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5 years to freedom
Hello everybody. I have always overpaid a bit but the current situation has made me realise that more than anything I really want to own my home in full. Ironic I hate having a mortgage when considering my job. We are in our forever home - I am 36 and husband is 43. We have two boys 4 and 7. If anything lockdown has made…
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Early payment of mortgage
We bank with the HSBC , I asked them what would I pay if I paid off my mortgage early , my wife is retiring and we can put money in to pay it off , there are no redemption fees, they came back with a figure of what we owe now less the respective monthly payments, no interest taken off, is this right ?
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Pay off Mortgage and have no savings?
HI, I am facing redundancy and will get a payout if/when that happens. With the payout and savings I would have enough to pay off my mortgage just. Is it wise to do this and have no savings? TIA
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Paying off someone else's mortgage
Can anyone help with the legalities involved in paying off someone else's mortgage by installments and developing a legal charge on the property in doing so? I'm due to inherit some money, split between myself and my three siblings. I'd like to use my portion to pay off my mother's mortgage as she's only currently paying…
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MF - now the 2 year journey to financial freedom 😁
I'm starting this new thread a bit earlier than planned :D My old diary is here: https://forums.moneysavingexpert.com/discussion/5940974/2019-transforming-and-becoming-mortgage-free#topofpage (Hoping that link works - not great with technology! :rotfl:) Now that I have achieved the majority of the goals I set last winter…
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Pocket Poor
Hi everyone, Setting up my diary, ready for 2020: We are a family of 3, me, hubby, daughter, plus our beloved pooch. The plan is to pay off our mortgage over the next couple of years. Balance as of today is, £52731.00. We are getting our plans in place and will update on here to stop me straying and spending my money on…
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Pay it off early or sit it out?
Can anyone help me to work out the cheapest option on the following mortgage dilemma please? I have 2 fixed rate mortgage products with HSBC. Part 1 is fixed until 31/01/23 at 1.74% with £16,400 remaining. Part 2 is fixed until 30/11/23 at 2.14% with £13,950 remaining. Both products expire 31/12/2025 and revert to variable…
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Improving all the time
Hi, everyone. I bought my first house September 2018, and having been all over MSE looking at mortgage discussions, came across the MFW forum... I had NO idea OP'ing was even possible! Blew my mind for about half an hour, and then I started reading diaries, and then I started plotting. I have £151,000 mortgage over 20…
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Finally financially controlling my future!!!!
Hello you lovely like minded mortgage free wanna be's!!! omg its been such a long journey to get into this position but I am finally in sole control of my financial future and let me tell you it feels amazing! I am absolutely thrilled to be in this position. So a bit about myself, I am a single mom to two little ones who…
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Would you avoid fully paying off a mortgage simply to avoid paying an ERC ?
Hi all, As above. If you were in the position to fully pay off your mortgage but by doing so you would incur an Early Repayment Charge, would you avoid paying it off in full to save yourself the ERC ? Or would it depend on how much the ERC was ? We are in the position of being able completely pay off the outstanding £60k…
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Starting my mortgage free journey which direction to take
Hi, Im currently on a mortgage fix for 5 years at 2.59% on a 15 year mortgage in november ill be 2 years into my mortgage journey. I started with oweing £72000. I have a bit of spare saving which i like to make the best use of my money what course of action would be best after the 5 year fix. Should i wait until the fix is…
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Mortgage Free by Mid Century
Hi All, I have come here to post a cheeky starting thread, with the caveat that I am being a little out of sync, as I belong very much in the Debt Free Wannabe boards at the moment! I have approx 26000 of debt to family and a car loan, all at 0% interest. I bought my first home about 2 years ago, buying too much house and…
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First time Buyers - When to start overpaying?
Hello all, Myself and the girlfriend (both 24 years old) have just purchased a property as first time buyers and one of the things we have both agreed is that we want to overpay on our 25 year mortgage. On the assumption no extra fees are involved.. Do you think we are wise doing this straight away when we move in? Or…
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Finance advice from you guys and gals please ?
Hi there , I’m not very financially minded I need to be especially during the current corona situation.Im a home owner £147,000 mortgage remaining on home valued at 175-180,000 29 years left, one year left with HSBC at £560 a month. Fixed. Currently ERP is £1100. I have a credit card with 6 months left at 0% with £6000…
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Journey to be Mortgage Nuetral and Mortgage Free
Ever since we got our mortgage back in January 2011 we have longed to get rid of it. This forum has been a source of great inspiration in helping us along the way. Who are we? Well there is my wife (37), myself (38) and our two girls 6 and 4. We are both in secure pensionable jobs but my wife is gone part time in the last…
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Making overpayments to Nationwide
I am now pretty much in a position to start overpaying my mortgage. I'm with Nationwide and when I log in to the overpayment page it seems to suggest that I need to pay £500 or more if I want the option of reducing the mortgage term. Am I reading this correctly? I was hoping to pay around £200-250 per month on a direct…
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Feel a Bit of a Fraud TBH
I have to say I am still in shock – I am now mortgage
free. I feel a bit of a fraud as I sold our family home of almost 19 years and
have downsized to something beautifully formed and more manageable at the start
of July. The road to this point has been traumatic and so very,
very hard. In 2009 my marriage of 14 years fell…
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Can clear mortgage but ................. sound advice sought
Hi, It’s a little bit premature asking for advice but it’s something that’s been on my mind for awhile. I’m being made redundant around June July next year and since this was announced last year the redundancy package has been negotiated & finalised so I have a rough idea of how much I’ll be getting for my 21 years service…
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Mortgage overpayment strategy
Hi there, I'm currently on a 1.74% fixed mortgage, paying £408 a month. I'd like to set up a standing order for overpayments of £200 a month. Does it make a difference to reduce interest whether you overpay weekly, fortnightly rather than monthly? for e.g. either £50 weekly, £100 fortnightly or £200 a month.
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The Long Road to Freedom
Hi all Long time lurker - finally taken the plunge and signed up to share with you all my mortgage free goals as my wife is becoming bored of it! A bit about us; Both early thirties No children (hope that to change in the next couple of years) Live on the South Coast Current Mortgage Debt - £228,200 Current House Value -…
