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New Mortgage, New Marriage, New Allotment - Oh My!
Hi Everyone, I thought it was time for a fresh diary considering how much has changed since I started the last one. I bought my first home back in October 2016 and with the help of MSE was able to pay off around 88k of my mortgage over the 5 year term. Sadly my OH was diagnosed with colon/liver cancer early on in the…
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Auntiemicmic's MFW Journey
Hello! I'm new around here! This month, something has gone off in my head. I have decided I want to retire at 60, if not earlier if possible and I certainly don't want a mortgage after I'm 50. I've watched my parents struggle most of my life. My dad just turned 60 and can't afford to retire for another few years albeit he…
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DrCarrie's adventures in saving to be a mortgage-free wannabe
Hello, all new friends and old? I am here for a new adventure, and to document my adventures. To notice new obstacles and turn them into paths. I have never been a saver. I am 50 and have never been a saver. I have been a spender. I have cleared my debts 3 times and spent significant windfalls. I have had 2 mortgages and…
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Which mortgage to pay off?
I know it's the mortgage with the highest interest rate that you should concentrate on first, but is that same in my circumstances:- Mortgage 1 - £28,617 at 6.75% (was trying to get this one down as close to possible to £0 when the rates kept climbing, but it's a mortgage that I took out years ago and I can borrow back any…
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Aim to get mortgage down before increasing again
Hiya I had joined years back but in the last year been reading most of the diaries re trying to get your mortgage. I have been overpaying the mortgage for the last ten years and managed to overpay over £20k. I want to note my progress as trying to get mortgage down as much as possible before borrowing more money for a 2…
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Is paying off my mortgage the right thing to do?
I never thought I'd be writing this email. In January 2025 our 25 year mortgage term comes to an end and we will have to settle our morgage. We are in the fortunate position to be able to do this, however we held off as the last deal I entered us into was at 0.9% and we are earning >5% interest on the funds (good luck more…
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Final Redemption - Barclays
Hi all. Has anyone in here been fortunate enough to pay off their mortgage early with Barclays? If so, is it normal that the account details on your final redemption statement are different to your actual mortgage account details (that is sort code and account number). Thanks.
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Overpaying too excessively?
Does anyone overpay so much they have very little left over before pay day? Certainly the case for me on a few occasions I spread direct debits out such as council now to avoid nasty shocks and overpay right before pay day rather than just after With lower payments than before. It's not so clever no matter how tempting to…
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30k left and 3.5yrs to run. What deal next?!
Hello, I'm slightly getting ahead of myself here but interested to know how things might go. Wondered if anyone wanted to run numbers or point out if I'm missing something obvious! The situation will be as follows in a year when my current tracker 0.69% above BoE Base Rate is coming to an end. Currently paying £820/m and…
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Mortgage Free in 5 - 10 years
Thought I would start this diary to document the process. Previously had a debt free wannabe diary and that helped keep me on track thanks to all the feedback. Debt free since April. Currently have the following state of affairs: Mortgage Balance £136,858 at 1.22% for next 5 years Emergency fund for 5 months bills £1655…
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Best options to pay off mortgage
Hi all, new here and looking at options to be mortgage free as soon as possible. Married, late 30s. We currently have 2 homes, 1 residential with 65k left @ 2.25% fixed 5 years. 1 rental on an interest only with 70k remaining (valuation 130k) yield is >10%. Me and my partner have 20k each in cash ISAs returning 5.75%. We…
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FIRE Through The Mortgage - MF by 55 - LATEST
Hi Everyone, I've started a brand new diary!!!! I have decided I want to recalc my figures in line with retiring by 55. I'll keep you in suspense for now but I'll pop back later with some figures. 19 Years - MF at 55 May Year - Remaining debt May 2015 - £239,992 May 2016 - £228,450 May 2017 - £216,793 May 2018 - £205,020…
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Now Mortgage Free - what next
Hi, just a a quick bit of advice. I have paid off my Mortgage this January but what should I do next. The letter from Natwest says about title deeds and that I can view them online for £3 - so I case it is just a case of paying for this and double checking that all the information the land registry hold is correct - this…
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MFW to MF Future Me.............
Hey all, Dolly here with some goals to tick off one by one! I really need to get a lot better with my finances. I'm 40 now so time to grow up and get a grip!
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New life, same goal! Pursey’s quest to be mortgage free.
I started a diary back in 2011 with the aim of being mortgage free within 10 years; a goal I would’ve smashed (within 7), if we hadn’t bought our dream house in the hills. Life has changed so much since 2011, most significantly because we are now blessed with 3 wonderful children. Then we found somewhere perfect to live,…
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Repay mortgage with penalties?
I would appreciate a sense check on my "back of a napkin" calculations around this. I have an outstanding mortgage of £102650 on a 3 year fix at 3.54% Current monthly payments are £752.75 and joint decreasing term life insurance of £48.60 per month (current payout £206K due to having already overpaid in the past). Mortgage…
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Overpayment
Due to overpaying and occasional lump sums our monthly mortgage payment is over what it needs to be, £500 when it could be £320. The term is 18 years, when in fact it could be more like 10 years at that higher payment. We are about to remortgage. Is it best to shorten the mortgage term so that we pay 500 for 10 years, or…
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Should I pay off my mortgage? Discussion area
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Onwards towards mortgage free living
Hello! I’ve been lurking on the site for awhile and have been trying to put a lot of the advice and tips I read into practice. However, I think that keeping a diary for myself will help me to keep track and stay motivated. I’ve just hit my 30s and became a house-owner in 2018 after spending years saving for a deposit. It’s…
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FIREside Chats
We all know MFW is great, a friendly meeting place for folk who are all very different but a little bit similar, in that they're trying to provide stability for them and theirs by achieving something that is pretty hard work <3 I'm not sure if it's the demographics of the board, but I've noticed a lot more posts in the…