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Pay it all off??
After thoughts/opinions please! We currently have a balance of around £76k left on our mortgage. We are in the final year of a 5 year fixed rate at 2.59% and had always planned on paying off the mortgage with savings when the fixed rate ends on the 31st December this year. There is currently an ERC of 1% if we pay it off…
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Alcohol free in 2020, Mortgage free by 2030?
Hi everyone, I gave up alcohol after starting to enjoy it a bit too frequently on New Year's Eve 2019 and haven't touched a drop in 2020. I have developed a whole toolkit of ways to do hard things through this experience and have decided to turn my hand to becoming mortgage free within 10 years of today. So, I'm going to…
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Best way to overpay…
Hi All, I’m looking for some advice on the best way to overpay a mortgage as our plan when we bought our home was to clear the mortgage as soon as possible. We were first time buyers and our mortgage details are: Mortgage taken out May 2019 Mortgage amount £411,000 Interest rate 3.28% fixed rate until 31/05/2024 Monthly…
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Overlay or invest ?.
Hi, I can over pay my mortgage by £520 per month at the minute. It takes off 4 years under this new 2yr fixed rate of 1.45 I was wondering if you think I would be better investing the money and paying it off as a lump sum or just take it off monthly. Any advice would be very helpful Thanks C
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Save or pay off mortgage?
Hi I currently have a mortgage of £179k (fixed interest rate 1.9% ends in May) and my house is worth approx £400k.My mortgage payments are £1000 a month and I overpay £400 every month. I am also saving £500 a month in a seperate account.I have been thinking whether I should overpay more each month? or just keep saving the…
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Welsh Mam on a mortgage free mission
Good afternoon all! I have been reading these boards for a while and decided to start my own diary in order to motivate myself. I'm 41, married with two kids and a nutty cat. This is my second time around. We paid off our mortgage a few years ago. So why am I here I hear you ask. Well, we decided to move to a bigger house…
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Money gifted from abroad
Hi, my mother in law (from Europe) is thinking of sending us a very late wedding present -about 10k towards our mortgage. As it's a one off gift money do we have to declare it and are we going to pay tax? Thank you!
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Mortgage Received to Mortgage Free in 6 years!
Hi All, Been a big MSE fan for over a decade now - all that time reading every newsletter and using the site frequently for most things financial - what a great site! I've only dipped into the forum occasionally when I've been looking for something and it's come up in Google. This is about to change! Discovered the diaries…
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Getting mortgage free while moving up the ladder - total budget review
Afternoon everyone, I don't know if you're like me - but I don't discuss money with anyone lol. I have no idea if I spend FAR too much or just too much. Or I don't save enough. Or what!? I'm 40, my wife is 41 and we have a nearly 9 year old son. Current situation: We bought our house around 7 years ago, and we've invested…
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Mortgage newdeal
Hello :) I have seen conflicting advice on this matter and nothing seems to mirror my current situation. My current deal ends at the end of March and I am seeking a new deal and also happy to stay with my current lender. House value = approx £520k Mortgage left = 100k Current deal has just under 19 years left with monthly…
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The Mortgage Free (to be) Pixie
I’ve been aware of MSE, and it’s forums for a VERY long time (since my early twenties) - but this is my very first post! I’m going to be 30 in a few short weeks, so we’ve been having discussions more about our future. We only bought our first house in August 2019, but already we want rid of the mortgage! The thought that…
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Mortgage free by 45
Hello, Longtime lurker who has been tempted to start a diary and is finally doing it! We are 5 in the house, 2 adults and 3 children 10 and
under. It is a busy, noisy house but we love it. Moved last year to a larger house so all the kids have their
own room. It needed (and still a bit to
do) a LOT of work doing to it but…
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Monies after mortgage
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should we pay off our mortgage?
Hello We currently have the funds to pay off our mortgage. We plan however to move in 18 months time. Our current rate is 1.25% variable we owe approx £58,000 We will need a new mortgage when we move as we are upsizing Apart from the obvious with regards to savings and interests rates I just wanted to know if it will be…
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Slow and steady wins the race (we hope!)
An attempt to remain accountable to the mortgage free by 50 goal as I have now been a homeowner for a whole year! A bit of background - bought a 75% shared ownership property in September 2017 . Mortgage of £135,000 fixed for 5 years at 3.19% (thanks to irresponsible ex ruining my credit score). Outstanding balance as of…
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Overpayments
Ive read on the site about when in the month to overpay and im a little confused, I thought the any overpayment would reduce the mortgage, we currently have £175,177 over 13Y and 1 month , payments are £1324 a month on a 10 year fixed with Barclays, we overpay by £300 a month so £1624.00 which comes out the same time as…
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What remortgage option to be early Mortgage Free
Hello everyone. I hope we all are keeping safe. I have a small house worth 155,000 with a mortgage of around 65,000 (under 42% LTV). In my household of 2 adults + 2 kids, my employment income is only source of income and hence we want to be mortgage free so that in case something were to happen to income (example…
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Was Mortgage Free until 52!!!
I was a lurker, but inspired by this thread to start my own diary and although my figures are positively small fry to some - its still my mortgage. A bit about me, took the plunge and bought a house age 50 plus:eek: by myself, everyone asked "Are you mad?" But thought - I can do this. Bought at auction, so got a bit of a…
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To pay off or keep??
My Wife & I, are considering paying off 2 small top up mortgages that we have to our main mortgage. 2 years ago my wife was ill, we were fortunate to have a good Mortgage life policy. This subsequently paid off our main mortgage to the tune of about £100k. We are now left with two smaller mortgages that were linked as…
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General opinion overpay v invest?
Hey! So I have hit a bit of an indecision point and would like some considered opinion. Being a middle aged duffer my mortage is now about 1 years gross salary. I have zero other debt and have enough money to throw at it to be mortgage free in about 3.5 years. However, that is time when investing could return greater…