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Should I stay or should I go?
Hello, I’d love some help making a decision about my home life. I’m a single person (aged 38) who currently owns a four bed house with two lodgers. I bought the house cheap and renovated it and have ended up with more debt than I had planned (mortgage, bank loan, credit cards and borrowing from friends) The house isn’t…
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lump sum - pay off remainder mortgage or save for rainy day as economy currently very wet?
I have just got a lump sum payment for £35k, almost exactly the remaining sum of my mortgage. I am 52 and work in very volatile industry (arts). I have had good 3 or 4 years (until corona) recently - though this has not at all always been the case - and have managed to pay off all my outstanding debts apart from my…
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3 years debt free - is it possible?
I've drawn up this scheme in my head but I feel like I'm missing something Currently me and my partner earn 95,000 after tax between us We keep 800 each in our current accounts and put 1000 on a joint card between us for household bills / supplies 5,000 then goes into savings I also do some work on the side which nets me…
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Property in Trust
Hi could anyone give some advice please, my sisters partner , was left a property which has no mortgage on which he rents to his daughter and her partner below market rate. As the property is quite small they would like to extend. He is going to leave the property to his daughter when he dies. He wanted to know if the…
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Pay off full mortgage
Say you had a mortgage of £100,000 and you were paying it as normal.Then you won £250,000 on a scratch card.it would make sense to stop paying mortgage and just buy it all with a lump sum payment.but is this possible? If yes what is the name given to such a event, are their hefty fees etc... Another question on similars…
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Will we have problems remortgageing if I loose a bit of salary?
Hi all. My partners income will be staying the same (21k per year) mine is (27k per year) Mine and my partners mortgage renews in April, and my current job is becoming unbearable, with the amount of hours I have to do, so I am considering becoming self employed earning the same amount of money but less hours. When coming…
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Free By 45
Hi everybody. I previously had a username and diary here many years ago, but I completely forgot my login, so here I am with a new login and new diary! My goal is to pay off as much as possible, if not all of my mortgages by my 45th birthday, which just happens to be 45 months away in 2024. I have two mortgages, one is a…
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Any single mortgage free wannabes?
Hi there I know that it shouldn't make any difference and I have been reading a few of your diaries and picking up hints and tips but I was wondering if any of you were single with no kids? Would be nice to see how you are coping with only one wage coming in and no one else to rely on. It would be good to follow those I…
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Advice please
Hi 👋 all, Have just taken out a mortgage on a £300,000 property which consists of £23,000 deposit £60,000 help to buy leaving £217000 mortgage. I’m on a 5 year fix with Barclays @ 1.8% . Would it be better to overpay in the mortgage given the low interest rate or concentrate on saving as much on the help to buy to pay off…
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Halifax variable
Hi, Think Im reading this on the Halifax website right and Im down to just under 9k left now so going to bang this out as much as possible... End of my current Halifax deal 1st May. I take it it moves onto a variable then automatically? Also anyone know if you can do as much/many overpayments as you like then? When you get…
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Halifax Overpayments
Morning For the last 6 months or so I have been making small overpayments on my Halifax mortgage via online banking. Do I need to contact Halifax to specify that I would like the overpayments to reduce the term of the mortgage? Since beginning making the overpayments they add upto over 1 months repayment, or 2 months worth…
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Redemption
I'm coming to the end of my Halifax mortgage. Yippee. Is it best to request a redemption figure or should i pay off the mortgage leaving an amount much less than the last normal mortgage payment plus expected inerest and let them work any overpayment
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Soon to divorce and need to save 60,000 over 5 yrs
help I need to save 60k over next 5yrs to pay off a mortgage. 2 kids under 16yrs. Is there any advice apart from being careful.
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Humour me, interested in peoples opinions.
Hello everyone. We have been mortgage free less than a year and are looking to move. We live in an area where housing is cheap and want to move to an area where it is more expensive. We had come to accept that we would need to buy something smaller than our current home but have looked at houses in our price range for the…
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Buying the Burrow
Hi all, I've been a very long time lurker on the MFW boards but I've been really inspired by some of the great diaries on here and wanted to start my own to keep me accountable on our LONG journey. A bit about us - I'm from the UK but live in Australia with hubby and our four little ones in a surprisingly small house for…
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Taking it slowly, but doing it well.
Good evening all, I'm rejoining this thread and you lovely people after a break of a few years. I've got a new user name, but only because I can't get back into my old account. (My old diary was called 'Today is not a NSD' I've kept the start of my username the same, so it's still a big wave hello from me, Wish. A quick (I…
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My 25 Months Challenge
Hello all :wave: I've been reading and been so inspired by lots of diaries on here that I've decided to take the plunge to gather together my random and discombobulated plans into one place. Our family is me, my boyfriend and 2 cats. I couldn't think of a name for the thread but as our current mortgage fix comes to an end…
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Is it always worth overpaying mortgage?
So a bit of background, we have a 3 bedroom property that we will be looking to sell in about 6 years. We have 2 daughters (currently 3 and 13 weeks) so will need a bigger property before they are teenagers. We aim to be completely mortgage free in our forever home by 50. We currently have £1000/month spare income but only…
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Line of credit
does anyone one know where in the UK I can get a personal line of credit please?
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Right at the start of my journey....
I’ve decided to start this diary to hopefully motivate myself to become mortgage free. My little boy is 2 and a half and I got into quite a bit of debt preparing to have him and then taking a year off on maternity. Husband is in the army and was posted 400 miles away from us so we went and lived there for my maternity…
