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15 Month Plan
I've finally been making some headway with the mortgage OPs - 8 months after getting a mortgage with my partner on a two bed flat and wanted to document the journey to maintain the momentum :) I always find everyone else's diaries so interesting! I'm 27 and my boyfriend is 26 (turning 27 next month) and luckily he…
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What to pay off first Interest only or repayment portion of mortgage
Hi we have a mortgage with Barclays - if has it been impossible to contact them over the last few days to speak to their mortgage team. We have £98 k on repayment and £392k on interest only - both on same interest rate We have a lump sum to pay into the account of 40K (which we have a latitude to do) However we are going…
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Offset mortgage Vs traditional mortgage overpayments
Hi all, Hopefully you can help answer my question. My current mortgage is up for renewal and so looking to get a new one setup. I'm going go get a 15 year term with a plan to aggressively overpay to bring the term down to 5 years. To achieve this i will be well over the usual over-payment allowance of 10% that most…
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The adventure begins!
Hi all, We made the first over payment to our mortgage at the weekend !!, I can see already on the online statement that the balance has reduced, I set it up by asking them to reduce the term not the direct debit amount so it looks like that is happening as the balance has gone down by the over payment amount? I do find it…
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Overpayments
Hi All. I wondered if you could help me with a question? I've got a fixed rate Nationwide repayment mortgage. I've been overpaying £266 a month since March 2019. Then I missed one, so paid double the amount the following month. So have now received a letter about the £532 payment, reducing the term. I wasn't really aware…
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What age were you mortgage free?
Hello, Thank you for reading my post. I was just wondering what age you were or are realistically planning to be mortgage free at? My friend has just finished her mortgage at 46! I hope this thread will inspire me to be more focused.
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Final mortgage payment
Hello all! So today I have made my final mortgage payment and I am going to pay the balance off with savings. My mortgage is through Barclays and they have taken the final payment, however when I go to the mortgage settlement amount it does not take into account the payment i have made today? Does anyone know how long it…
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The big dream: mortgage free by 40
I recently turned 34 and my husband and I are in a very lucky position to have two properties. * A two-bed house that we live in (value £200,000, mortgage £160,000, monthly repayment of £565) * A one-bed flat that we're trying to sell (value £120,000, mortgage £49,000, monthly repayment of £235) Last year we got planning…
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Mortgage Free or Keep It
Hi, My mortgage is up for renewal in December this year, however, I have managed to save enough money such that I could pay off at this point and have no mortgage to worry about. I wouldn't have much savings at this point though. I am 55 and likely to move in the next year or two (last move I think). Also, likely to work…
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Aiming to be mortgage neutral in 7 years
I've been inspired by reading other diaries and am going to have a go at keeping my own. Hopefully this will provide motivation to reach my target and a sense of achievement when I look back. My ultimate aim is for us to be mortgage neutral by Christmas 2026 - nearly 10 years earlier than planned! The balance on our…
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A blissful home - mortgage_girl's MF diary
After lurking around this board for the past 4 years I decided that it was time to take the bull by the horns and start my own diary. A bit about me, I have a mortgage of just over £82,000 with a current term of 19 years. I live on my own, with the exception of a sleepy snugglepuss :) , and work full time. I have recently…
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Little big milestones
I am starting this thread to post little/big milestones on our planned journey to be mortgage free within the next 3 years. We bought our dream house 9 years ago for £200k...and took on a £170k mortgage. At the time interest rates were rocketing, and our monthly interest payment was £900. Had light bulb moment five years,…
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Mortgage Free - What Will You Do Next?
Hi all, I've spent the afternoon looking at diaries on here. I just wonder what you envisage as the next phase of life once the mortgage is paid off? For many (myself included) the option of working less is appealing. But are there any other burning desires people have? Mine would be buying a small yacht and sailing here…
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Life After Lockdown
I've been prompted to join this board after taking a good look at my finances prompted by the Covid-19 lockdown and planning how to get through the next few weeks / months as I work in a profession which has been greatly affected by the measures the government has taken. I'm a Director of a small Chartered Surveying…
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Mortgage Over Payment
Hi all I received an mortgage insurance payout last October. There was enough in the pot to cover the whole mortgage remaining balance. At the time, I was still on a fixed rate with an ERP. I phoned Halifax to enquire about the account and I got the detail of the penalties on each of the sub accounts for paying off early.…
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Mortgage Break / Overpayment
Hi, I have an idea to pay more off of my mortgage balance by taking a payment holiday (stay with me). I am quite new into a mortgage and therefore I can afford to overpay my mortgage (10%) without penalty. Lets say for instance my mortgage was £1000 a month (interest and repayment). If I took the 3 month break and paid my…
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Still a good time to pay mortgage balance off?
So 1 June 2020 has been a red letter day for me for the past 9 years. Why because it is the day I make my last mortgage payment and pay the balance off with savings. I just wanted a view on whether it’s still a good time to pay your mortgage off? Rule of thumb I always go by is that if your mortgage rate is higher than…
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Surveys
When buying a house would the estate agent and lender have done a survey of property and would they report on any discrepancies, i.e. if they found any issues on property?
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Overpayments vs increased monthly payments
Hi, I’m due to remortgage in 2 months time, am currently paying £390 pcm for my mortgage but do have the scope to increase monthly payments to £450 and then make the odd OP here are there. I’m just wondering, is it more cost effective to change my monthly payments, or keep paying the same and then make a monthly…
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Ready to get a mortgage
I am 40 years old & my partner and I are at the stage where we’ve got a deposit ready and want to apply for a mortgage. I have suffered with mental health issues since I was in my late teens, the last time I was signed off work with depression was roughly 8years ago. My depression got bad again and I continued to work but…
