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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…
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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…
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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…
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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,…
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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…
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I shouldn’t be here yet....
So I don’t actually have a mortgage to pay off.... yet. but I thought I’d start a thread to track my savings and keep me motivated. I moved back into my mums for a year so that I could save enough to buy myself a one bedroom flat. Well that was around 3 years ago and I’m still here. Oops. Changed my mind after the year…
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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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Lump sum payment after taking out new mortgage offer possible?
Hi, So my plan is this. We have made maximum overpayments for this year on our mortgage term. We are renewing in 2 months. We can get a good 2 year fixed rate deal which we would be happy with. The plan is to make investments with our other saved money whereby we should be able to pay off out mortgage completely after the…
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Paying off mortgage / Deed of trust advice?
Hi all, I'm new here so excuse any mistakes! Myself and my partner bought our home last March, however I have a considerably higher % deposit invested than he does. Before we exchanged and completed we have a Deed of Trust drawn up with the percentages owned etc. I've managed to save a nice chunk over the last year and…
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First Direct chunky lump payoff? off
Hi, Looking for some advice, I have a 20 year 92k mortgage with First Direct fixed at a great rate for 10 years, 9 left on rate. I have a lump sum of 60k I am considering paying off the total, I have spoken to F.D and there are no penalties for this (amazing company). Option 1- I can pay this amount via a standing order…
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31/12/2025 and counting...
Hello everyone, After lurking and reading on here for a while now, I've decided to kick off the new year with a plan to become a mortgage-free-wannabe. It's exciting to be putting the ideas I'll be working through down in words here on the forum, as it helps to make the whole thing much more committed than just having the…
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HELP! I want to make weekly payments but the bank is forcing me to pay monthly....
I have a mortgage question regarding repayments but not sure where to turn. It seems my bank (HSBC) have only one option to repay, which is by monthly Direct Debit. I would prefer to pay weekly, with interest being charged daily this makes financial sense to make a nice saving over the duration of the mortgage and…
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bitbybit's road to freedom
Hi all, Welcome to my shiney new diary. I am a 52 year old nurse with a DH and 4 children all over 18. DD, the youngest is at uni and two of the 3 DS's are living at home for various reasons. I have been watching you all over the years beavering away at clearing your mortgage. I have been following your strategies, but…
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Journey to a mortgage free future
After almost a year of reading peoples mortgage free diaries, I've finally decided to start my own! I'm not very good at sticking to things, especially diaries! but hopefully by starting this thread it will keep me on track of my own mortgage free journey :j Me and my fiance bought our first home together on the 2nd June…
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Mortgage payments
Hello, I have 2 parts on my Natwest mortgage. Part 1 2.29%. £101894 left Part 2 3.97 £13859 left. Taken out for an extension. Penalty free allowance is 10% I can pay £750 overpayment every month. On part 2 the max fee free I can pay is £1385. After that it would be a 4% fee of any additional payments I make. For part 1 fee…
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Does it make sense to overpay the mortgage and accept a penalty?
Hi there. My friend bought a £300k UK property last year and took out a £185k, 21 year mortgage. The mortgage is 3.11% for five years, then rises to 5.35%. If this seems high, it's because she is an expat. Her plan is to return to the UK and the house is where she will live. The mortgage payments are just under £1k a month…
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Challenge of a lifetime!
I've been following Tilly's mortgage-free diary and one or two others for several months, and have decided that now is the time to start my own. Deep breath... OH and I are in our 30s - OH has his own business, and I'm an accountant with my own very small practice. We moved to our £675k house five years ago, with a…
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Financial Freedom through Mortgage Freedom!
Hi, My desire is to live a life of financial freedom. I think one of the main ways to achieve this is to attain mortgage-freedom. As such, we recently (June 2020) became 100% debt-free and I believe this is the best time to begin focusing on our mortgage-freedom. The figures: Our mortgage debt is: £65,993.68 Interest Rate:…
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NOW MORTGAGE FREE! In the big house - here we go again !
Hello there! We have previously been mortgage free having repaid the mortgage on our old house in February 2011. However, we moved house in July 2014 and needed to take out a new one for £90400. £400 is the admin fee. I really don't like having a mortgage and it is my aim to clear it as soon as we can. I am hoping that…
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Mortgage free or luxury house?
Hi guys. I’m new to this so not sure what to expect. Just wanted to ask a question and to see what everything thinks. So the situation is.. a few years ago I bought my first house at 21 for 89k, flipped it and sold it just over a year ago for 120k so had a nice bit plus savings to put into my current house, currently…
