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Tiny House Living 21st Century
Never done this before but hoping I may get some help! So my partner and I want to buy some land, nothing drastic, and we have the means to buy a completely eco friendly tiny house. I’m talking rain water filtration system, solar panels, home biogas system and compost toilet. Veg patch on the land and a 2 bedroom tiny…
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Snowball calculator says 5 years... will I do it?
Hi all, I have decided to start this diary in order to focus my mind and basically put in writing what my plans are. I have a couple of different debts and my aim is to knock them all down and be mortgage free by the time I am 45....I'd love to do it by 40, but I think 3 years is a push. I have 2 mortgages, £55000 on a…
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Halifax mortgage offer
Hi I received my mortgage offer today stating special conditions as “You have declared an intention to pay some or all of your outstanding credit commitments. The mortgage advance has been assessed on this basis and it is your responsibility to ensure that these commitments are repaid. Completion takes place on the…
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Let’s get this Monkey off my back
Hi guys , newish to the board although I’ve been a lurker for many years - sorry. Anyhow I want to clear my mortgage debt as soon as I can , I’m pretty clear on my goals but was wondering if I’m missing anything that you guys can help me out on . I’ve no personal debt or car finance so any spare cash can be ploughed into…
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Six month target
I realised that with being careful to stay within budget, I might be able to achieve a significant mortgage milestone by the end of the year and thought I would give a MFW diary a go. I've deducted all mortgage and bill payments from my income and used the MSE budget planner to consider and put aside money for all the…
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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…
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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)…
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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…
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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?
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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…
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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…
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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…
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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
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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…
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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?
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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…
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Using ISA cash to pay Mortgage
useless....
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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…
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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.🤞
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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?
