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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…
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Overpayment advice
This is probably an easy one but I'd like to get some view on whether I'm maximising my benefits with the following please. I have a mortgage which is £115k, of which approx £70k is interest only and the remaining £45k on repayment. It's a 5 year fix at 2.39%. There are 7 more years left to run on the mortgage which is…
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Selling our house to our daughter
Hi there Our house is worth 200K. We have 40K left on the mortgage and we want to downsize and be mortgage free Our daughter wants to buy our house off us to live in but she can only afford 150K mortgage. Can we sell it to her for 150K, pay off the the 40K and use the 110K to relocate? We would be happy to let her have it…
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Mortgage Overpayments
Good morning, Looking for some advice / re assurance! My wife and I have been overpaying our mortgage for the last 4 years paying in 10% of the loan amount. Due to my job we were tied into a 5 year fixed with Natwest 1.97% interest. I am/was confident we are doing the right thing. For the last few years I was only…
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23 Year olds solo quest..
Hi all, I’m 23 years old and live up in the cold north and bought my first home in December 2019. I bought it for 81k with a 10% deposit meaning my mortgage is 2.39 fix for 5 years at £323 a month, with Atom bank which allows 20% overpayments each year. I’ve done the usual paint and TLC to the house and extremely happy…
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From Flat to Farm
Ok... so not quite a farm, but a few chickens are the plan! So the past I bought my flat five days before Christmas 2014. I had been desperate to buy, having missed a few opportunities in the past and instead of feeling joyous I just sat on the floor of my new empty home and cried. I was 27, had put in a deposit of 45k,…
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Lump sums
Hello all, My mortgage on my apartment is around 213k. I am set to renew in Oct which, with over payments be around 198k. I have been saving hard this past few years and have a large lump sum which I want to put down when I renew if possible so I can continue over paying and get the mortgage paid off in 5 years. Is that…
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Taking Control and Making It Happen
I've been a bit of a lurker on these forums but now I'm getting serious as my light bulb moment happened this week! My household is me, my OH and our pooch. For the last 3 years we have been planning to move to Wales. The plan all depended on OH getting a transfer with his work and me finding work once we moved, so we have…
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Remortgage rate
Hi all currently on a fixed rate of 4.2% I can switch now as no charges too with current lender the best they can do is 2.57% fixed for 5 years saving of £200 a month because it's a mere switch of product it's just a just a soft credit search and free online valuation so less stress and straight forward is 2.75% fixed for…
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Getting mortgage for flat which will be knocked down in two years
Hi there, I currently live in a council property which will be regenerated in two years (knocked down as we move into a new property). I want to but the current property I live in (under the right to buy which will mean its discounted) so that my housing association has to buy the property back from me at market value +…
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Mortgage - Overpayments dilemma
I have a bit of a dilemma but its a very nice dilemma to have! So, I'm in my early 40's and have 16 years remaining on my £127k mortgage. I should add that my husband is 50. I've just found out that I'm being promoted at work and I will be taking home hopefully £300 extra a month. We live comfortably on our current…
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The 17 Year Goal ....
Hopefully this forum will still be around in 17 years as it is a fantastic source of information and inspiration! I am a member of the armed forces, living with DW and have no kids (yet). We have just bought our first house and will move in the first week of November. We have got a 5 year fix mortgage at 2.14% of £235000…
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When is my money worth more in savings vs overpaying the mortgage?
I read an article not so long ago which said (without explanation) that your savings rate would have to be at least double your mortgage rate before it is worth while keeping it in savings vs paying off your mortgage. But I fail to understand why this would be? I can get a mortgage with a pretty low rate right now, and…
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I'm officially a MFW!
After getting to grips with my spending, got my savings in order I have just made my first ever mortgage over-payment:T Couldn't have done it without the help and advice from all on the site and forum - so THANK YOU! Mortgae due to end 2025 but I'm going to bring that date closer, or die trying :D
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The Big Adventure!
For the last week or so, I’ve been hanging around the MFW board, looking at peoples diaries, and adding a couple of comments here and there. One thing has struck me, that everyone is focussed on their goals, but is keen to be enjoying life while they are on their journey. I’m at a different stage of my life, as I paid my…
