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Our Journey to Mortgage Freedom by 2030 🏡💪
Hi everyone, I’ve been reading lots of inspiring posts here and thought it was time to start my own little diary to keep myself accountable (and hopefully help others who are on the same path!). A bit of background: * We bought our house in 2022, borrowing just over £400k on a 5-year fix at 2.4%. * We originally wanted…
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Mortgage freedom/FIRE diary
After several years of reading diaries on here I have decided to write my own. I bought my forever home in January this year. I got a fixed rate mortgage at 1.99% for 5 years. I am allowed to overpay by 10% each year in this period. It was £124,499 at the start. I am a single Mum to two lovely boys aged 16 and 11. I have a…
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Prosperous & Creative Soul Year 4
Three years ago I finalised my divorce and completed on my biggest ever mortgage - £202K and switched from interest only between 2 of us to repayment on my own. I took the term for as long as I could - so 22 years - which means I would be 73.5 by the time I was actually free. I've used my post from 3 years ago as a prompt…
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Here we go
Hi all. So, first time poster on here. Long time follower! I got my first mortgage on my first one bed home back in 2009 aged 27, it was 86k and the initial fixed rate was 4.84. I didn't even think about the idea that one day it might be paid off! It was a 25 year term. Two years later, 2011, and now with my then fiancee,…
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Starting Afresh Back Home
Hi Everyone. It's been over a year since I posted on the forum and a lot has changed since then so I thought I'd start a fresh new diary to go with my fresh new chapter in life. Last year my marriage broke down and I left Yorkshire and moved back to my home village in Lincolnshire. I'm currently living with my parents but…
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Paying off mortgage early - Advice?
Hello, I previously asked this and received some good feedback. I'm now in a position to look at this. Current mortgage: £54,500 Redemption figure is £56,100 It was taken on a 5-yr fixed Oct 2023 at 4.84% So I still have a few years left. I currently have around £100,000 in the bank and zero other debts. By paying this off…
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Mortgage free ASAP
Hi everyone :wave: I've decided that starting a diary will help keep me on the straight and narrow and give me a place to think out loud and to remind me of my plans. I've lived in my home since August 2014 with my DS. My current mortgage balance is approx £48270. I OP £100pm which brings my MFD to 2033 (from 2049 :eek:).…
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Time to start my race to zero
I've found myself at home, with far too much time available to stew and panic about everything, so I thought I'd tackle that subject I've shoved to the side for quite a while now - the race to get my mortgage balance down to zero. In terms of background, I spent most of my youth from 16 onwards trying to save up and shovel…
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ok lets start this mortgage free journey Continued
Hello everyone, I hope you’re all doing well. I lost the login details for my previous account, but I’ve opened a new one so I can continue my journey. COVID was a tough setback, but I’m ready to move forward and keep working toward a mortgage-free life! old thread ok lets start this mortgage free journey —…
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Project Mortgage Neutral Begins
Hi. We have just remortgaged on our larger product and while mortgage freedom is still the ultimate goal I am working on the smaller challenge of mortgage neutral first. We have a smaller mortgage that we transferred when we moved 5 years ago and a larger mortgage that topped it up. Mortgage 1 Total £32097.21 Interest…
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FtbDreaming wants to clear £69,700 before Im 40 (2027)
Hello!!! Well I joined MSE in 2016 in the DFW forums and I’ve finally progressed through to my ultimate goal as a Mortgage Free Wannabe! My house purchase has gone through today and the £69,700 is showing up in my online banking so a good motivation to get it paid off. Ive bought the house I currently live in from the…
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New mortgage, are we mad!!
My husband and I are just about to embark on a new mortgage journey as we move to a detached home nearer to family and my employer. Its been a hard road to get here and we're both thrilled that we have this opportunity. We paid off our first mortgage on our first owned property in 2023. This time it's a smaller mortgage of…
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Mortgage
Hi i have and outstanding mortgage with 1year left, due to having to give up work to look after wife, I have been on benefits, and only paid the interest on the mortgage, I have PPension with a fund in excess of what I owe dan I use it and what are my pitfalls. Thanks
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At a crossroads
Hi all. Ive been an avid reader and sometimes contributer to the debt free wannabe pages for some time although not so much in the past year. Ive got to the point in life where excluding the mortgage, ive managed to pay off all debt. No loans, credit cards, student debt, hire purchase. Nothing. Its all gone and i must say…
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CAPITAL GAINS TAX ON BUILDING PLOT SALE
Our main residence is a small cottage which is surrounded by 3 acres of land. We have secured planning permission on a part of the garden and will be selling the land to a builder. The proceeds from the sale will be roughly 2/3rds of our existing outstanding mortgage, and we will pay the full sum, less costs of selling,…
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I think overpaying the mortgage from the get go is worth it for my mental well being.
My interest rate is 4% fixed for 5 years, it's a 30 year mortgage and a lot can happen in 30 years. I work in an industry that is renowned for layoffs, cutting overtime, cutting hours etc. I know full well that I should take the excess money I have and invest it in the stock market but I know I will have constant worry,…
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Merged: Saving pot for overpayments - is this the right thing? and final payments
This discussion has been merged.
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Overpaying my mortgage, yes or no?
I'm 6 months into my mortgage on my first home. I'm paying £1,000 a month with an interest rate of 4.6% on a 5 year fixed rate. I can overpay by 20% without penalty (I'm with Natwest) and I'm finding I can comfortably save a few hundred pounds a month currently. I'm putting some money into regular saver accounts that are…
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Pulling my frugal pants on.
We have 13yrs and £46,000 left on the clock and our mortgage is up for renewal. We have £7000 in saving, so will use that to offset it. So we are looking at £40,000 plus interest which such a lot of money. Goals 1) Record money spent, saved and extra money earnt 2) Be as frugal as possible. 3) Maintain as sense of humour.…
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Mortgage Free: The final countdown
Hello - Just signed up to Julicorn's MFW OP thread, but I felt I wanted to create a diary for this aspect of my financial life. Sorry for the thread title - @FootyFanDan and I were having some music banter over at the DFW diary's and I just thought it was a great idea for a thread title (pun included) Situation: As of the…
