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Balance after Deposit Payment
Hi All, Got my mortgage approved and towards the exchange I paid all of the deposit. We save for years and years for a deposit and then it just goes away. For e.g. in my case, I felt financially very vulnerable after paying all the deposit and I am still coming into terms with seeing my account so low. But on a positive…
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Windfall and paying off mortgage
Thanks for the advice given
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To Overpay or not Overpay the mortgage..that is the question
Interested to get feedback and thoughts from you. I'm really torn, up till now in life i've always been an overpayer of my mortgage but interest rates are so low, i'm now thinking investment is the right way to go. My circumstances are: High rate tax payer, already max out my pension of 40k per year and ISA also maxed out,…
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Our road to mortgage freedom
I don't know how well I'll maintain this as a diary, but thought I'd share our story so far. We bought our home back in January 2015, as we only had one earner to make it more affordable we took the mortgage of £107,200 out over a whopping 32 years. We started a two year fixed deal during which we only made 2 x £200…
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10 Years to Freedom...
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A long journey to mortgage freedom
Hello, I've been lurking on the MFW boards for some time and thought it was about time I jumped in with my own diary to try and keep me motivated. A little bit about us - it's me, DH and 2 little ones who are nearly 4 and 1, we bought our forever home just over a year ago for £509,000 :eek: and now we need to get on with…
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Overpayment question.
Hi I am new to this forum. I have decided that I want to retire at 60, giving me 11 years to go. I am looking at paying off my mortgage to enable me to do this. However, I have a monthly overpayment of £100 and only a few pound spare at the end of the month. Asking if throwing the odd £50-£100 at the end of the month will…
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Getting Mortgage Free Again
So I have done it once before, I was mortgage free for a grand total of 3 months 😂 Our first mortgage was £82,500 originally over a 25 year term. We made regular overpayments of £50 per month from the second payment and overpaid when we could. A couple of lump sums helped along the way too and after 123 payments our…
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£142,000 over 23 years....OR NOT!!
Hello! I have been lurking around on this forum for a little while and finally taking the plunge to set up my own MFW diary! We have had our house for approx 5 years and have just remortgaged at £142,000 over 23 years. Although I know this isn't our forever home (this is our first home and we are outgrowing it a bit now),…
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Expl0rer's mortgage journey
I bought the house in 2015. The original mortgage value was £172K. Now I'm down to £143K :) The interest rate is currently just under 2%. I've made both OP's and underpayments (when I needed extra funds to complete a project); now I'm a bit over £2000 in OP's and I hope to be able to OP more or less regularly. When I make…
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Here we are again...
Hello, We are MF since april, so we began to think about retirement. DH should retire in 5 years. And... we just took out another mortgage for a rental flat. The rent will cover the payements but our aim is to pay the mortgage early to keep the rent money for us in retirement. I am 47, DH is 55, we have 4 DD and 1 DGS. DD1…
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2019 Transforming and Becoming Mortgage Free!
Happy Solstice!! :xmastree: I'm starting a new diary as today is the new start on the final part of my mortgage journey :j Sorry for the long thread title, but that's what this is for me!! Winter Solstice 2018 to Winter Solstice 2019 is my transformative year - I intend to be sitting here 365 days from today in a renovated…
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Second post, first the car then the mortgage
Hi All, Second post I thought I would give you an update, It has been a while since my first post and I wanted to share where I am at. I have until Aprill 2022 to save 1) Pay off the car and 2) mission to save £10,000 to pay off some of my mortgage they are my new plans as I had to get a new car, however I was very savvy I…
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Can definitely do better!
Seemingly like many newbies, I've been lurking for a while - finally thought I'd take the plunge and start a new diary. Mainly for motivation I suppose - hope to get and share some great ideas too! I bought a shared-ownership flat back in 2012 (hence the "new mortgageeee" name!) - I know there's much debate over their…
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Lulabelle's MFW Diary
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Pay off completely or maximum overpayments ?
Hi all, We are currently about 2 years into 10yr fixed 2.5% ( I think - possibly less ) rate mortgage. The outstanding balance is approximately £75k and we are paying £700ish a month. With the sad passing of my mother, we will shortly be in the position where we would be able to more than pay off the mortgage in full…
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1st Overpayment
Hi everyone So I'm happy to say that yesterday i made my first overpayment of £100 towards my mortgage :j My goal is to reduce my 28 year mortgage to 11 (in time for my 50th birthday) so it's a bit target to try to hit but I'm committed. The payment is a fraction in the big scheme of things but every little bit helps. My…
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Move house or pay off mortgage ? Help
Hi everybody need advice making a big decision, me and my partner have 40,000 left to pay on the mortgage. We currently can't over pay untill July 2020 and we aren't living in the best area which is making me won't to move house asap as we now have a baby . My partner has suggested we stay here for the next 6-7 years pay…
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The trials & tribulations of a 1st time landlord & investor
Dear all I've been around a long time on this MFW for a long time and I love it. Keeps me on track and helped me pay off my mortgage 9 years early. I'm on the verge on starting something new so I thought I would start a new diary and focus it more on money saving and less on personal stuff. My life was quite steady and…
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Decision and Advice Needed: Pay it all off or Save
Hello Need some advice My current mortgage deal ends in July 2020. I have 80K left to pay off my mortgage. I have been overpaying for about 15years. Last year i stopped overpaying. House value is about 250K. The interest on the remaining amount in the current climate if I carry on normal replayment on a similar rate would…
