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Mortgage free advice and tips
Hi experts So, bought a house and got a mortgage of over £300k over 30 years. I'm planning to make overpayments over the years so that I will be mortgage free within less than 20 years. I have read, heard and seen that people are mortgage free within 10 years. Realistically, it may not be possible for me to achieve to be…
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Regular Overpayments vs Lump Sum Overpayments
Hi I have got 2 year fixed mortgage. I'm planning to make some overpayments within these 2 years. However, not sure whether regular overpayment is better than one lump sum payments. For example, lets say I over pay £400 per month for 2 years which means over 2 years its £9,600 of over payment. Or make 2 lump sum…
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The last £20k...
As of yesterday, my remaining mortgage balance has finally dropped under £20k :j (£19843.70 to be precise). If I leave it to tick along as-is it will run to January 2025, and i'll pay about £2200 in interest between now and then. Currently monthly payment is £290.06 Obviously I'd rather pay it off quicker and save some…
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SH77 Accountability Diary
Hiya :j Figured I needed my own lil anonymous space to ramble on about what I have going on financially to try and get it all straight in my head, make sure we are doing our best to make our money work well for us and stay accountable. OH and I are moving in together and combining 2 lots of 2 teenagers. Here are our…
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Bit of a progress update
Bit of an update, our original 3 year deal just finished so was able to make an overpayment of 23k to reduce our mortgage balance which now stands at just under 90k and has knocked 6 years off our 19 year mortgage term. Signed up for a new 2 year deal at 1.69% which has the same monthly payment roughly as before. After our…
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Freedom for the future
Hi All, I've been an avid reader and occasional poster of the forum for many years but now I need a push to achieve my goal so I've decided to start a dairy to keep me accountable. Back story - back at the end of 2014 I was close to mortgage freedom @ £52k. But following the little MM's arrival in 2012 we needed to move to…
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Is now the time to move?
Hi everyone I thought I was set on my plans to move in the next six months but now I'm starting to wonder if it's the right thing to do and could do with some advice. We currently own 50% of a small 3 bed semi. Bought in 2007 by my OH for £65,000 (full value £130,000). I moved in (and transferred onto the mortgage) in…
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How best to pay off mortgage?
Hi Will be debt free except the mortgage in September and want to then start to attack the mortgage , currently stands at just over £100,000 with 14 years to run. I am confused though how best to do this, is it better to put aside the savings in an account then pay off a lump sum or pay extra each month? I am with…
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Best Mortgage to Overpay
Hi guys, If I wanted to go for a Mortgage where I had no restrictions regarding overpayment, what is the best one to go for please?
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Impossible to reality
I always thought growing up that I would never own my own home, was just too far out of reach. But just this week, we have moved into our own home. What I thought was impossible has just become our reality. :j I am over the moon with what we have achieved in just a few short years but also very eager to start paying off…
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My Lightbulb Moment
Hi everyone! So I'm feeling a bit nervous making my first diary but it's been a long time coming. I've always thought of myself as a money saving queen...and felt (embarrassed to admit this now) smug when I had saved a deposit and got on the housing ladder at 27- something my friends would be a while in doing. However,…
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Mortgage ... or pension?
Being a newbie to all this money-saving, I've spent the past year over-paying my mortgage as much as I can. It's very slow-going as I can't afford much but it's also very satisfying to see the outstanding amount reducing. However, as time has gone by and I've learned more about savings/interest/pensions etc, I've realised…
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Interest only offset mortgage - Too good to believe?
I recently saw First Direct offering Offset interest only mortgage. I have 60% LTV left and now thinking of taking it. I also (by grace of God) have the remaining 60% in savings. If I put the whole in First direct, that would mean I would have 0 (zero) to pay in mortgage payments. I am aware that would mean I do not touch…
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Is becoming Mortgage Free always a good thing?
I will be fortunate enough already to be able to be mortgage free just before im 40! However i do wonder if this is actually the most sensible thing to do. The reason being is that i still have a desire, but no immediate plans (for a number of reasons) to move house from my apartment to a house. My fear is that if i pay…
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Pay off mortgage ?
Hi All I have currently been with a mortgage provider for 5 years and coming to the end of the term in end of October, I have been paying 10% overpayment every year on my mortgage current LTV is 26% and owe the lender about 82k I have a few options: I can still make a 10% payment now and from November 2019 when the term…
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Pay off mortgage & add fiancee to deed
Hi, I only have a bit left to pay off on mortgage on rental property I own. My fiancee and I will both pay it off, on the proviso that she gets added to the land deed. How is the best way to get her added? Is this by going through HM Land Registry or a solicitor? Thanks in advance, Paul
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Renovations and Repayments II: New Year, New Start, New Diary.
2018 is almost upon us and is set to be the year I get my finances in order. :A:eek::rotfl::p So, what's changed since the start, middle, end of my last diary? - Regular income is up - Gained some knowledge of how to use a spreadsheet to budget - In a much better position to make steps towards positive change - My wife and…
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April 2027 here I come!
Hi all - just read through an old diary I kept on here in 2012 to 2014 to get debtfree (owed £97k mortgage + about £400k (yes really) on a secured loan, other loans, and numerous cards). Pleased to say we managed to pay it all off except the mortgage, and moved out of London to a smallholding in Kent. Currently selling my…
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the long path to mortgage free freedom
Hello everyone I've been an mse'r for many years now and it's helped get us through some sticky situations. at the moment we are in a reasonably good place in as much as we dont have debt, although we dont have savings either. so the new plan is to have a plan :o I'm hoping writing it down and having peoples suggestions…
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Basic instructions
From other messages in here looks.like there is an artical some where that says how to be mortgage free but I can't find it Come someone link it please? I am 19 years in to 25 year morthage started at about 200 K now just 80 K and would like to get rid of it soon as! Thank you for help
