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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…
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Paying off part of mortgage advice please.
We have a variable rate mortgage with the Halifax, it's split into three sub mortgages. Total balance as of today, £34,790 Sub account 2 balance as of today £16,582 Monthly payment £126.68 14 years 8 months left Sub account 3 Balance as of today £6,914 Monthly payment £138.57 4 years 8 months left Sub account 4 Balance as…
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Mortgage free before school fees begin!
Hi all, Starting a diary in the hope that I can keep up my motivation to clear the mortgage and also pick up any handy tips! In terms of the mortgage, I have just over £269k to pay off with 33 years and 9 months remaining on the term. We had to take out a 95% mortgage as we were caught by the second home tax (basically…
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Mortgage Free No Longer Wannabes - what did you do next?
We're asking our fantastic Debt Free No Longer Wannabes what they're doing next and we want to know what our Mortgage Free No Longer Wannabes are doing too to hopefully inspire other readers trying to pay off their mortgages early :) Are you now building up your savings with the help of the Best Savings accounts and the…
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Overpayments
First of all ignore the username - last time I logged in was 14 years ago, as a teenager. (Eeep!) My plan is to utilise my mortgage provider's overpayment facility of 10% per year and to be mortgage free in the next 8 years, God willing. In the past year I've been paying £150 extra and in the last month, before the start…
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Need help with Debts
Hi, So i currently live with my girlfriend and 18 month old son, there is 1 wage coming in which is mine which is approx £29500 per year. I have a mortgage of £525 per month and total bills of around 1200 a month i have a loan of £11000 outstanding and pay £266 per month on it I have a car payment of £206 per month So…
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8.8 years
:wave: morning all, I've had to swap names to protect the innocent.... DD off to school , thankfully. MSEing nicely, washing on drier, whoopsied mince (£3.87 down to 45p) out to defrost for tonight's spaghetti Bol. On the upside, I still have £60 petrol money left for 8 days:T thanks to the snow. On the downside, I c&cked…
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MortgageFTB's Countdown
After being in our first home for almost a year, decorated and replaced a bunch of appliances, we've decided to focus on getting rid of our mortgage. 24 years more of mortgage sounds... meh. Prior to paying our mortgage, we were paying around £1,600 in rent pcm, so we feel we can definitely match this for our mortgage…
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Lumina's leap towards a brighter future
Like many others, I've read countless mortgage free wannabe posts over the past year, but never managed to start my own diary. But here we go, I'm determined to make a start. A bit about us, we're a family of two (soon to be 3 :j) and have gone through so many changes over the past year, that I've kind of lost track of our…
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penalties if you overpay over 10%?
hello - anyone know how much the Halifax charges if you overpay more than the 10%? I've paid off a sub account of my mortgage - and now just have £39K on interest-only terms, at 3.34% until April 2021. I called Halifax to confirm figures but they said one figure then another. And refused to write to confirm. I'm worried…
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Giving it a go!
Hi all, The first and only time I posted was a week after my ex husband left me and I was in a right pickle emotionally and financially. I came here originally to ask for advice regarding a removal of borrower from my mortgage, and some people were really helpful. Unfortunately my mental health took a serious turn and I…
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How does remortgaging work? Can I cash out
Hi I took an 18 year mortgage a year and a half ago. by the time my 2 year term is up I'll have 55k in the house. I've recently been viewing houses in Scotland that are going for 40k. Is there a way to pull my money out of the house? Ie. sell up and then get my 55k that I've paid into the house
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A new start... a long journey...
Well hello to all in here Where to start, a bit of background. I am 36, and this year have my wife an I have divorced. I was left with nothing (including no job at the time as had just had surgery) However, I am shortly completing on a new home, via the shared ownership scheme. I have done this so that my two boys (stepson…
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Best Mortgage Providers for OPs
Hi, This may be better for the mortgage board but i wanted advice from the OP community :-) I am currently with the Leeds and bascilly they are pretty rubbish wirh overpayments. they dont recalculate anything unless I repay over £1000 in one go and there is no online access. Who are the best providers for overpaying wuth…
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23 + 38 = Far Too Long
I've been lurking here since back in April in preparation for my House Completion, which I finally did on the 26th September. Now i'm looking to start overpaying! Some background, I'm a 23 year old Single Male with a mortgage of £139,545 over 38 years and a H2B loan of £37,999. Current plan is to try and overpay as much as…
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mortage and over paying years off mortage question
hi guys well i currently have ashared ownership house which i brought 50% 3years ago. with a mortage of 43k plus 22 k deposit, i remortaged last year to buy more of the property so now i have 80% with a mortage of 81k with a 35 year mortage, i have been over paying as much as possible and my mortage is now down to 70k i…
