-
Mortgage repayment advice...please
Hi all I would greatly appreciated some advice with regards to overpaying my mortgage, with the aim being to clear it completely as quickly as possible. Situation Current mortgage outstanding- £93000 Term 23 years exactly Fixed at 2.09% for another 2 years Monthly standard payment £450 but currently overpaying from salary…
-
no longer a wannabe
We have just the exit fee to pay now :) Light bulb moment was about 6 years ago when i realised just how much interest a mortgage costs. A few calculations and the wonderful wife was on board - she controls the finances :) . We have reduced the 25 year term on a ~130k mortgage to just 10 years. We are now in our forever…
-
Dreaming of a 10yr Mortgage...
Hi Everyone! I've been on here looking at peoples tips and advice whilst i got bought out of a house owned with my ex and my new purchase went through...longest year of my life! I now have a mortgage of £100,800. It is on a 35 year term as at the time we weren't sure if i'd have to sell the other house and this was the…
-
Advice please
Hiya just after some thoughts/ advice My mum is gifting me 150k. I plan to put 50k split between children's savings/ emergency fund/ debt repayment and home improvement. Bit of background- I currently live with my partner (30k salary) and myself (45k salary). We have a 4-year-old and one on the way. We own a property worth…
-
Petroni's big fat financially responsible mortgaging
Hello everyone, Here to join the journey to a mortgage free future after reading through loads of other people's diaries and witnessing the achievements of the members of this forum. My boyfriend of 8 years and I discussed late last year that we need to be more financially sensible and channel our earnings to good use,…
-
Mortgage free & buying property
Hi, First of all I will give you a bit of info about me I am 27 and we have bought our first house over a year ago, we have done it up and looking to add about 15-20k on it. Our mortgage is for 35 years (now 34) and we are overpaying £100 a month. We have over £300 spare a month after all bills have come out. Do I pay off…
-
Mortgage or Pension Pot?
Hi I'm looking for general advice here or perhaps an authoritative article that covers the issue. I'm 73, retired and comfortable living on a company pension and State pension. My wife and I have an outstanding mortgage of £100,000 with the term coming to an end in November. We're now looking for a new mortgage to pay off…
-
The Financial Adventures of VelvetFreak
Hello Friends :D I recently became debt free 'cept the mortgage, so I thought it was time for a new diary. If you would like to read my debt free diary, it can be found here. https://forums.moneysavingexpert.com/discussion/5610244 Long story short, I borrowed $8000 from my mum to assist with the downpayment to purchase of…
-
Dream. Believe. Achieve
Hello shiny new diary, I recently became debt free in December 2018 well debt neutral as I have enough money in saving to pay everything back. All my debt is 0% so currently using regular savers to earn 5% so snoozing the CC and will repay loan to parent when my next reg saver matures. If you want to read my debt free…
-
Always moving forward
Good evening all. I'm a long term user of the forum but wanted to start this thread with a fresh name. I'm hoping this will motivate and inspire me to work towards being mortgage free. It's not going to be a quick process. My wife works part time and we have a 1 year old and a 4 year old. The nursery fees alone for the…
-
Retention refund
Hi On 30th April 2019 i had a email from my solicitor saying over 12 months have passed(12.4) to be more precise) and they have my £322 retention they want to refund me from the sale of my flat and i need to email them a pdf of my bank details as they were not able to make the last digit of my account number , i did it on…
-
Mortgage free by 50 (13 years to go)
Hello everyone Long time lurker and you guys have inspired me a lot. I’m looking for motivation to keep going with my horrifically ambitious target and so I’ve decided to start my own diary! The facts: Mortgage currently of £343k with about 22 years to run. It’s fixed for another 6 years at 3.19% and so far I have over…
-
Should i go mortgage free?
Hi, I've always liked the idea of going mortgage free but wondered if it's actually a good idea in my position. Asking for opinions, understand there is no correct decision. My position is: - 80% of my mortgage is 0.38% + BOE, currently 1.13% - 20% of my mortgage is 1.69% + BOE, currently 2.44% This is for the life time of…
-
Joining the mortgage free journey :-)
Hey Guys. I ve been inspired by a lot of threads on this part of the forum - so I figured now is the time to start a thread/diary for myself and my wife's quest to become mortgage free! We married in August 2018 and have since returned from our honeymoon - the wedding and honeymoon were paid outright, but its left our…
-
Overpaying the DIY disaster dwelling
Hi All I did have a diary here a few years ago, but am starting afresh. A bit about me, I'm 35 and live with my husband and 5 year old son in Berkshire. Both working full time. We bought our 3 bed semi in 2016 Mortgage balance today; £214,113 I'll admit it, I don't like my house and I cant wait to move! That's why I've…
-
Pay off my mortgage in 5 years
Hi all, Thought I'd start a diary to try and give myself some extra motivation. I'm 25 and bought my first property in 2014. After a year or so of settling in, doing up the place and working out a budget, I then started overpaying my mortgage in August 2015. My mortgage debt started at £72995 and currently stands at…
-
Bit the bullet
I have finally started my quest to be mortgage fee again. I did owe £203995, and had 23 years left. Last week I overpaid £12k and reduced the term down to 3.5 years. I fear I have now over committed. So the excitement of last week passing the affordance test, has now been taken over by fear. The plan was to save each month…
-
The Owner of a Property as Died NO WILL NO RELATIVES maybe a chance to declare Adverse Possession?
Hi guys, I please need some help, the owner of the flat where I live as a Tenant has died and he didn't left any will and no relatives have been found! He was sick and the person that he give the power of attorney which is on the contract as the Landlord and Me and My girlfriend as the tenants, there is a letting agency…
-
Mortgage Free Retirement I Hope
So it begins again. Another Offset mortgage application and want to be MF by 64 So will we make the dream come true. So my bank is happy to lend us a Huge sum of money without even sending a surveyor out to look at the house ! It's less than 50% LTV but as my brother is a Building Surveyor what does that say about his…
-
I don't understand this obsession with being mortgage free
Rates are at an all time low - banks will just give you money away. The property market is pretty tepid with deals to be made (not straight forward I'll admit, supply is still low). If I was still employed I would be looking at levering up even more today! (Lost the old job and now working with some old colleagues to start…
