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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 in…
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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…
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Paying mortgage vs liquidity of saving
Hello, after some advice please. Large mortgage, tracker rate (base+0.64=0.74%) but due to go 1.49%(ish) in September on fix (probably). No other debts. Savings (0.5-0.61%). I'm looking at paying off some of mortgage but wondering how much savings to hold back as emergency fund? (Outgoings in a normal month £3000, Covid…
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What is the most optimal way to become mortgage free?
I have a standard 25y mortgage with a 5y initial fixed period. Is it better to 1) overpay as max allowed by t&c every year 2) not overpay and put the savings down as a deposit on remortgage As I understand remortgaging, there's no limit to what you can deposit when you remortgage so would it make more sense to save as much…
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Daily interest calculation
Hi all, I know you are all excel whizzes- does anyone have a formula to calculate daily interest paid on a mortgage? My friend G00gle has confused the situation 😂😂 Thanks x
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Overpayments Query
I'm currently in a good position where I can make overpayments on our HSBC mortgage. Looking at the mortgage information, it states the following: As we re-mortgaged a few months ago, can someone explain what 'Loan drawndown' is? I can't find any additional information on the 'Early Repayment Charge period' on this…
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Started the road to mortgage overpayments with a but on the horizon
Hi all, A bit late to the party, i'm afraid. We have around 18 years left on our mortgage of 115k and started to plug some numbers into the overpayment calculator only to be knocked off of our feet. We found that by really concentrating our efforts, we can reduce our 18 years to around 6-7 ish...wish we had started sooner!…
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3653 steps to completion
I've enjoyed reading other people's threads on here so thought it was time to throw my hat into the ring and give myself a kick up the bottom with regards to my finances. Everything is manageable, just want to make sure I'm making the most of my earnings when they come in every month! Mid 30s, wife and two kiddles (8 and…
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Nationwide Overpayment Options Incorrect Online banking
Not sure if anyone else has come across this but we've found that the options showing in Nationwide online banking for mortgage overpayments arent necessarily correct. In your online account you can set the action to take for payments over £00, decrease payment, decrease term or leave as is. Ours are set to reduce term but…
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Can I pay off 10% before paying my Santander mortgage off?
Hi, I am in the position to pay off my Santander Mortgage early and I know there is an early repayment fee. I can also pay off 10% each year with no penalties , I was wondering if I pay off 10% just a few weeks before I pay off my entire Santander mortgage ( in the same year) Would this reduce my early repayment fee? or…
