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Chapter 3: the large London mortgage
Hello! I've had a few diaries before, never had too much by way of debt - but now myself and partner have a giant London-sized mortgage of £499,000. :o We're first time buyers and it's much bigger than anyone else's mortgage I've read on here — frightening. But the truth is, we're double-income, no kids, earning decent…
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Rachel’s Run towards mortgage freedom
Hello Everyone, Ive been a long time lurker, taking lots of inspiration and motivation from others but I thought a diary to add my story, and help me keep on track with my goals. So I'm glad to join you fellow MFWs! :j 2018 was, financially, a bit of a transformative year, especially in relation to my house. I remortgaged,…
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Mortgage and Separation
My husband has recently left me and i just want to make sure I'm doing the best thing with my mortgage. We are in a fixed term until next year. Normally I make over payments of £200 a month, however, I'm going to need to increase my borrowing to take on the mortgage in my name only. I think I'm correct in that I should…
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I really really want to be........mortgage free!
Just starting an official diary of the countdown to getting mortgage free. It will, I warn be a very long countdown! Currently standing at 140k and hoping to be mortgage free by 31.12.2020. That might be a little optimistic I know but that's what I'm hoping for. You might say, that's okay, pull your belt in but I've got a…
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Switching with a small mortgage
Hi, I’ve just been passed over the heliodor mortgages from Northern Rock. We’ve never switched mortgage before and have been on the standard rate for far too long. I realise I should have done something about this long ago. We’ve been overpaying for a few years and have about 48 months left at this point. The end is on…
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Second Time Lucky
Hi, Having got very close to becoming mortgage-free (about £8000 remaining) on our first house, we will soon be moving into the house that we intend to live in for a very long time, which means taking on another mortgage. I have really enjoyed reading everyone's diaries over the past few years and think it will be…
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I need either alot of time or alot of money
Ok, 50 today. Haven't been here for sometime, maybe 2015'ish. Used to be ex armydreamer and then changed to my lovely carrot and love my little icon so much, I'm sticking with it. Well we moved house in 2015 and with best of intent planned on lavish overpayments and improving expert squirrelling techniques but fell into…
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Mortgage freedom
We bought a house 3 months back. It has been a dream for so long that it took a while to sink in. But now that it has, we want to make progress towards being mortgage free. I will try to be regular in documenting my journey here. Our mortgage amount was £132600 (85% LTV at 2%) and we added a product fee of £995 to the…
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Mortgage free wannabe here!
Can I please join your mortgage free wannabes? I will be making an overpayment of £100 p/m from a 28 year mortgage which stands at £118,342.54. I'm 41 this month and I'm trying to clear it before I retire, rather than Apr aching my 70's with it still hanging over me.
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Is it ever worth taking the hit on the ERC?
Morning all. Hoping for a bit of insight/inspiration! We bought our home 3 years ago and at the time opted for a 5 year fixed rate at 2.59% which runs to the 31st December 2021. I've been OP the maximum allowed on our mortgage since we bought our new home almost 3 years ago of £999 a month whilst simultaneous saving money…
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Milennial - first home not permanent home
Seeking advice on whether to channel majority of my savings on overpaying my mortgage. I bought my first house last year at 27. Mortgaged at 2.21% interest on £80,000. I have saved an emergency fund (1.40% interest) and currently overpay a small amount of £50 to the mortgage which shortens the term by about 2 years. I save…
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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…
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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…
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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
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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…
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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…
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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…
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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…
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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…
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