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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…
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That 10% ERC
Hi all. I'm pulling together a plan to be mortgage free within 9 years starting October 2020 (I currently have a few 0% cards I want to clear off, I want to squeeze in a family holiday before I start plus, October is my mortgage anniversary date). I currently owe £90,257.90 over 22 years at 2.14% = £429.02 per month. I'm 1…
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40 and free
Right, here we go! I’ve been lurking for a fair few weeks reading through some of the fantastic diaries of fellow MFW’s; it’s inspired me to start a diary of my own in the hope that it will motivate me enough to actually stick with it and be mortgage free before I’m 40 (8+1/2yrs away yet!) It’s fairly ambitious but now…
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Overpayments
Hello All Hope you are all well. I have recently moved in with my g/f and let my flat out. Just wondering what the point of overpaying would now be if I was to say sell the flat in a year or so? I have 18yrs remaining on my mortgage. thank you in advance for your replies. M
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Starting to plan ahead
Hello MFW forum I've had a tough few years broke up with my husband and had to pay him his share invested in the house, but extremely lucky to have kept my house even with the expenses involved but happy to say my future feels much more secure now So plan is to smash my mortgage to bits, currently on 11 years but hoping to…
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Mo’ mortgage mo’ problems
Finally decided to start a mortgage-free wannabe diary. Hopefully keep me on track, and hopefully future-me will like seeing how far I’ve come. Wish me luck! :money:
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Quest for Financial Freedom
Hello fellow money savers :D This will be my diary to help keep myself accountable and focused on a few key things * Clearing Our Mortgage Early * Saving Money * Investing Money * Enjoying Life A little about me. I am 30, live in UK. Up until I was about 27 I was pretty rubbish with money. I saw my pay check as money to…
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Moral Support Needed On My Mortgage-Free Journey
Hi all, I had a thread on here a few years ago and was doing quite well at chipping away at the mortgage. Lots has happened since then, I tend to waffle dreadfully so I'm going to try and keep this first post short and sweet! 2010 - House purchased £132,500 mortgage approx £63,000 with Halifax (I had a huge divorce…
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Paying it down and building it up
Hi everyone :j I am a long time lurker and attempted a diary a while ago we were in financial limbo at the time. Now we have a little certainty so we have created a plan to start taking us forward in the money department. Both DH and I turned 40 this year and we have started to panic that we are running out of time to…
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Skinny Latte's Mortgage Mugging
Wow this is a bit scary, leaving my safe little diary on the debt free wannabe board and starting a brand new sparkly diary here. It's like getting rid of an old teddy :o So here I am a MFW, ready to take on my mortgage and use any means possible, mainly legal, to get rid of it as soon as possible. So a few facts My…
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Paying off the mortgage - any disadvantages?
I have been overpaying my mortgage for about 5 years and now left with a balance of £7.5k. The rate is 1.49 above the base rate. We have this amount saved (and some emergency money) in a Santander 123 account paying 1.5% interest. Logic tells me to pay the mortgage off and then build our savings back up, but I wondered if…
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Half a house
So we're applying for a mortgage for a shared ownership. IF it goes ahead I want to try and overpay a little every month and save up for the deposit for the 2nd half. If it doesn't go ahead I want to save up more deposit. Either way I need to try and stay accountable! I was thinking of dividing our spare monthly cash in 4…
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Should I start with an offset
Hello, We're looking to buy a property and would be taking out a loan of £319,000. After paying our deposit and moving costs we'll have around £50k in savings and would hopefully be able to save around £12k per year. I'd like to be Mortgage free as soon as possible so I'm trying to decide whether we'd be better off getting…
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We did it Mortgage balance £0
We made our last payment on Friday, mortgage paid off 16yrs early seems unreal. Just wondering what we should do with the extra money now I am what I would say risk adverse we both have workplace pensions. I currently earn around £16k mark depending on overtime, and hubby is in the 40% tax bracket. We were thinking of him…
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Mouche’s adventures with her first mortgage (while coping with her first baby)
Hello everyone. I expect I am jumping the gun a bit by starting my diary already but I have been aching to join the MFWs for ages! I’m more of a lurker than a commenter but your diaries have inspired me over the years and I hope that in time I might be able to help someone myself. At any rate, I’m joining in and I hope…
