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Sandstone VS Mortgage!
Greetings all! I expect the next few years to be quite an adventure, and I hope some of you will share it with me. I've been reading many of your MFW diaries and they're incredibly inspirational! I've only recently joined this site so please be gentle. I think this diary might be a bit unusual, because it's the first day…
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Those obsessed with becoming mortgage free...
As I've said this site/forum has really helped me since I started using it. I can't wait (how sad!) to start overpaying my mortgage and will try to do so every month or when possible. My question is, once you start, do you get a bit 'carried away' with it all? I mean would you now think twice about booking that next…
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Phase 3
I’m starting a shiny new diary for a shiny new year. I’m now in phase 3, both in financial and life terms - a fresh new start, which I’m really excited about. Phase 1 started 16 years ago, we started a frugal lifestyle to get rid of overdrafts and loan debts and to save for a family and maternity leave. Phase 2 started 10…
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Yogavibesdreamsofbeingmortgagefree
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Best way to pay off my mortgage
Hi, I am moving house and will have a 50k mortgage on a 250k house. My question, what's the best option to get it paid off in 5 years? Do I get a 5 year or a 25 year mortgage, fixed for 5 years, unlimited/limited overpayment? No early redemption fees? I struggle with the numbers. Is anyone confident in what they think…
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Toddling to a mortgage free future
I originally started a thread a year and a half ago when pregnant with my second child and full of good intentions. Fast forward to the present and after loosing my first account, I'm starting afresh with new goals and aspirations for the future! So a bit about me... I spent my twenties travelling, working overseas and…
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New Empty Nest Mum starts battle of mortgage ...
I've lurked and read diaries on here for months to inspire me to start my mortgage free journey so hello! A little bit about me. I have been a single mum of 2 for the last 14 years and it's fair to say have struggled to the point where every one of the various boards has been a lifeline at one time or another. In 2008 (3…
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Mortgage overpayments
How do peeps. sorry to sound a bit wooden about this question. I am intending on moving in with my girlfriend who has recently committed to a 7 year fixed mortgage at £90000 over 20years. £416pcm I am going to be giving her £400 towards paying off the mortgage and being mortgage free asap. Her bank says limit overpayments…
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Has Covid 19 been a wake-up call?
I'd just like to ask the other MFW's, has Covid 19 made you more aware that you need to keep on track with the overpayments and general thriftyness? Around summer 2019 I started getting a bit laxed with the overpayments and general money management, when we first went into lockdown and the news broke about the worldwide…
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i made an overpayment
hi i hope this is the right area of forum to post this, apologies if not. i had built my savings up, so i decided to make a £10k overpayment to my mortgage. i wasn't sure if i should have done this, but i do like idea of getting mortgage free quicker so think it is the right decision. but it's done so i can't reverse this…
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35 yr old, MF by 50 & Retire at 55
Hi I've always read and admired peoples' stories on here in working towards becoming mortgage free. I'm on my own journey and wish to share with you and hopefully pick up some tips and advice along the way. As the title says it really, I'm 35 years old wishing to be mortgage free by 50 and not feel under pressure to…
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Long Term Mortgage Free Wannabe
Hello I am a long time reader and finally have some time on my hands to write this so here goes! I am 34 and just started maternity leave (baby due today in fact!). First baby. My husband and I bought our first home last year and have 24 years to go on our mortgage, which is s 2.18% five year fix - we knew we wanted kids…
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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…
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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…
