Mortgage-free wannabe

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…

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…

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

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…

Hey guys, I'm trying to illustrate the effect of paying off my partners small mortgage but I'm getting a little lost in the detail. Here's the summary: * Her property is for sale, target price £210k * There's a mortgage on it, costing £750 pcm, with the interesting being around £112, and £48k left on the mortgage. * When…

Sorry for the pun in the title, it will make sense shortly. Myself (35M) and my wife (37F) have just purchased a new build house (Castleford by Kier Living) for £440,000. Large mortgage of £350,000 at 1.54% over 33 years (until wife is 70). Both currently working full time, but wife is 25 weeks pregnant with our first,…

I've read so many inspiring diaries here over the last week or two that I thought I'd document our own efforts. This morning I made our first mortgage overpayment! Who knew waving goodbye to a huge chunk of money would be so exciting! :rotfl: I put the full 10% allowed for the year into the account in one go. We had been…

Is there a way to get a mortgage without any fees? I am willing to have higher interest rate, rather than paying a fees £699 for a mortgage advice. 

I'm starting this diary in anticipation, so that I have focus for 2019. It's a bit of a long story, but to give the key facts I'm 32 and married. I graduated in 2008 into recession which wasn't the best, and live in the south east where house prices are absolutely insane. When I was younger I helped both of my parents a…

Been a lurker for many a year, returning occasionally to read the inspirational stories of others quests to be mortgage free We are a mid 40's couple both with decent jobs , 2 kids already growing up too fast. We bought our first home in 1995, right at the bottom of the cycle as it turns out, sold that in 2001 when we saw…

Confession time, we need an outsider's perspective. This year has brought about some significant changes to our household. At the start of 2020 myself and my partner (both in our early 30s) were at the peaks of our respective careers and were loving life with our 1 year old and a happy, healthy lifestyle. Having been…

Hi all, this is my first ever post on the forum! I am looking for some advice on overpaying my mortgage versus keeping some savings/emergency cash fund. Until recently I always felt that it was important to have an emergency fund, and for the past few years I have kept about some cash in a savings account 'just in case'.…

Hi all After a reality check and some focussed advice. Many many MANY years ago I started a thread on here. Dream was to be mortgage free by 50. Well, I am 45 (nearly) and have £62k left to pay. After some advice on how achieve this. We now have 2 kids, (4 and 6) and I work in a supermarket. Cmon you mortgage free gurus.…

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…

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…

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…

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…

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…

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.…

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…