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Advice re overpayments or savings
Evening all, I currently have a mortgage of 57K (3 year discounted/flexible deal @ 4.94%), house value is approx 145k. I have 6k in 2 ISA's and 4K in a 4.75% savings account. I can make overpayments (as much as I like as long as it isn't redeemed in full) but would it be sensible to make such overpayments (as much as I am…
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Selling House To Buy A Cheaper One
Firstly: I want to reduce my mortgage considerably. I have 29 years left of a 30 year mortgage with First Active (bank of england tracker, currently 4.something%). To save money, I will overpay by £50 per month, and ask if I can do something bi-weekly/monthly (not sure if they allow this?). I would like to sell my £135,000…
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I have a bigger deposit than my partner plus i want to make overpayments?
Hi, I intend on getting a joint mortgage with my partner, as it stands i have a fair bit more saved than he does. How will this work when getting a mortgage and secondly, i intend on making over payments, im unsure how this works on a joint mortgage - well i am unsure how a joint mortgage works all together. Please can…
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Young mortgage-owner wanting advice from those experienced!
Hi everyone! I am 26 (just turned🥳) and I will soon be completing on my purchase. I will have a 25 year mortgage at 133500. Now I have always been ambitious and hard working in every aspect of my life and I want to pay this mortgage off ASAP. Our house will need decorating and we will also need some furniture as this is…
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Should I stay or should I ...swap?
Hello! I have a dilemma and hope you will be able to help me out. I am on lifetime tracker mortgage with Santander - 2.19% above the rate = 2.29% right now. Capital repayment. Have around £71k left on it. Monthly payment £479 but I do overpay a lot and should be able to comfortably pay it off latest in 3.5 years (42…
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5 years and counting...
October 2020 is the d-day and I am looking to make it even less. This isn't exactly a diary but some reading has made me post here. I am going to look at other posts and add here if it might be of any interest.
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Mrs Trelfa's Master Plan For Trifle Towers
Hello there, Yes its another MFW here with a brand new diary out of the packaging placed right at the top of the tread (well until someone else posts something :P). I have been a lurker on here since me and the hubby decided to buy our first house - yes that's right I have been planning how to be mortgage free before I…
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Interest calculations re. overpayment
I was hoping someone could explain this for me! I can overpay my mortgage by up to 10% every year. In terms of interest calculation on my mortgage, does it matter at what point in the year I do that?For example, say my mortgage was taken out 1st July 2019. One year later, the 10% I can overpay is reset. So does it make a…
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What's Normal Anyway!?
Hi lovely, wise people in my phone! I have a dream... A Plan.... A wish! Even in these uncertain times. I am going to be contractually mortgage free in 2026 but I would like pay it off earlier so as to get myself into another 20 year mortgage before I hit 45. Currently I'm not working.... not even earning a penny and I…
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Re-mortgage and additional name
My partner wants to remortgage his house and add my name to the mortgage. Can we just remortgage direct or do we need to involve a solicitor?
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Confessions of a house hoarder
Hello MFW board :wave: It's about five years since I last posted here, but I'm back from the DFW board and ready to start tackling the mortgage. Er, or not. We accidentally bought another house. We didn't mean to, we only wanted to buy a 6-acre field next-door-but-one to our house, but it was an executor sale and even…
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Advice needed with mortgage switch
Me and my wife are currently in a 5 year fix with Skipton at 2.51%, which we pay £592.34 D.D (plus £7.66 extra) and we are 3 months away from the end of year 2 of a 25 year mortgage. Originally our minimum payment was £592.34, when I made multiple overpayments, Skipton reduced it to £536.31. However, I kept it at the…
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Right...let's go MFW by June 2023
Both me and wife work part time. Non smokers or drinkers. 2 girls 15 & 21 Can I do it? All advice, hints and tips
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ATB'S Frugal Foray to Freedom
Good Afternoon All :) So much has changed since my last diary, I felt now was the right time to start a new one. Linkie to the old one is here https://forums.moneysavingexpert.com/discussion/5171678 if anyone wants a look-see! A little about me for those who haven't 'met' me before. I am married to a fabulous DH, who runs…
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Save or pay Early Repayment Charge
I'm releasing equity from my BTLs to pay off my residential mortgage which has an ERC till Apr 2022 of 5% of 174K. My broker said time was running out so get the equity 174K now to be able to pay off my home. Should I save the released amount (less the amount I am allowed to pay each year free ) or should I just pay it all…
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The Little Cottage - A Musical
I've been reading these MFW diaries now for a little while and they are greatly inspiring and uplifting. About 3 weeks ago we decided to sell our flat. We have a terrible managing company who charge us thousands per year and don't look after our building. We decided to get out of leasehold hell and own our own little…
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Using credit card lump sum to save int
Hi what’s views/opinions on using a credit card that transfers money into your current account and then using it to pay a lump of your mortgage? Even with the transfer fee it appears to save such a lot off the mortgage. Am I missing something? i.e 6k on credit card with transfer fee of £179, repaid over 2/3 years interest…
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The Sexy Skinty Adventures Await...
Sooo..... I'm back - a little bit older and a whole lot poorer with a new problem. Splitting up with ex and now need to find the money to buy him out of here and remortgage by myself. Unfortunately I have about six months max to find shortfall of roughly 5K but anything is possible, yes? Not on my wages it's not! A lovely…
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Mortgage Free early?
Hi all I'm lucky enough to be in a position where I can pay off my flat early. Only negative is paying the £50 redemption fee. I've never been in this position before, so despite the fee, should I proceed and finish paying it off? Sorry if this is covered elsewhere and I've missed it. Kind regards
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It will be a marathon not a sprint - but still a MF Wannabe!
So, I started a MFW diary 3 years ago and it seems I managed two posts and that was it! So why try again now? - well, we are just waiting for the paperwork to come through for our remortgage (our 5 yr fixed finishes this month) and given lockdown etc it's given me the time to play around with some numbers and think about…
