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Mortgage-free wannabe

On your journey to becoming mortgage-free? Share your goals and support others looking to pay off their mortgage here.

Short or Long term fixed interest term (porting costs)
Hi all, So just to say, I have some time until I need to change my mortgage, and with rates where they are, I'm starting to think of fixing in for a longer term - potentially 5+ years rather than my current 2 year term. What I am struggling with, is trying to forecast any porting costs in the future should I decide to move…
Mortgage overpayment calculator
Hi, we are come into a chunk of money and want to pay off our mortgage. However, we are just about to enter the 2nd year of a 5 year fixed rate mortgage (1.57%) so I'm trying to work out if we would save more in interest by paying it off in one lump and taking a 5% ERC hit or whether to pay a lump sum of 10% (free of ERC)…
My Journey to an exciting future!
Good Evening All, I have been an avid reader of this forum for sometime however have always stopped short of creating my very own thread. I find so many of the stories inspiring! A little context about me. I am a mid 30's man who is married to his childhood sweetheart, we have a 4 year old daughter and there are…
Does an over payment benefit me?
Hello, Agreements with my current lender to borrow more have broken down and I may need to look at other lenders I have the cash to make a 10% over payment now, does it make sense to do that, will I then pay 10% less early repayment charge if I was to move lenders in 2 months time?
Clearing 241k in 5031 days - let's go!
Finally decided to join the mortgage slayers :) been here for ages and love reading everyone's diaries The challenge - 241k in just over 5000 days :# The mortgage was originally due to be finished 28/05/2034 but between the period 2010-2014 we ended up on interest only due to redundancies so the end date is now sometime in…
Overpaying Mortgage or save for a lump sum?
Hi all, We have money in Premium Bonds and have been told the rate is being slashed. We recently bought a house and have a mortgage for 192k on a 2 year fixed rate and we can pay off 10% each year. In my mortgage contract it says 'The overpayment will reduce the balance of the account and the interest due will be…
Future Me & the Rabbit Hutch House
So having lurked on MSE forum for a couple of years I am finally mustering the courage to start a diary to keep myself on the straight and narrow and to try and make proper inroads into 'becoming a grown up'. I've read through many of your diaries and have taken inspiration and learnings from all of them so let me start…
Mortgage repaid, excellent credit score but unable to get a loan
I have repaid my mortgage, have an excellent credit history and score but am unable to get a car loan Any advice or ideas welcome
Overpayment penalties
I have a question about mortgage overpayments. Provided my sale completes without issue I’ll have a mortgage of £1013 per month. I can afford to comfortably overpay £500 per month. However there are penalties for overpaying. 5% in year one 4% in year two 3% in year three etc. The current interest rate is 2.7% (mortgage is…
How to maximise monthly debit payment
I have discovered it is free to change the term of my mortgage so would like to use that to increase my monthly mortgage direct debit. The question is, what can I do or point out (given that the mortgage appintment is on Friday) to make this as big as possible to reduce the total I pay in interest?
Early Repayment Charge - is it worth it?
So I've got £52k left on my mortgage, the current mortgage rate is 2.49% and unfortunately at the time in 2017, we took out a 10 year fix, so its due to expire in 2027. We have managed to save a lot over the last 3 years as well as overpaying max 10% of balance per year and my estimations show that I'm due to pay it off in…
Using ISA cash to pay Mortgage
useless....
Overpaying with Free overdraft
Hi All, I currently have an arranged overdraft with my lender that by some mistake I don't pay any interest on. No matter how long I'm overdrawn for it costs me nothing. With this in mind would it benefit me in using it to overpay my mortgage by an extra £500 a month? I only have a few years left on my mortgage, would…
Overpayments one off or monthly ?
I'm looking at overpaying on my mortgage, but cant work out if overpaying £200 a month or a £2400 one off payment a year every year is better ?. Calculators dont help with this 😩 so any help would be much appreciated.🤞
Action after mortgage paid off
I can’t believe that we are close to paying off the mortgage, hopefully a few months away. After the final payment is made, what’s happening and what do we need to do to establish ourselves as a house owners without a mortgage?
30 small steps
Hello. After making OP here and there and being on track life has thrown me a few curveballs. I am now married and have a little boy which has lead us to converting the loft. Savings have paid for half but the remainder has increased the mortgage by 30k hence the diary title. I want to make some small OPs whilst I build up…
Fixed rate mortgage - overpayments allowed?
Hi all, I have 10 years left on my mortgage and thinking of taking out barclays 10 year fixed rate at 1.99 percent. I would fix rate for 10 years and also take the mortgage term for 10 years. It says 10 percent overpayments are allowed. But if I pay 10 percent extra every year, the mortgage would be paid off early (7…
Halifax overpayment question
Hello, I have been enjoying the diaries on here and have a question for myself. On my online banking I can make a lump sum overpayment. Will this reduce the term of my mortgage or do I have to phone them for this to happen? Anyone here have a Halifax mortgage who could help? Sorry if this seems a stupid question but I am…
Best time to overpay mortgage in the month
I have been told interest on my mortgage is calculated daily and applied on the last day of every month. My normal payments come out by direct debit at the very beginning of the month. When is the best time to make overpayments to benefit me? Or does it not matter? Thanks
Help! To clear or not to clear...
Hello, How does inflation affect whether you pay off your mortgage or not when rates are low?? I am in a bit of a dilemma. I have savings in cash earning between 1% and 2%. I currently have a mortgage of £65K at 3.8% which I can afford to clear or reduce. I have always understood the more you can pay off the better. I was…

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MSE News

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Origin broadband customer? You'll soon be moved to Utility Warehouse – here's what you need to know
If you're an Origin broadband and home phone customer, you'll soon be automatically transferred to Utility Warehouse – but your service will continue as before and you should keep paying your bills as normal.
Bank of England cuts base rate to 4.25% – here's what it means for your mortgage and savings
The base rate has been cut to 4.25% from 4.5% by the Bank of England. This rate is used by the central bank to charge other banks and lenders when they borrow money, so the move can impact mortgage and savings rates.
Is now a good time to fix your mortgage or should you wait? Brokers answer as rates continue to fall ahead of expected Base Rate cut
Interest rates on fixed mortgage deals have continued to be cut ahead of this week's decision by the Bank of England on whether to change the Base Rate. But will fixed rates move much further – and should you fix now or wait?
Fixed-rate mortgages continue to fall ahead of expected Base Rate cut – so do brokers think now is a good time to fix?
Interest rates on fixed mortgage deals have continued to be cut ahead of this week's decision by the Bank of England on whether to change the Base Rate. But will fixed rates move much further?
Martin Lewis: How to call your bank by dialling just three numbers
How to call your bank by dialling just three numbers… simply dial 1-5-9. Then you know it's legit. Watch MoneySavingExpert.com founder Martin Lewis' video below, which explains it. And please share – the more people know, the fewer will be scammed.
Martin Lewis: How to call your bank by dialling just three numbers – as 'anti-scam' phone number called over a million times
One million calls have been made to the '159' anti-scam phone number since its launch in 2021, new figures reveal today (Wednesday 30 April). MoneySavingExpert.com founder Martin Lewis – one of the well-known faces most used in scams – explains how to call your bank by dialling just these three numbers.
Martin Lewis: How to call your bank with just three digits – as 'anti-scam' phone number called over a million times
One million calls have been made to the '159' anti-scam phone number since its launch in 2021, new figures reveal today (Wednesday 30 April). MoneySavingExpert.com founder Martin Lewis – one of the well-known faces most used in scams – explains how to call your bank by dialling just these three numbers.
Revealed: Holland & Barrett's supposedly cheaper 'Subscribe & Save' often costs more – it's promised a review after our investigation
Holland & Barrett's 'Subscribe & Save' scheme claims to offer regular shoppers "the best value" – but it failed to do so in the majority of cases MoneySavingExpert.com checked over a five month period. The retailer has now promised to review the scheme after our research found it was often more expensive.

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Mortgage-free wannabe

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