-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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:…
-
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…
-
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…
-
8 maybe 9 years till freedom!!
Ive been a lurker on here but thought id stick something up. Well just bought the first house and were both happy here, needs a bit of work mind but I'm in the trade so can fix it up myself! The one thing were both agreed on is getting rid of the mortgage ASAP, we're hoping to be able to make overpayments of around 850 a…
-
£207,470.42 to go...! (now £395,000 to go!)
Afternoon all, My motivation for starting my thread is that there doesn't appear to be too many threads out there with people looking to clear over £200k. I'm a 29 year old newlywed living in the South East. My wife and I bought our home with 10% down on a £240k property about two years ago. Our household gross household…
-
Should we pay off the Mortgage
My spouse starts uni quite soon, cough cough a mature student. One week after she starts our endowment and with profit life assurance matures, we took it out when we brought our first home 25 years ago and kept it going even though our 2nd home was brought using a repayment mortgage. Fingers crossed we could repay the…
-
Sudden desire to become mortgage free !!
Im 55. Its never really bothered me to be mortgage free as I receive a pension that will always pay the mortgage. However I was talking to my younger son and he said he would never want the family home to leave our family. I bought it new 20 years ago ( single mum ) and it was designed to my specification. Im now worried…
-
To be, or not to be? Mortgage Free or in a nicer house in a better area and shackled with more debt?
Hi all, I've been lurking on this forum for some time, haven't found a thread matching my exact scenario, so I made an account to gain some advice from you lovely and money savvy people! Basically, I live in a house I don't like and never have, but if we overpaid our mortgage, we COULD be mortgage free in about six years…
-
House extension, savings or remortgage
Hi all, wondering if you could help. My husband and I are looking at getting an extension on our 2 bed house, turning it into a 3-bed. It will be a two-storey extension that may cost in the region of £60,000. We have that money currently invested in Vanguard index funds, but we're struggling to work out what the best…
-
Dolly's Journey to Mortgage Freedom
So excited to finally be able to start my own MFW journey. I've had an offer accepted on a flat and got a mortgage offer with Nationwide yesterday. Here is my timeline; * Seen flat online 3rd February * Viewed flat 3rd February * Put in an offer 3rd February * Mortgage application submitted with Nationwide 4th February *…
-
Plodding determinedly up a 300k mountain!
Hi everyone! I have another thread on here but it is seriously out of date, so I figured I will start afresh. New year, new targets and all that. OH and I completed on our first house in May 2016. We had a sizeable deposit due to my ability to save and OH's inheritance. We could have afforded a decent flat but decided to…
-
MuddyBooks tackles the mountain.
Hey-up! I feel like it's time to start a diary, and get started on our dream of owning our home outright :) We live in a lovely Edwardian terrace and it truly feels like it could be a forever home for us. Our mortgage balance as of today is £108375.47. We're a family of 3, plus fluffy pup. Husband works full time, I'm part…
