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Mother In Law offering interest free mortgage
Hi all, My mother in law has approached me today and asked how much we pay monthly for our mortgage. She then suggested that when she retires in July, she would like to sell her house and pay off our mortgage and my brother in laws mortgage also, and we pay her the mortgage amount each month instead for a substantially…
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Looking to have a simpler life .......
Hello you lovely lot!! It's been yeeeeears since Ive been on the forums ..so much so that I've forgotten my old username!! Anyway, new start! ....;) So I've been playing around with MF dreaming for a few years now but really knuckled down when it came to thinking about our re-mortgage plans at the end of 2017...the first…
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Pay off mortgage completely now?
We are lucky enough to have received an inheritance which covers the outstanding amount on our mortgage and leaves an emergency buffer of £10K over. We had been hoping to pay for a downstairs extension (budget: £25K) out of the inheritance but in the current unsettled situation, it is unlikely that this project will get…
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eye-watering mortgage and 23 years left
Thread title says it all. My London mortgage is higher than £200K, way too high considering the circumstances. I'm a single parent in my early 40s and I don't want to pay a mortgage until almost retirement age. The positives: my income is OK, job is secure-ish, I have no loans/credit card debt, and I'm no longer paying…
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Mortgage overpayment
Hi I have completed a request online to increase my monthly mortgage payment but it hasn't been actioned. The information my online mortgage account gives is out of date. My monthly payment is showing the amount it was before the interest cut. My direct debit has been reduced & the reduced amount taken out of my bank. I…
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Time to knuckle down, mortgage free by 45
After a traumatic couple of years moving house and getting a whopping mortgage (for us!), we are ready to get all our debt tackled and pay off the mortgage early. We are currently 30 with a 30 year mortgage but aim to be mortgage free in half the time, by the time we are 45 �� Current totals of all debts (not…
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Fresh start, new home!
Afternoon everyone! I am hoping to make over-payments to my mortgage from January next year to pay it off sooner. At the moment I am saving £100 a month so I'll have an emergency fund to fall back on. Come December there should be about £4K in it. My mortgage is a two year fixed repayment mortgage with Nationwide over 25…
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Maximising overpayment - good idea (just now) or not?
A few years back, our mortgage deal expired and I agonised over whether to go for another fix or leave things to chance. The general expectation at the time seemed to be that rates couldn't remain so low indefinitely... hah. So yes, we signed up to another 5-year deal and have been paying more than necessary ever since…
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Should i pay off my mortgage?
Having recently had a successful critical illness claim, i am about to receive the most money i'll ever have in my life. Being mortgage free at my age (36) would be a dream, however, I'm wondering if it is the best move to make...... Should i try to make this money work for me and increase what i have? And what's the best…
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From £0 to £154K and back again
Hello :hello: Long time lurker, first time poster :D I have been waiting sooooo long to post on the MFW board and today I can :j. Apologies in advance if this post gets too long. After 15 months of faffing around we have finally bought our house. We got the call today to say the money had gone through. A bit of background:…
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EyesOnThePrize's Overpayment Diary
Hi everyone Very long time lurker - I'm 30 now but I've been visiting MSE on and off since I was a teenager :o . By way of brief overview:* Bought a two bed flat in London in 2016 with a mortgage of £211,500, 18 years 3 months remaining * Remortgaged 2018 on a five year deal to April 2023 at 2.29% * Mortgage currently at…
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Mortgage free in two years
Hi, I have £49,910 remaining. Loan to value below 30 percent. I normally over pay with surplus rental income of £353. Which brings this to 6 years 6 months. If I overpay by £1,400 p/m, I can get it down to two years. It is also due to switch mortgage later next year.
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There goes the first payment!
Our very first mortgage payment has just been paid! Did anyone else find the first payment being taken absolutely terrifying even though you didn't need to actually do anything? Little bit about us. We are first time buyers, my partner and I are both 26 years old and we have purchased a 3 bed semi-detacted renovation…
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Lump sum or monthly over payments?
Would it be better to pay £2400 off the mortgage in a lump sum or £200 per month? I'm thinking lump sum so that the interest is instantly reduced from that point on. Is that right or am I missing something?
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5 years plan to reduce mortgage
Hello everyone, I have been reading mortgage free diaries for many years and I have now decided to set up mine, since we have purchased a house not long time ago. Here is a little bit about myself. We are family of 4, living in South East and we purchased our 3 bedroom house after saving our down payment for the past 7…
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Paying off mortgage without an erc
Hi all, im in the fortunate position where I am able to pay off my remaining 15 years on my mortgage of just under £40,000. It’s with Nationwide and I’m on a fixed rate of 2.44%. I have an erc which would cost me around £1000. My question is as this current mortgage expires in October this year could I Pay it off at expiry…
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Strategy review please
I'm 43 and still have 21 years left to pay on my mortgage! (So many regrets right now :( ) Anyway I owe approx 104k at a fixed rate of 1.78% which works out approx £500 per month. I was thinking about paying an extra £150 pm off the mortgage which according to the mortgage over payment calculator will reduce my term by 5…
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Confused what option to select to make repayment
Hi all Im attempting to make a small repayment on my mortgage (our first one!) but am confused what option to select online. It is happy to take my one-off overpayment but asks me to want to decide whether to 1. Pay off my mortgage earlier by reducing my mortgage term 2. Reduce my future monthly payments 3. Keep my…
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BOE rate drop
Anyone else’s thoughts on hearing the news think of using the reduction to further overpay? Another £60 a month to my MF goal.
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Do I use part of lump sum to pay off part of mortgage???
My head is spinning! I'm due to retire with a lump sum of approx £100,000 and a monthly income of £1000 I need £700 extra a month to bring home equal to what I earn now I have a joint mortgage with my husband which is £148 000 on an interest rate of 2.14% until Sept 2023....monthly repayments are £1200 The mortgage term is…
