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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 -…
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REDUCE TERM OR OPT FOR REDUCED MONTHLY PAYMENTS
Hey All, Just spoken to Santander about over payment's on my existing mortgage. I've been told I may be asked to either choose to reduce my term on the mortgage or reduce monthly payments on my fixed monthly mortgage payments. Slightly confused :/ not sure which to choose. Any help will be appreciated Thanks
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Debt-free, Stress-free now Mortgage-free Wannabe!
Hello all! We became debt-free at the end of January 2020 shortly
before the pandemic hit – phew! It was a right slog but we got there. We are now onto the next phase which is paying down the
mortgage. We are due to switch to a tracker mortgage with Nationwide in July
2020 at a rate of 1.69% unless of course the base rate…
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Chipping away one day at a time
Hello! After having a good lurk on these threads I thought I'd join (I'm hoping having somebody else reading might make me more accountable! I took a mortgage out on a two bed semi detached house in July 2018. I took a mortgage of £99,000, over 25 years with a five year fixed rate of 2.14%. I was really frightened about…
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Can the mortgage rates be negotiable?
I'm learning a TON about the mortgage game. There's so much that goes on behind the scenes with mortgages being bought/ sold, etc. With all this craziness, I just had the thought, are mortgage rates negotiable? texttospeech.onl I've called around a bunch the past couple days shopping for the best rate. I've been quoted…
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Flexible/Offset mortgage with repayment penalties still worth it?
Even if there are penalties for a flexible/offset mortgage, is this not still a better option in the long term as once your balance reaches the debt on the mortgage you are mortgage-free?
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Mortgage free or saved cash?
Good evening, Hopefully I’m on track to have enough cash saved to pay off my mortgage when the fixed rate comes to an end in just over 3 years time. However, I’m undecided as yet whether I’d like to stay where I am and be mortgage free or whether to move on to another property, but I’m unsure if there’s any…
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Never to early to start looking at being mortgage free
Hi Everyone, So after spilting up with my wife a few years back and renting for the last few years i've finally saved up enought to get back on the property ladder and hopefully hearing this week about a moving/complention date at long last. Some of the good things i've learnt from saving the depoist is keeping an excel…
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Longer term mortgage paid off early or shorter term paid on time?
We're getting a new mortgage after renting abroad for the last few years and are trying to decide the best way to organise our repayments. Would getting a 20 year mortgage paid 5 years early or a 15 year mortgage paid in 15 years, on average, work out any different? I've seen the article that advises to balance the…
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Taka's journey to freedom
Right… another try at this diary lark! When I started the MFIT challenges (MFiT mark 1 - over a decade ago!) my target had been to get rid of my mortgage by the day my 1st mortgage would have ended. That day is just under a month away and… it is not going to happen by then. Well... I could pay it off but it'd mean…
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£100,000 in 5 years
So yet another new diary ,hopefully this time I can stick with it ,I don't seem to be very good at updating sadly ..Anyway due to selling several items that we had inherited years ago plus a small amount of money that we had managed to save this year we now have around £100,000 left to pay . we have approx. five and a half…
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Pay down mortgage or save for now?
Looking for some advice. I bought a shared ownership flat (35%) 12 months ago. I can comfortably manage the mortgage payments and I am fortunate to be in a position where I still have over £1k a month that I can save and over the past year since buying I’m managed to save a further £11k (after all my savings went on the…
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Planning to pay off small mortgage this week
I've never made an overpayment to my mortgage. I have two, the main one form the property purchase from 2003 and a second secured loan I took out in 2004 to help fund a new bathroom and kitchen. The balances are approx £48k and £2.7k. This week I plan to clear the smaller balance in full. Financially I've had to count the…
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Buying now, mortgage free or not?
I've sold my last property and am looking for a new home. I have enough equity to be able to buy a smaller property (1 bed flats) outright, or can get a mortgage of say £50K to buy something larger. I'd love to be mortgage free, less worry about job security etc., but then again should I get a better property and mortgage…
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Advice for young mortgage owner!
I bought my house just before my 23rd Birthday. It was worth 70K and I put down 10K and have been paying it off over last couple of years. My roof has been leaking and so now need to have a new roof placed as well as possibly a new bathroom. I am worried that I am going to end up paying out more than my mortgage was worth…
