-
Increasing mortgage term AND over paying
Hello All Im due to re-mortgage soon and was wondering about the following. Im currently over paying regularly but keeping monthly payments the same (so term is reducing). - When I come to re-mortgage if I increase the term I will get a lower monthly rate (about £100 less) - This would mean less interest being paid…
-
275k mortgage 20 year target
Myself and my wife are buying a new house in March at 275k with a 2.45% interest rate over 30 years we will be paying £1070 per month. We are looking to overpay by at-least £500 per month, through my work i can save £500 a month with SAYE which i then can buy shares or get my £18,000 back every 3 years. The company i work…
-
Dolly's Dwelling Dreams..........
Hey everyone, I am starting this diary now as my journey to becoming a homeowner is my main focus right now. I won't be able to start saving until January 2019 but I wanted to start thinking about the plans now as it is going to take me around 5 years to save enough to get a mortgage. Dxxx
-
Mortgage overpayment : mind-blowing!
[FONT="]Hi All,[/FONT] [FONT="]I've been playing around with the MSE mortgage overpayments calculator and it's blown my mind! I'm hoping somebody can help explain...[/FONT] [FONT="]I have 2 mortgages - 77k (24yrs, 2.1%) and 253k (23 yrs, 1.8%). I have recently come into some money (for ease call it 77k). I want…
-
Mortgage V Pension dilemma
I’m 36 and have a 22 year mortgage should I overpay the mortgage or put money away in my pension? Its all so confusing! I have a work based pension its been on the go since around 2014? Whatever the government is going to give me when I retire I have it in my head I want to overpay and have it cleared by the time I am…
-
New House, New Mortgage!
I will start off by telling you a little about me! Just over three years ago my lovely husband and I bought our first home, we love our house but it no longer suits our needs! In this time we have changed jobs and got pay rises which has meant we can afford to move a big step closer to our dream home! So not only have we…
-
Trying to make the impossible possible one day at a time
Hi all, After reading many diaries, I have decided that it's time to commit to accountability and really focus on paying off the huge mortgage! I bought a property for £310,000 last March. My mortgage stood at £276,899! We took out the longest term that we could in order to make sure we could afford the monthly payments…
-
Mortgage free mum
Hi everyone, So I want to be mortgage free ASAP but also need to find the right balance for my young family. (my boys are 3 and 8 months). I am currently on mat leave so my funds are very limited but I figure if I go back to work and not get used to having all of my income it would be a great place to get some extra money…
-
Delete
Deleted Account being closedown
-
Mortgage free by 2021?!
DH and I bought our house Christmas 2013 and have been overpaying automatically ever since. Original mortgage of £197,100, have managed to knock out £30k since then. We're both well-employed (computer programmers), no kids, though we do have a pair of dogs and a pair of cats. Our mortgage fix is up in December, so we've…
-
Mortgage free in half the time.
Hi everyone. I wanted to start a diary on here to keep myself motivated on our journey to being mortgage free. Our household consists of my husband and I and our 2 young sons. We bought our house together in June 2014. There was a lot of renovation work needed. Once that was sorted we moved to overpaying the mortgage. Our…
-
Keeping the Plates Spinning...
I tried to start a diary when I bought my house two years ago, however reading all of your diaries coupled with some serious financial changes in my life have inspired me to try and keep myself accountable. Therefore I have decided to start a new one. A little bit about me before I post an SOA... I am 26, I live with my…
-
Fast-approaching deadline for Interest Only BTL mortgages.
Hi all Recently inspired by reading the very absorbing and impressive debt-free wannabe posts titled: 'I don't need another latte', I decided to grasp the nettle and log my own story to being mortgage-free. My posts will focus on paying down two buy-to-let properties. Both of which are on Interest Only mortgages and the…
-
Paying my mortgage off TODAY!!
Thanks to a bit of inheritance, I’m about to pay off my mortgage on my 4 bed detached house! I’ve overpaid for a while but came into a bit of money which has given me enough to clear the last £34k. I can’t quite believe it!! Whoop!! House no.1 purchased 1997 for £51k Sold for £125k in 2010 House no.2 purchased for £160k in…
-
1% challenge 2019
When faced with a debt that ends in several 000s, overpayments can feel like a drop in the ocean. Maybe you've been OPing for a while and feel like there is little left to squeeze out of your budget. Maybe you've lost your mojo with OPing and need a new challenge. Perhaps you feel intimidated by how much others OP on the…
-
Confused where to start
Sorry if this is the wrong thread I wasn’t sure where to put this. I’ve recently been given a £15k gift and although I may spend some on home renovations I’m starting to think about how best to save it and also turning around my spending to save a much bigger chunk of my salary than I do currently. I’m not entirely sure…
-
I'm gonna smash the mortgage!
Hello. I've been a member of MSE for as long as I can remember but this is my first post, eek. I'm a mum of two (11 and 12yr old) and run a dog walking company with my husband. I'm 41 and he's 51. Last year, hubby and I tackled our debt. In March 2018 we were sick of working like dogs but struggling to pay the bills. We…
-
Credit card stoozing to pay mortgage
Hi All I have just got a credit card with a £12k limit. I have a mortgage of £520 a month but i currently overpay an additional £300 on top, so £820. I was just looking at my credit card and it is 0% on money transfers for 12 months, just a 3% initial fee. My thinking is this...Transfer say £5000 to my account (£150 fee)…
-
Mortgage free Wart
Hello, I've only recently bought my first house, but after lurking on this forum area for years, I know it's important to crack on with the mortgage free aspirations early on. I have a mortgage of £143,225 on a house valued at £168,500, fixed until May 2016, at a rate of 2.89%. I have just overpaid by £250, and set up a…
-
Balancing multiple goals
I've been lurking on this board for some time and thought it about time I set up my own diary to maintain commitment and measure against my objectives. A bit about me: I'm 31 and so is my wife. We live in east London and have lived in our flat since 2010 which we bought on a shared ownership basis. In 2014 we staircased to…
