Mortgage-free wannabe

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…

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…

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…

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…

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…

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…

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

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…

Hello Our current 3 year fixed term ends in September so we are looking at new rates. Our old rate was 1.94%. The mortgage term was 30 year, so we now have 27 years remaining - If we get a new deal, what is more cost effective over time - is it best to keep a 27 year term, and pay overpayments, or switch to a lower term of…

I'm in a bit of a dilemma in life and I'll try and keep this as short as possible. Due to an ongoing injury much of my employment over the last few years has been part time (PAYE) . I'm also self employed but profits have been minimal for the last 3 years. I've been working towards learning a new craft and feel confident…

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…

Hi all! I've been lurking around this forum for quite some time but have put off creating a diary of my own because I wasn't feeling confident enough to do it. But here we go anyway! I'm a 28 year old on the south coast, my partner and I bought our first home (a lovely 3 bed flat) in December 2019 with a mortgage of…

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…

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…

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…

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.

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…

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…

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…

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…