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MFW tips and journey
Right so I have realised I want to be mortgage free. Please can anyone give me any tips? It’s all welcome. I can make an overpayment of £880 per month. I have just under 33 left over 8 years with no penalty to overpay with an interest rate of 2.77.. When I think of how much I have spent on handbags and clothes over the…
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Overpayment
Hi everyone, first time posting. I have 8 years left on my mortgage through overpayments. It’s a repayment mortgage at 2.77 percent. There are no penalties for overpaying. I can now afford to pay about £750 per month overpayment. I also pay an extra £133 per month extra as part of my direct debut from my mortgage…
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Our forever home
I'm a new mfw 😊, moving over from the dfw board. We moved into our forever home on 16th November 2020. 90% LTV, 25 year mortgage. We've just paid our first standard monthly payment so only 299 more to go!!! We'd like to actually pay it off a little sooner, but due to home improvements and our saving pot for IVF it's likely…
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Aiming for zero
To keep track of our progress. So I have previously overpaid the mortgage but shortly after we moved into this house , 11 years ago, DH went self employed and we were no longer able to. When lockdown hit we applied for a mortgage holiday as his business was affected, however as we both worked from home I continued to pay…
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Can I make a lump payment without penalty between mortgage terms?
We're about to sort out a new mortgage deal for 2 or 5 years, rather than going onto a variable rate when the current deal ends in January. But I can't find an answer to this anywhere - can we make a big ole lump payment between deals without paying a penalty? I realise now that we should really have been overpaying by the…
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Overpayment query for two mortagages
Quick query I was hoping someone cleverer than me may be able to help with! I moved house in September and as part of this had to port an existing mortgage on a fixed rate (expires January 2021) as well as take out a new 'top-up' mortgage on a tracker product. This was to avoid early repayment charges. I therefore now have…
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Our journey to peace
Hi all :) what a ride this year has been! I was not expecting to be here, but here we are. A bit of background info. We had accepted an offer on our house, and we had had an offer accepted on a house. We paid for searches valuations etc, and then the owner kindly told us the house had had subsidence last year. We decided…
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Lump sum pay off mortgage on invest in SIPP (over 55)
I have a very small mortgage which will be paid off in 4 to 5 years, however I could pay a lump sum (inhertiance) which I am about to receive in to the mortgage (£43k) which would reduce the monthly interest from £143 to £91 per month saving and repaid in 3 years (saving£1872 in interest) However I also have an active SIPP…
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Started to overpay the mortgage indirectly.
I've done some number crunching and I have £46k left on my Santander mortgage and is fixed @ 2.69% to May 2025 (7 year fix I started in 2018 as I like stability) but has 7 years and 8 months until fully repaid. I had a small second mortgage which I paid off early this year and decided to contribute more to the now one…
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overpayment and ERC
I have just got access to a large pot of money. It was savings I had which may of been needed for a court case but now no longer needed. Lets say maybe 60k. I now want to overpay my mortgage but am limited to the 10% overpayment in each year without incurring Early repayment fees. I will do a payment in two parts so that…
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34 months countdown - MF before 40!
Hi all 👋 I’m a long time user of MSE forums but have set up a new user ID for my MFW journey. I’ve been a lurker on this board for a long time as I love reading all the diaries! Such great inspiration! To hold myself to account, I want to start documenting my journey! So I’ve had a tough few years to be honest. Found out…
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How to split "The Iceberg"....?
Hi all. So, in brief we have a large mortgage. Like, big (£800k). We call it "The Iceberg". We pay it each month standing on our heads, but that's not the point here. The point is, it's big and crucially it's a giant chunk of debt with one lending house. This makes me nervous for multiple reasons: * a) we can't go through…
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Overpayment question
Hello, sorry if this has an obvious answer but I’m flummoxed. I have 2 parts to my mortgage: original part (house purchase) on a low variable interest rate and a smaller 2nd part (for house extension) on a higher rate, currently on a 5 year fix. I want to get this smaller part paid off within the 5 year fixed rate, and am…
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Climbing the Mortgage Mountain step by step
Hi All I've returned to MSE after several years away, I was previously here under a different user name. I have previously been mortgage free twice in my life and both times, just as things should have gotten easier, life threw me a curve ball! This most recent time my marriage suddenly imploded and so, at the grand old…
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the daily nudge
Hi everyone. I love passively reading other people's diaries - they really helped me stay focused in the past, so I thought why not open my own and see how I get on... My focus for the next couple of years is to find a good balance between "financial health i.e., overpay mortgage-grow pension-save-invest" and "enjoy life"…
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Cutting it Fine - the challenge is on!
Now debt-free and been able to get on the ladder again in our 50's. Exciting but scary and I'm keen to get on and see the back of this mortgage which is about £310k. Scary but good to be in our own home again. Feels like we're cutting it fine to be mortgage free by retirement - but hey, I never thought I'd be debt free in…
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Early redemption of a repayment mortgage - who is mad, me or HSBC?
Hello, First of all I realise these are difficult times and some people are struggling financially, so I hope anyone reading this who is in that situation is seeking any advice that is available and that you resolve any issues without too much anxiety. The central theme of my question is that intellectually I had always…
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Feeding Alison's Pig
Hi Everyone. Been trying to pluck up the courage to do a MFW diary for the past couple of years. Like many of you Covid has played havoc with the finances through most of 2020 and this (as well as a few other things) has given me the impetus to get going. Not a lot to start with other than some basics (I will provide more…
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What did you mortgage free heroes do with the deeds and the surplus monthly cash ??
Hi all, I am about to join the MSE Mortgage Free Club - not through great financial wizardry but more both parents passing away (but that's another story) - and had a couple of what, seem like, stupid questions for the existing members: * Presumably, once the mortgage is paid off - the lender will send me the deeds. What…
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Mortgage Free (or Mortgage Neutral)
So after years of strategic overpayments (to avoid any ERC), and lots of saving, as of today the amount in the offset matches the balance. I don't know if that qualifies as mortgage free, but there is still an ERC for the next few years so it'll be a case of %age lump sums for that time, but it still feels pretty good.
