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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
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Thoughts please
Hi, Cant decide what to do. So would like some opinions please? current debt 12k mortgage 5.5 years left to run. mortgage is £292 a month from next april I can go onto a new deal ( should be just under 10k then ) option 1, 3 years pay 290 and were done 2.94% deal option 2, 5 years pay 181 and were done 3.44% deal but it…
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1st Time buyer in late 1980s-early 1990s
Hello, I wonder if you were a first time buyer during the late 1980s-early 90s, and was told by your mortgage advisor in Halifax or other building societies that an endowment mortgage was mandatory for first time buyers. I recently had a reply from another thread I put that this ploy was tried in the early 90s, but the…
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Beware Nat West
We took out a 7 yr mortgage with 5 yr fixed rate with Nat West. This mortgage has a 10% of balance PA overpayment facility. We borrowed £150,000 allowing us to over pay by £15,000 in the first year. The plan was to overpay the max to be mortgage free soon after the fixed term was over. When the mortgage completed, the…
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Advice - overpay or reduce term
Hi We currently approx 3 years into a 15 year term mortgage with approx £100k left to pay. We are in a healthy financial position currently so are overpaying £1k per month to try to reduce the amount and term as much as possible. The advise I am looking for is should we continue to overpay the amount we are comfortable or…
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My long slow journey to mortgage freedom
I have finally decided to move over to the mortgage free part of the forum. :beer: I became debt free in January of this year. :T:T We (DH and I) have been making small over payments to the mortgage for the last 2 years or so, while I was getting out of debt. We also have been paying ourselves back for a car we bought with…
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2020 Vision
Just spent a very enjoyable few hours making a spreadsheet and playing about with the numbers. I now have a master plan :D It is my goal to become mortgage free in 2020. It will be hard work and require commitment, but it gives me something to aim for. A few weeks ago the penny dropped for me and I posted on here that it…
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A new mortgage free wannabe thread
Hi guys I'm creating a thread for a bit of accountability and motivation to plough away at my mortgage. I aim to update each time I can make an overpayment and see the numbers slowly dwindle I'm the right direction. My short term aim is to get below £135,000 in time for my remortgage which is in a years time. I had a 30 yr…
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Planning ahead for freedom
Hi Time to get serious and pay off my mortgage. I have until June 2030 to pay off the remaining 30K. My plan is to overpay in the next 3-5 years and as I have a offset mortgage there are no limits to over payments. I intend is to use overtime / pay increases / cut backs in spending towards the over payment. In the next two…
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Savings to pay for HTB loan
Hey all, my husband and I have just purchased a house using the Help to Buy scheme. To pay for the government loan, we are planning on putting some money away every month, and then by the time we reach the 5 years (interest free) we should have the money to pay for at least half of it (10%). This is our situation: Capital…
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To be mortgage free or...?
Hi all, Wasn't sure where to post this, so sorry if it's in the wrong place! I'm looking for some advice on what to do! Long story short - Partner had an illness, we had critical illness cover - Partner is ok now, thankfully! Claim successful and payment has left us pondering! The payment is a very large sum of money -…
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Legality of temporary dwelling living?
Have often daydreamed about the prospect of living in a caravan or similar temporary dwelling on a bit of land bought outright like a cabin rather than spending decades paying the bank back for a mortgage. I was shocked to discover that this is illegal in the UK and you'd need planning permission for pretty much anything.…
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So close to being mortgage free!!
I took out a 5 year fix with Nationwide in November and a matter of weeks later I inherited some money and these funds are now in my bank and can clear the mortgage. I've had a quote from Nationwide for this, but it includes 100% of the interest over the rest of the term! This year I've made the max overpayments I can…
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Best put on my big girl pants! my saving for a deposit diary
My diary to debt free and saving for a deposit by 35 .*updated feb 2018 - aim to be homeowners by if not hopefully before 30* we aim to save 25k before even going to the bank for a dip current age 25 . current financal status . trying but not trying hard enough . in debt with hardly a pot to wee in ... it has to change ...…
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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…
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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…
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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…
