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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…
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[New Diary] Mortgage Free wannabe before big 40! (2024) - new build
Hi Everyone! Long term lurker; not much poster. Been saving for a good 5-6years+ now to own our own place. Have always had a 'if you don't have the money to buy it outright; you cant have it' motto so a first-time buyer with a hefty mortgage is a bit outside of my comfort zone.. Looking to pay off my mortgage before I turn…
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BachSoon's mortgage mission
Hello :hello::hello: Long time lurker here. I read your diaries and have been inspired to create my own. I've been particularly inspired by MuseumWorker, Sellotape, ShanghaiJimmy, Beanylou, Waty, amongst many others! I originally had one, way back in about 2014 when I brought my house on my own, when I was young, free and…
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Overpayment question
Hello, sorry if this has an obvious answer but I’m flummoxed. I have 2 parts to my mortgage: original part (house purchase) on a low variable interest rate and a smaller 2nd part (for house extension) on a higher rate, currently on a 5 year fix. I want to get this smaller part paid off within the 5 year fixed rate, and am…
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Mortgage Free (or Mortgage Neutral)
So after years of strategic overpayments (to avoid any ERC), and lots of saving, as of today the amount in the offset matches the balance. I don't know if that qualifies as mortgage free, but there is still an ERC for the next few years so it'll be a case of %age lump sums for that time, but it still feels pretty good.
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Early redemption of a repayment mortgage - who is mad, me or HSBC?
Hello, First of all I realise these are difficult times and some people are struggling financially, so I hope anyone reading this who is in that situation is seeking any advice that is available and that you resolve any issues without too much anxiety. The central theme of my question is that intellectually I had always…
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What did you mortgage free heroes do with the deeds and the surplus monthly cash ??
Hi all, I am about to join the MSE Mortgage Free Club - not through great financial wizardry but more both parents passing away (but that's another story) - and had a couple of what, seem like, stupid questions for the existing members: * Presumably, once the mortgage is paid off - the lender will send me the deeds. What…
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Long time reader first time writer
Thought i would join in to keep up my motivation, My mortgage background, Bought my house in 2011 for £122,500 with a %15 deposit, I have remortgaged once 3 yrs ago which valued the house at a safe £146,600 Over the years i have more often than not kept a monthly overpayment up weather it 50, 100 or as now £150. My current…
