-
Over payments vs Reducing the term
Hi everyone, I have just recently started to make overpayments to my mortgage (its a 95% mortgage with 33 years to go, on a two year fixed rate (just passed year one) of 3.19%). I recently moved jobs for a decent pay increase, so I am now able to make £500 a month overpayments with the aim of getting down to the next…
-
Its time to grow up and pay off the mortgage
Well this is our year to start chipping away at the mortgage!!! Got our annual mortgage statement in, and instead of filing it away, I actually read it this year. We are due to be mortgage free in 2032 at the age of 48. This seemed very far away, so I began playing around with numbers and spreadsheets (a major weakness of…
-
Discipline buys freedom
Hi all, I have read many of the journeys on here when I need motivation. I had enough of a deposit to put down £160 000 on a house. This money was acquired by 15 years of renting a room in various peoples houses and saving, completely avoiding any holidays that didn't involved a tent, making rock climbing my sport (less…
-
Diary of a Property Dreamer
Update We now own a house worth about £305,000, with a mortgage of £216,944.65 We are 25 and 24 respectively and are currently bringing in about £50,000 between us after a change of careers. Things are tight so we are taking it slow and trying to be patient, whilst keeping costs to a minimum and trying to advance our…
-
2 years to be mortgage free??!!
Morning all, Long time lurker here, and also had a previous diary under a different username. A bit about us: there's me (31), DH (35), DS (5), and DD (3). We (just) live in the South East, but in an area with reasonable house prices! That meant we were able to buy a 4 bed house nearly 6 years ago, with a mortgage of just…
-
Mortgage free next steps?
So I’ve been struggling to answer my own question for some time and thought it would be simple to solve myself. But have realised I need some in put to get the best idea of what to do next. I’m 32yr old male. I’m managed to buy my current house mortgage free. This is the first time purchasing where I haven’t required a…
-
Life changing decision.
Hi. I have been a MFW for a few years now. About 2 years ago I reduced the term of my mortgage from 23 years to 3.5years with my mortgage going from about £950 to currently £5500. All had been going well. Standard of living is good. Lots of holidays so it is affordable. I have 16 payments left with about £89000 owing. Kids…
-
Early Settlement vs Investment
Hi all, Our mortgage has £154k and 21 years outstanding and will reach the end of the fixed term in November (£5k penalty if settle before). We've recently come into a position that would allow us to pay it off in full when that term ends. Our current rate is 1.88%, and I'm sure we could get something even lower if we…
-
The Cottage Dream
Hello All, I used to post way back in 2015, and my old diary is here: Clicky I disappeared because my Mum became unwell with cancer and so spending time with her became much more important. My wonderful Mum unfortunately passed away in October, and this has really brought it home to me that life is just too damn short!…
-
Quantifying the benefit of overpaying small amounts
Hi When talking to my mortgage advisor yesterday, I recall a comment when she said that even overpaying by a littler extra per month (she used an example of a about £30!) can save a lot in the future (by "a lot" I mean, more than the £30 "spent"). Is there any way of calculating this? She took me through an example but I'm…
-
RT's path to MF
Having followed a bunch of these diaries over the years and now just about to complete on the purchase of a flat I thought I'd start my own MF diary. I'm 37, currently single and have 2 children, DD lives in Switzerland with her mum as did DS until a couple of weeks ago but he has now moved to England to live with me (I'll…
-
What a difference a year makes, but now I have a mortgage and 24 little years of debt
2018 was quite a year, I mean, brexit, brexit and well...brexit... for me however, 2018 was full of surprises and a complete change in lifestyle and money management! At the end of 2017, I started going out with a fine, beautiful and hilarious young lady. In May 2018, we adopted a kitten, an adorable black and white cat…
-
Daring to be financially free
Hello everyone, After lurking in the background I have finally plucked up the courage to start a thread again. I had a diary a couple of years back but never seemed to have time to update it. I’m truly inspired by the diaries on here and want to be part of this supportive community. A bit of background about me...I’m 30…
-
Mortgage Free Diary!
Hi all This month we became debt free! next we are building up an EF of 3 months expenses , that should be finished in next 4 -6 months and thereafter we are going to be over paying towards the mortgage. We currently owe £100,643 with term of 14 years left , fixed rate until April 2022 at 2.19 % payments are £682.00 Would…
-
My Great Plan C.
Hi folks, long time lurker starting my MFW diary to motivate myself if this plan fails it will be Plan D, overpay as much as I can to clear mortgage and reduce hours or go part time by the time I'm 60. I'm 57, single bloke with no dependants. Plan A was to walk out of job and force myself to look for another (but don't…
-
Reduce term or overpay on a longer term?
Hello everyone, After having all of our debts paid apart from our mortgage, we are now looking at how we can get our mortgage paid off quicker. We would like to aim for 6 years - this is by the time our youngest starts secondary school. Our existing mortgage ends in March so we can start looking from December but I am…
-
It's 'The Final Count Down' da da da da
Hello, well in true MFW styley I am starting ANOTHER new diary. Last year I was RUBBISH at updating my diary! I will post links to my old diaries when I can find them all :p . My original plan was to be MF by the time I was 40....well I was the magic age in July 2012 and it didn't happen! Hubby bought a rather nice 4x4 in…
-
SOS...don't know where to start!
Well here goes....again! Previously started a diary back in 2017 (https://forums.moneysavingexpert.com/discussion/5557221/little-by-little-to-be-mf) but things drastically changed during that year which meant that my original goals felt completely out of reach. To summarise the clusterf**k that is my financial situation: *…
-
Lloyds mortgage
Hi all I have just bought my house and eager to start overpaying on my mortgage. Could anyone with a Lloyds mortgage tell me if their balance changes daily to reflect the daily interest added to the account? Hope this makes sense Thanks Susanna
-
Putting the dream of mortgage free on hold - Kevin Macleod you have alot to answer for!!
Never started an office diary on here before but have always wanted to be mortgage free. Every house I've owned I've overpaid with that dream. But life tends to get in the way, as just as am about set a firm plan its time to move up the ladder. Thankfully we are now in our 'final' family home, move in 2.5 years ago, and…
