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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…
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Mortgage free by 2028
I have been lurking on this forum for a while now and since I have just remortgaged, I have decided that I will start a mortgage free diary. We have been overpaying here and there for a while, helped by being blessed with decent mortgage rates for the last 12 years or so. Ever since we got a mortgage 14 years ago, we have…
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MFW_by_50's diary - here I come, 2029!
Hello! I’ve been a long time reader of MFW, and have meant to start my own diary for ages. I turned 40 a couple of weeks ago and am determined to be mortgage-free before I am 50, so this diary will help me keep on track, hopefully! I have 83K left to pay, and, all being well, I have a plan to pay it off in 9 years,…
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Interest Only Mortgage Query
I have an interest-only mortgage with 8 years left to clear. The balance at the moment is £126,000. My mortgage is currently £257.00 a month. I have two options: (a) Would it be better to overpay each month (I am not sure if one can overpay an interest-only mortgage, and does this reduce the interest or the capital), or…
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Mort's mortgage muzzling mission
The Mortgage. Mortgage balance £21,230, approximately 12 years to run on a repayment basis. About us. I am 53 and in full time work, Mrs. Mort is younger and has been out of work for a long time because of depression. My job is currently steady but in about 18 months when a current project is set to deliver I may possibly…
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Hazelnutty's New Start
Hi everyone :wave: I've been an MSEr for many years although on and off the forums (I was a total addict of the families board when I was expecting DD) A lot's changed in my life in the last 18 months and it's a new start in many ways so I thought I'd come back and start a diary to help me get me on course. I could do with…
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Half a House
Hello! I realised I hadn’t posted on my old thread for almost a year, so thought it best to start a new one, as things have moved on a bit since I started the old thread. Our situation: we bought a shared ownership house 3 years ago, buying 50% of the property and renting the other half. We were debating whether it was…
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2020 vision. VoucherMan's MFW diary
I only recently came across this forum, probably less than a week ago, but in that short space of time you've convinced me that I should be a MFW. Thanks. I've been making occasional overpayments since base rates dropped to their current levels (couple of years ?). I never discussed with the bank how this would effect the…
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The easiest way to overpay. Am sure lots do this already.
Current situation. Married, 4 small kids 9,8,6,2. Age 37 101k approx on mortgage. Just remortgaged at a rate of 1.64% for 5 years so plan to over pay as much as poss while this rate is so low. I always overpay the mortgage by a little without noticing. Rather like those round up apps for saving I do it for mortgage…
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One Year Count Down
So this is the second time on this forum, we had great delight in finding our original log-in from 2014 (although cannot for the life of me remember the e-mail address and password to access). It stated we would be mortgage free in Jan 2020...we aren't but have made significant progress :) A little background, been in the…
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Davilown and family's attempt at being MF!
Well, having had a LBM in 2007, paid off in 2010, became deposit savings the following month, then finally purchasing our own place this month, we have now to become MFW. £224,995 outstanding, with an aim to over pay £300 pm and an additional lump sum payment in Oct 2020 - This will, if we're lucky, allow us to pay the…
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Should I pay off my mortgage or not?
I have an offset mortgage which was an excellent decision for me & I am now in the position where I could pay it off completely (ie I have more "saved" than "owed") but on the other hand I currently pay £0 interest so could just keep paying off something like £50/month from the capital for a few more years & still have…
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What is the best gaming mouse right now?
Recently, I was searching for a mouse for my cousin. He usually likes to play games, and tends to have better performance and a light gaming mouse. Can you recommend it?
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Over paying on 2 mortgages?
Hi, Looking for a bit of advice. I have 2 mortgages. 1 for my home and the other for my parents home. Both mortgages were recently renewed and both are around the £120k mark. I would like to overpay £200 per month, should I split this and ovepay £100 to each mortgage or is it better to focus on just the 1 mortgage? Thanks…
