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Existing mortgage moving to new house
Hi all, I started my mortgage with Nationwide in 2018 and the initial borrowed amount was 157,500 on my 3-bed property at 90% LTV 2-year fixed term. At "end of term, i switched the product at 75% LTV (though I had to pay some extra amount so the LTV was at or below 75% to get the best interest rate), current outstanding…
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Inheritance and Mortgage
Hi all, I wonder if anyone had any good advice on our current situation regarding a bit of inheritance and paying off our mortgage in the most efficient way. We currently have £78,000 left on a 10 year fix and flex mortgage, which is at 2.59%. Our monthly payment is £550 a month and i overpay as much as possible yearly. We…
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34 months countdown - MF before 40!
Hi all 👋 I’m a long time user of MSE forums but have set up a new user ID for my MFW journey. I’ve been a lurker on this board for a long time as I love reading all the diaries! Such great inspiration! To hold myself to account, I want to start documenting my journey! So I’ve had a tough few years to be honest. Found out…
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pay off mortgage - Mortgage or Loan?
Hi all, When it comes to working out APR's, mortgage interest etc, I confess I'm not in the same league as the Chase beast. From the 1/1/21 my Mortgage is £23,597 * My rate is 1% above base rate * I am allowed overpayments and no penalty for reducing or paying off my mortgage before the end of term. * With my current…
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What would you do in my shoes?
Hi, my mortgage currently is £308,000. I sadly lost my dad in 2019. He left me money bless him. I still have £75k. I’ve already overpaid £30k with it. Would you use most of the rest to overpay mortgage? Thanks in advance
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Re-Mortgage the Help to Buy Payment or pay off separately?
Hi All, Myself and my partner were first time buyers on a new property almost 5 years ago. We took advantage of the Help to Buy scheme in which the government provided 20% of the house value, whilst we provided the 5% deposit and 75% Mortgage. The Help to Buy was interest free for 5 years, which means shortly we will be…
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Tax Liability on Gifts from Parents
Hi All A mother wants to gift her son 35k. Are there any tax implications, the Mother is 64 and in good health. I have read about being liable for tax on up to 325k if the benefactor should pass away within seven years but can't see categorically whether that applies here, and even if it does, is there anything else to be…
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Temporarily Diverting Mortgage Overpayments
Hi, up until now we have been overpaying our mortgage by around £300 per month. My partner is in the leisure industry so has been on furlough for a number of months now. There is some job concern once things "get back to normal" after this pandemic. Rather than continue to make overpayments directly to the mortgage, I'm…
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Remortgage
In 2006 my brother got my mother to remortgage her house for £120,000. The mortgage is in her name but my brother makes the interest only repayments. Can this be considered a loan? If my mother where to die would my brother have to repay the £120,000 to my mothers estate? My brother made a verbal promise to repay the full…
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You only live once- my journey to being mortgage free
I have been a long time lurker on the MFW boards but only took the plunge to join today. This is partly because I feel spending has spiralled lately and I need some accountability if we are ever to be mortgage free. I welcome all tips, advice and hope to join you on your adventures to freedom to! So a little about me- the…
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Last one standing
Well, it has been an odd year, 2020, and three months with zero income didn't help, but this Saturday, 19th Dec, I got the letter from Hitachi Capital confirming that the last finance agreement we had is cleared :) That leaves the credit card paid in full every month (which I don't really consider to be credit but more…
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Question about completing mortgage
If you sign a 5 year mortgage term and have say 40k left of mortgage payments at the end of this....can you just pay off the remaining balance with savings if you have that amount?
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A new chapter with another mortgage!
Morning all, I've been reading through some of the diaries on here and it's given me the kick I need to start my own journey! I'm in my early 40's with 2 mortgages. My initial mortgage was taken out almost 10 years ago... I converted it to a buy to let 3 years ago now - it was my first house. I've got approx. 75k left to…
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Our quest for mortgage neutrality
I wanted to start a monthly diary to focus and push us on our quest to be mortgage free. I have been reading lots of diaries and looking at our paperwork. • Our fixed rates end next year (on main mortgage and further advance) so I am planning to fix for another two years as the rate is so much better than the standard…
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Buying a Bigger Birdhouse - MFW 2022
Greetings, Welcome to my first mfw diary :) it's nearly a year since I actually got my mortgage and yesterday i made my final over payment of year 1. Since i didn't spend as much on the move as i expected it was moderately easy to overpay the full 10% (more than that and i get penalised). Year 2 will be more of a push so i…
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the daily nudge
Hi everyone. I love passively reading other people's diaries - they really helped me stay focused in the past, so I thought why not open my own and see how I get on... My focus for the next couple of years is to find a good balance between "financial health i.e., overpay mortgage-grow pension-save-invest" and "enjoy life"…
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My 'mortgage free' Dreams!
Hi guys! Happy new year :) I have been lurking for a while reading peoples diaries and though with it being a new year i would start my own to hopefully hold me to account. I completed on my house 31.10.2020 first time buyer buying alone. Purchase price : £123000 Total deposit £24,600 Total Mortgage: £98,400 2.39% Fixed…
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1% challenge 2020
After a successful start in 2019, here's the new 1% challenge thread for 2020... When faced with a debt that ends in several 000s, overpayments can feel like a drop in the ocean. Maybe you've been OPing for a while and feel like there is little left to squeeze out of your budget. Maybe you've lost your mojo with OPing and…
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While rates are low... do you overpay or save?
So we owe a lot of money on the house. My thoughts are that while rates are low we should really hammer the mortgage to reduce our financial liabilities and we can’t get any decent return on our savings anyway. We currently have about 60k in savings. I propose to keep about 50k and continue to overpay the mortgage (we can…
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Earthgirl's Final Battle
Hello all, My last diary was unceremoniously deleted by the powers that be, and although I have tried to get it back the nice people at MSE towers can't reinstate it (just doing their jobs). I think the title might have offended somebody :( So as my last post was my goals for 2018 - where I laid out my plans for 2018 and…
