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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…
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How to calculate if its worth paying mortgage off
Hi,I have a fixed rate mortgage until 31 Jul 2022. I can make a yearly overpayment of 10% with no charge. I intend to do this first thing in the new year. As it stands, the early repayment charge is 2%, which then reduces to 1% in August 2021. Is there a way to calculate - if I didnt pay the mortgage back early - what my…
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To pay off mortgage or wait to buy new house
I’ve been working to be mortgage free for a while now (helped by being in an area in the north of England with cheaper properties and making a good purchase at a good time). I am now in a position where I have received some inheritance that will be enough to pay off my current mortgage. However, I’m also planning to move…
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What to do?
Hi everyone, First post on the site. Basically me and my wife have been working to pay off the mortgage for the last 17 years, we have also been building up the emergency fund. We are now in a position where we owe £6,500 on the mortgage and have £10,000 in the emergency fund. We are currently paying £700 a month of the…
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Over payment advice please
I wonder if anyone could give me some advice on making over payments on my mortgage please. I’ve set myself the challenge of making over payments of the interest for next year but I’ve started over thinking it and second guessing what is best to do! I’m planning on over paying £2085 next year which is based on the daily…
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£1200 left
Hi, So Im likely to be able to kill this off at the end of next month. As far as I know with Halifax Im on their SVR deal @ 3.59 so no ERC? How does this work then, how do I do the final settlement figure? or if I have just a bit left feb 1st which is less than the normal monthly payment, do they just take the balance then…
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Personal loan and remortgaging
Hi, I have question pls. Me and my husband is planning to get a personal loan of 40,000, we are planning to buy a house abroad. Will our personal loan affect our ability to remortgage by 2022? Thanks.
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Signed deeds over thinking was off the mortgage
Good evening, was wondering if anyone had any information that could help. January 2017 I brought a house with a ex but soon after the relationship broke down and I moved out we have one child together. Later that year I met someone else and wanted to move on so asked to come off the house she had also met someone else I…
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Repayments
Hi , I need plain English explaination about my mortgage over payments. I have a fixed rate repayment mortgage with Barclays. Recently I've decided to start over paying , not on a regular (set amount) , but a £100 here 200 there basis. My confusion is that the balance does not reduce in relation to the payments. £93,816…
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£99,963.74
Welcome to my first ever mortgage-free wannabe diary. :T I purchased my home 6 months ago and am still recovering from the shock of the monthly interest payments. I bought it for £145,000 with a 95% mortgage at 4.04% fixed for 2 years. I would have liked to save up a 10% deposit to get a better rate but it wasn't possible…
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Fingers crossed MF in 6 months
Watching these discussions for a while and wanted to say am hoping to finish my Mortgage in 6 months and it will be payed off 5 yrs early . Mortgage 8,000 left to pay . OP of £350 per month and any extra in between i can pay . Credit card gets payed off in full . Thanks for listening x
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Overpay on the interest only or repayment element ?
Hi. I’ve been inspired to try to do what we can to make overpayments on the mortgage with a view to be able to pay it off a few years early. We can initially afford to make regular overpayments of about £60 a month with the intention of then making extra payments when we can but I’m not sure if if would be best to make the…
