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First OP made. We're on our way!
I've read so many inspiring diaries here over the last week or two that I thought I'd document our own efforts. This morning I made our first mortgage overpayment! Who knew waving goodbye to a huge chunk of money would be so exciting! :rotfl: I put the full 10% allowed for the year into the account in one go. We had been…
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Is there a way to get a mortgage without any fees?
Is there a way to get a mortgage without any fees? I am willing to have higher interest rate, rather than paying a fees £699 for a mortgage advice.
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The first hurdle - Nichelette v the huge mortgage
I'm starting this diary in anticipation, so that I have focus for 2019. It's a bit of a long story, but to give the key facts I'm 32 and married. I graduated in 2008 into recession which wasn't the best, and live in the south east where house prices are absolutely insane. When I was younger I helped both of my parents a…
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Mortgage Free in 18mths or less!
Been a lurker for many a year, returning occasionally to read the inspirational stories of others quests to be mortgage free We are a mid 40's couple both with decent jobs , 2 kids already growing up too fast. We bought our first home in 1995, right at the bottom of the cycle as it turns out, sold that in 2001 when we saw…
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Financial Independence
Confession time, we need an outsider's perspective. This year has brought about some significant changes to our household. At the start of 2020 myself and my partner (both in our early 30s) were at the peaks of our respective careers and were loving life with our 1 year old and a happy, healthy lifestyle. Having been…
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Overpay mortgage or keep an emergency cash fund?
Hi all, this is my first ever post on the forum! I am looking for some advice on overpaying my mortgage versus keeping some savings/emergency cash fund. Until recently I always felt that it was important to have an emergency fund, and for the past few years I have kept about some cash in a savings account 'just in case'.…
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Eat, Slay Mortgage, Sleep, Repeat
Hi all After a reality check and some focussed advice. Many many MANY years ago I started a thread on here. Dream was to be mortgage free by 50. Well, I am 45 (nearly) and have £62k left to pay. After some advice on how achieve this. We now have 2 kids, (4 and 6) and I work in a supermarket. Cmon you mortgage free gurus.…
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Paying off more including ERC, or not?
Hi. I have a 19 year mortgage at about £190K on two products averaging at about 2%. I have the option to pay off 10% per year, Early Repayment Charge (ERC) free - which intend to do. I am lucky enough to be able to afford to pay off a little more than that. My question is it worth paying off more and incur a 5% ERC against…
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Changing Conveyancer mid purchase
Hi all, A very long story short, our current property solicitor has been working with us for nearly 18 months and in that time it looks like we will have failed to Exchange on 2 properties. There are a few issues but the main one is: “5. This is my main concern, there is a mortgage registered over the land and restrictions…
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Smashing 300k in 10 years
Hi, I’m starting this as a little note to myself and putting down a wholly unrealistic target that I’d love to achieve in my wildest dreams. As of today we owe around 305k on our mortgage. I’m 35 and I would love to be mortgage free (or at least mortgage neutral) by 45. My children are in Reception and year 2, so this…
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MFW tips and journey
Right so I have realised I want to be mortgage free. Please can anyone give me any tips? It’s all welcome. I can make an overpayment of £880 per month. I have just under 33 left over 8 years with no penalty to overpay with an interest rate of 2.77.. When I think of how much I have spent on handbags and clothes over the…
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Beginning at the start!
We haven't even completed on our house yet (we exchanged yesterday and completion is set for Friday!) but I'm putting this here to try and keep me motivated to start chipping away on the terrifyingly large mortgage as soon as I can! And to give me somewhere to vent and think out loud. I'm feeling pretty overwhelmed right…
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Overpayment
Hi everyone, first time posting. I have 8 years left on my mortgage through overpayments. It’s a repayment mortgage at 2.77 percent. There are no penalties for overpaying. I can now afford to pay about £750 per month overpayment. I also pay an extra £133 per month extra as part of my direct debut from my mortgage company.…
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Can I make a lump payment without penalty between mortgage terms?
We're about to sort out a new mortgage deal for 2 or 5 years, rather than going onto a variable rate when the current deal ends in January. But I can't find an answer to this anywhere - can we make a big ole lump payment between deals without paying a penalty? I realise now that we should really have been overpaying by the…
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Overpayment query for two mortagages
Quick query I was hoping someone cleverer than me may be able to help with! I moved house in September and as part of this had to port an existing mortgage on a fixed rate (expires January 2021) as well as take out a new 'top-up' mortgage on a tracker product. This was to avoid early repayment charges. I therefore now have…
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Our journey to peace
Hi all :) what a ride this year has been! I was not expecting to be here, but here we are. A bit of background info. We had accepted an offer on our house, and we had had an offer accepted on a house. We paid for searches valuations etc, and then the owner kindly told us the house had had subsidence last year. We decided…
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How to split "The Iceberg"....?
Hi all. So, in brief we have a large mortgage. Like, big (£800k). We call it "The Iceberg". We pay it each month standing on our heads, but that's not the point here. The point is, it's big and crucially it's a giant chunk of debt with one lending house. This makes me nervous for multiple reasons: * a) we can't go through…
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Lump sum pay off mortgage on invest in SIPP (over 55)
I have a very small mortgage which will be paid off in 4 to 5 years, however I could pay a lump sum (inhertiance) which I am about to receive in to the mortgage (£43k) which would reduce the monthly interest from £143 to £91 per month saving and repaid in 3 years (saving£1872 in interest) However I also have an active SIPP…
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Started to overpay the mortgage indirectly.
I've done some number crunching and I have £46k left on my Santander mortgage and is fixed @ 2.69% to May 2025 (7 year fix I started in 2018 as I like stability) but has 7 years and 8 months until fully repaid. I had a small second mortgage which I paid off early this year and decided to contribute more to the now one…
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overpayment and ERC
I have just got access to a large pot of money. It was savings I had which may of been needed for a court case but now no longer needed. Lets say maybe 60k. I now want to overpay my mortgage but am limited to the 10% overpayment in each year without incurring Early repayment fees. I will do a payment in two parts so that…
