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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…
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Lump sum or monthly installments
we currently owe £75000 on our mortgage and have 19 years remaining. Our interest rate is 2.76%. We have savings of about £20,000 and we are able to overpay 10%. With this is in mind we are wanting to overpay. Would it be better to pay £7500 in one go or pay that amount over 12 monthly payments or do a mixture of both?…
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Simple, sustainable and slow: Glenda's MF marathon
I've been lurking about the mortgage and debt-free boards on here for a while, so decided it was time to start my own diary :) . Background: after a few rocky years due to kids and illness, I'm now in possession of my own home (finally, in my mid 40s) and a shiny year-old mortgage with a 25 year term. As I'd prefer to be…
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Almost Mortgage free at 35
Hello all, Im currently in a position where I will be able to reduce my mortgage to under 10k in the next 2 months. This will require a reasonable overpayment circa 45k ( no overcharges). Mortgage rate is 1.8%. Married, no kids yet. No other debt. I have enough saved, as expenses for 6 months plus after overpayment.…
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Accelerate My Mortgage - Does it work
Hi, just heard about this - essentially it’s a cashback site but the money is paid directly to your mortgage, thus reducing the interest. about 45 retailers signed up including boots and John Lewis. I would love to give this a go but hoping to hear feedback from this great community first to make sure it’s all on the up…
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Should i pay off my mortgage early even though i incur penalties
Good morning,just after a little advice.I have a mortgage with the Santander and have asked for a settlement figure but unfortunately it occurs a penalty on the account. I currently pay just shy of £500 pcm on a mortgage of around £70,000 but I am tied in with the product till December 2023,to pay it up early will incur an…
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should i take the hit on an early repayment fee on my mortgage
Good morning,just after a little advice.I have a mortgage with the Santander and have asked for a settlement figure but unfortunately it occurs a penalty on the account. I currently pay just shy of £500 pcm on a mortgage of around £70,000 but I am tied in with the product till December 2023,to pay it up early will incur an…
