off in less than 10 years with intention to rent out Option 2 -Pay off AMAP to gain higher equity to use for up-sizing Option 2 is most likely IMO as we may have another child in the next 10 years which will mean up-sizing is almost inevitable.…
