-
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…
-
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…
-
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…
-
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…
-
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.…
-
Getting rid of a London-sized Mortgage
Hello, I tried to look for other situations which were like mine but you all seem to have everything so under control. :j You are all very inspiring so I thought I would put up my story too. I bought a house in June with my partner for £425,000 (London) and our mortgage is £318,000. Our mortgage payments are about the same…
-
whose diary is it?
Hi All, I am an avid reader of many your diaries and has been inspiring me with my mortgage clobbering although its going to take a while! I can't find the diary of the lady who sold her (in her words) "beautiful house and wonderful garden", moved into her friends property was then turfed out by the ex friend into another…
-
Chasing the Dream
As the title says I am chasing the dream to be mortgage free. When we first bought our home, we were relatively new to the UK and didn’t know a lot. But it was the days of 100% mortgages and we had a limited time in which to use the offer so we bought quickly. Not the house of my dreams, but it is ours. Stupidly paid…
-
Next steps with Mortgage £19k remaining, over pay? Bank loan?
Hi, this is my first post so hope I give we the necessary information. My mortgage deal with Santander comes to an end on June 2nd, if I do nothing they will transfer me to their Follow on rate at 3.35%, this would allow me to over pay as much as I want. I could move to a 2 year tracker rate at 1.49%, however this would…
-
Take out a 0% Money transfer card to pay 10% off mortgage?
Hi Everyone, I cleared all my debt in December 2020 and have saved up to redo my large amount of manky 80's fencing and 70's garage. This will be completed by the end of June. I know myself and DH can get a 0% money transfer card, I think about £5k each. This would then pay off my 10% mortgage allowance. Has anyone else…
-
60% LTV threshold
Hello. I am currently overpaying my mortgage and by the term end of October 2022 I will be just within the LTV in subject which I believe is the last major threshold for reducing the interest rate when remortgaging. Or is there another one, e.g. at 50%? My details in a summary below. Currently 2.14% 5yrs fixed, paying…
-
Overpayment reserve - retain or not?
We're in the lovely position this month of having reduced our £160k mortgage down to an amount less than a single month's payments through overpaying ever since the interest rate crunch. Our lender makes no charge for us accessing our overpayment reserve or for overpayments in general, so to all intents and purposes we…
-
Pay off Mortgage or Invest the Money
Hi, Through hardwork and help from family I'm in a position where I could pay off my Mortgage fully tomorrow :) When my 5 year fixed rate ends next Febuary I'll have an oustanding balance of circa £180k left on the mortgage. What do you think I should do pay off the mortgage or invest the money in buying another property…
-
There and Back Again ... A journey to our new home. | Kings Diary
Started 04/05/2021 Welcome to my thread. Me & my husband are currently looking to buy a house that we can create a loving home full of laughter and memories and so we do not have a mortgage just yet. But we are 'so close' to having one. I will be posting updates about us but do feel free to join in a conversation or two!…
-
Start at the very beginning.
Hello. My husband, doggy and I moved in to our first flat in mid January. We're finding the prospect of the huge mortgage debt somewhat intimidating so have decided the best thing to reduce our anxieties is to try to do something about it! Have been lurking on this forum now for a while, and making an occasional…
-
Pay off the Mortgage in full or not?
Hi, I am after a bit of advise please? I am in a position to pay off my mortgage of approx £62k, with a stocks and shares ISA of Value of £63k. I have 15 months left on a fixed term mortgage, if I pay it off now, I incur 3% ERC approx 2K, If I wait 3 Months I incur 2% aprox 1.5k. If I wait the whole term (15 months) I…
-
My 5 Year Plan.
Hi everyone. I'm going to join In and try and pay off my mortgage in 5 years. I Started making overpayments of £200 Each month earlier in the year and so far have managed to stick to it but now I want to up my game. Mortgage is £42,103 for 27 years, 3 months. Interest fixed at 3.19% until Oct 2023. Monthly payments £198.38…
-
Mortgage free by 40-wishful thinking?!
Hi folks, thought I would dip my foot in here. currently 34(almost 35) and have set myself (and husband) the challenge of being mortgage free by forty (May 2026). mortgage is currently at £89426.62 on a fixed rate of 1.92% until 31/7/21. We can only OP 1000 a year with my current lender so we are going to go onto SVR from…
-
Mortgage free - is it all it’s made out to be?
So the title isn’t meant to be a discussion, more of what those lucky enough to have reached this mega milestone think of it. Reason for the question is we are looking to downsize and become mortgage free. We would have to leave a house we (I) love and spent 3 very hard years renovating and extending, in a lovely village,…
-
Pay off student loan or mortgage?
Hi all Would be grateful of any advise on my situation: I’ve 10k remaining on my student loan plan 1 and am paying 200 a month in repayments. It will be cleared in approx 4 years unless my income drops. As a household we have around 25k in the bank and I have no idea whether to hold it as an emergency fund, pay off my loan…
